How do you handle cross-border deals in your precedent universe?

Cross-border deals (e.g. a US buyer and a European target, or vice versa) bring FX and region-risk-premium complications. Adjustments:

• Currency conversion: convert the deal value into the target's currency at spot FX on the closing date. The multiple is FX-neutral, so there's no direct distortion.
• Region premium: foreign buyers often pay 5–10% more for domestic targets out of a desire for FX diversification. Bucket it in the comp set — 'domestic-domestic' and 'cross-border' separately.
• Regulatory adjustments: foreign-investment reviews (e.g. CFIUS in the US, and equivalent national screening regimes elsewhere) can affect bid floors. Cross-border deals are useful for a 'maximum-bid estimate' (a strategic foreign buyer with an FX advantage), not for 'floor pricing'.