---
title: "What will your transaction cost in fees?"
description: "Estimate the total professional fees for selling or buying a company, a fairness opinion, an IPO, a private raise or a Chapter 11 case, projected from fees disclosed in 2023\u20132026 SEC and court filings, published surveys and vendor price lists."
site: Deal Cost Index
content_updated: 2026-09-15
data_checked: 2026-09-15
license: CC BY 4.0
html: https://dealcostindex.com/
---
Transaction cost estimator

# What will your transaction cost in fees?

For a $250 million company sale, target-side advisors in 55 comparable public deals were paid $4.3M–$9.3M (middle half), and the full professional-fee budget comes to about $4.4M–$10.8M before R&W insurance and escrow.

Enter your transaction to project the advisory, legal, accounting, diligence and data room costs. Each line is projected from public filings, published surveys or vendor price lists, and links to its source.

Built from

626

merger proxies and tender-offer statements

491

IPO prospectuses

49,040

Form D private raises

46

Chapter 11 dockets

132

published survey figures

SEC EDGAR and US Bankruptcy Court filings, 2023–2026.

Projected professional fees

$4.38M–$10.8M — Sell-side M&A · $250M

- M&A advisor fees 93%

- Deal counsel 5%

- Sell-side quality of earnings 2%

- Virtual data room <1%

Total of the 4 lines marked as included, projected from public filings, published surveys and vendor price lists. Lines in grey are shown for reference and are not added to the total.

A projection, not a quote. This range is derived from publicly available information about other transactions. Fees on your transaction will depend on its facts, the firms you engage and what you negotiate. Nothing here is financial, legal, tax or investment advice. [Terms and disclaimer](https://dealcostindex.com/terms.html)

continues to $25M →

$0$9.3M

| Cost | Middle half and median | Range |
|---|---|---|
| M&A advisor fees (all target-side advisors)Filed 55 recordsTotal target-side advisor fees as a share of deal value in 55 disclosed deals ($125M–$500M): median 2.67%, middle half 1.72%–3.72%. Public-target deals; private deals of this size usually pay at least as much. |  | $4.31M–$9.3Mmedian $6.69M |
| Fairness opinion fee (part of the advisor fee)Filed 42 records · Reference onlyPortion payable on delivery of the opinion, from the same filings. Usually credited against the success fee. |  | $1M–$1.88Mmedian $1M |
| Lehman / Double Lehman formulaFormula · Reference only5-4-3-2-1 and 10-8-6-4-2 schedules applied to $250M. Shown for reference; this is not an observed fee. |  | $2.6M–$5.2Mmedian $3.9M |
| Monthly retainerSurvey · Reference only$5,000–$10K a month is the most common retainer, over 6 months; most advisors credit it against the success fee. [Firmex 2025](https://4804905.fs1.hubspotusercontent-na1.net/hubfs/4804905/Firmex-MAFeeGuide-Global-25.pdf) |  | $30K–$60Kmedian $45K |
| Deal counselSurveyExternal legal spend per M&A deal reported by US private equity firms (average $353K, range $50K–$1M, 2020 data). Large-firm partners in New York averaged $1,972/hour in H1 2025. [Apperio 2020](https://www.persuit.com/learn/typical-manda-deals-cost-us-private-equity-353k-in-legal-spend-and-other-outside-counsel-statistics-from-us-based-pe-firms) [Wolters Kluwer ELM Solutions via B 2025](https://www.nasdaq.com/press-release/wolters-kluwer-study-sets-stage-2026-sharp-contrasts-regional-law-firm-rates-and) |  | $50K–$1Mmedian $353K |
| Sell-side quality of earningsSurveyPublished price ranges for a >$150M deal: boutique providers $25K–$50K, buy-side QoE $150K–$400K, sell-side priced 10–30% higher. [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |  | $25K–$520Kmedian $114K |
| Virtual data roomList price 8 recordsMiddle half of list-price totals from 8 vendors whose published plans cover 20 GB and 2 admins for 6 months, billed monthly where offered. Plans are priced for the months billed, not the months used. [How data room totals are calculated](https://dealcostindex.com/vdr.html#billing-basis) |  | $2,508–$18Kmedian $3,905 |
| R&W insuranceSurvey · Reference onlyLimit 10% of EV ($25M) × rate on line 2–3.5% (Q4 2025 average 3.23%), plus underwriting fee and up to 6% surplus lines tax. [Gallagher 2025](https://www.ajg.com/-/media/files/gallagher/us/news-and-insights/2025/transactional-risk-2025-review-and-2026-outlook.pdf) [Vanbridge 2024](https://www.vanbridge.com/wp-content/uploads/2024/02/2024-Vanbridge-Reps-and-Warranties-Reference-Guide.pdf) [Vanbridge 2024](https://www.vanbridge.com/wp-content/uploads/2024/02/2024-Vanbridge-Reps-and-Warranties-Reference-Guide.pdf) Typically paid by the buyer; sometimes split. |  | $535K–$978Kmedian $850K |
| Escrow held back (not a fee)Survey · Reference onlyCash withheld from proceeds, typically released after ~12 months: median 2.8% of deal value with R&W insurance, 10% without. [DealLawyers.com 2026](https://www.deallawyers.com/blog/2026/04/study-private-target-deal-terms-10.html) [SRS Acquiom 2025](https://www.srsacquiom.com/our-insights/ma-deals/) Typically paid by the buyer; sometimes split. |  | $7M–$25Mmedian $7M |
| Total |  | $4.38M–$10.8Msum of medians $7.16M |

## Public-company deals used ($125M–$500M)

Each fee is taken from the filing; hover over a fee to see the sentence it comes from. Deal values marked “computed” are the cash price per share multiplied by shares outstanding.

| Target | Deal value | Advisor | Fee | % of value | Source |
|---|---|---|---|---|---|
| AstroNova, Inc. — acquired by Arcline | $225M — computed | RRockefeller | $4.2M | 1.87% | [DEFM14A Jul 2026](https://www.sec.gov/Archives/edgar/data/8146/000119312526326441/d140981ddefm14a.htm) |
| Simulations Plus, Inc. | $375M — stated | Morgan Stanley | $11M | 2.93% | [DEFM14A Jul 2026](https://www.sec.gov/Archives/edgar/data/1023459/000102345926000051/defm14a.htm) |
| Open Lending Corp — acquired by Anv | $236M — computed | FFt | $8.7M | 3.68% | [SC 14D9 Jun 2026](https://www.sec.gov/Archives/edgar/data/1806201/000119312526286952/d140679dsc14d9.htm) |
| Cross Country Healthcare Inc. | $428M — computed | BofA Securities | $6.12M | 1.43% | [DEFM14A Jun 2026](https://www.sec.gov/Archives/edgar/data/1141103/000114036126025249/ny20073866x2_defm14a.htm) |
| XOMA Royalty Corp | $489M — computed | LPLeerink Partners | $18.4M | 3.76% | [DEFM14A Jun 2026](https://www.sec.gov/Archives/edgar/data/791908/000119312526266069/d137792ddefm14a.htm) |
| Sun Country Airlines Holdings, Inc. — acquired by Allegiant | $218M — computed | Goldman Sachs | $22.6M | 10.36% | [DEFM14A Mar 2026](https://www.sec.gov/Archives/edgar/data/1743907/000114036126012383/ny20068391x1_defm14a.htm) |
| Calavo Growers, Inc. — acquired by Mission Produce | $486M — stated | Jefferies | $12.5M | 2.57% | [DEFM14A Mar 2026](https://www.sec.gov/Archives/edgar/data/1133470/000119312526117814/d15959ddefm14a.htm) |
| Diamond Hill Investment Group, Inc. — acquired by First Eagle | $430M — computed | BBroadhaven | $7M | 1.63% | [DEFM14A Jan 2026](https://www.sec.gov/Archives/edgar/data/909108/000114036126002681/ny20061565x2_defm14a.htm) |
| Crawford United Corporation — acquired by Spx | $300M — stated | LSLake StreetSStout | $2.4M | 0.80% | [DEFM14A Jan 2026](https://www.sec.gov/Archives/edgar/data/47307/000143774926000391/crawa20260103_defm14a.htm) |
| TrueCar, Inc. | $227M — computed | Morgan Stanley | $12.5M | 5.51% | [DEFM14A Nov 2025](https://www.sec.gov/Archives/edgar/data/1327318/000110465925115451/tm2528639-6_defm14a.htm) |
| WideOpenWest, Inc. — acquired by DigitalBridge and Crestview | $290M — stated | CPCenterview Partners | $19.4M | 6.69% | [DEFM14A Oct 2025](https://www.sec.gov/Archives/edgar/data/1701051/000110465925102255/tm2523589-7_defm14a.htm) |
| scPharmaceuticals Inc. | $285M — computed | LPLeerink Partners | $8.8M | 3.09% | [SC 14D9 Sep 2025](https://www.sec.gov/Archives/edgar/data/1604950/000119312525225023/d846289dsc14d9a.htm) |
| Potbelly Corporation — acquired by RaceTrac | $409M — computed | Piper Sandler | $6.9M | 1.69% | [SC 14D9 Sep 2025](https://www.sec.gov/Archives/edgar/data/1195734/000119312525213634/d936677dsc14d9.htm) |
| scPharmaceuticals Inc. | $285M — computed | LPLeerink Partners | $8.8M | 3.09% | [SC 14D9 Sep 2025](https://www.sec.gov/Archives/edgar/data/1604950/000119312525198383/d152074dsc14d9.htm) |
| Y-mAbs Therapeutics, Inc. — acquired by Serb | $354M — computed | CPCenterview Partners | $9.1M | 2.57% | [SC 14D9 Aug 2025](https://www.sec.gov/Archives/edgar/data/1722964/000110465925079582/tm2523645-2_sc14d9.htm) |
| DallasNews Corp | $150M — computed | J.P. Morgan | $5M | 3.34% | [DEFM14A Aug 2025](https://www.sec.gov/Archives/edgar/data/1413898/000119312525181885/d24897ddefm14a.htm) |
| iTeos Therapeutics, Inc. | $385M — computed | TD Cowen | $9.5M | 2.47% | [SC 14D9 Aug 2025](https://www.sec.gov/Archives/edgar/data/1808865/000119312525170952/d854787dsc14d9.htm) |
| CARGO Therapeutics, Inc. | $202M — computed | TD Cowen | $4.3M | 2.13% | [SC 14D9 Jul 2025](https://www.sec.gov/Archives/edgar/data/1966494/000119312525163464/d78481dsc14d9.htm) |
| Sage Therapeutics, Inc. — acquired by Supernus Pharmaceuticals | $452M — computed | Goldman Sachs | $14.7M | 3.25% | [SC 14D9 Jul 2025](https://www.sec.gov/Archives/edgar/data/1597553/000119312525155020/d63256dsc14d9.htm) |
| Verve Therapeutics, Inc. — acquired by Eli Lilly and Company | $267M — computed | CPCenterview PartnersGuggenheim Securities | $33.7M | 12.60% | [SC 14D9 Jun 2025](https://www.sec.gov/Archives/edgar/data/1840574/000119312525146127/d917975dsc14d9.htm) |
| PHX Minerals Inc. — acquired by WhiteHawk Energy | $162M — computed | RRbccmIIntrepid | $4.25M | 2.62% | [SC 14D9 May 2025](https://www.sec.gov/Archives/edgar/data/315131/000110465925051830/tm2515778-1_sc14d9.htm) |
| Checkpoint Therapeutics, Inc. — acquired by Sun Pharmaceutical Industries (LW Securities engaged) | $475M — computed | Kroll | $400K | 0.08% | [DEFM14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1651407/000110465925038082/tm252489-4_defm14a.htm) |
| Akoya Biosciences, Inc. — acquired by Quanterix Corporation | $199M — computed | Perella Weinberg Partners | $3.5M | 1.76% | [DEFM14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1711933/000110465925035134/tm2510802-1_defm14a.htm) |
| 2seventy bio, Inc. — acquired by Bristol-Myers Squibb | $262M — computed | Goldman Sachs | $8.58M | 3.28% | [SC 14D9 Apr 2025](https://www.sec.gov/Archives/edgar/data/1860782/000114036125013644/ny20046860x1_sc14d9.htm) |
| Logility Supply Chain Solutions, Inc — acquired by Aptean | $478M — computed | Lazard | $9.8M | 2.05% | [DEFM14A Mar 2025](https://www.sec.gov/Archives/edgar/data/713425/000114036125006872/ny20042527x2_defm14a.htm) |
| Poseida Therapeutics, Inc. | $390M — computed | CPCenterview Partners | $25.5M | 6.54% | [SC 14D9 Dec 2024](https://www.sec.gov/Archives/edgar/data/1661460/000119312524286056/d871087dsc14d9a.htm) |
| Poseida Therapeutics, Inc. — acquired by Roche | $390M — computed | CPCenterview Partners | $25.5M | 6.54% | [SC 14D9 Dec 2024](https://www.sec.gov/Archives/edgar/data/1661460/000119312524273550/d901928dsc14d9.htm) |
| Universal Stainless & Alloy Products Inc | $456M — stated | TD Cowen | $8.1M | 1.78% | [DEFM14A Nov 2024](https://www.sec.gov/Archives/edgar/data/931584/000119312524267249/d842335ddefm14a.htm) |
| ARC Document Solutions, Inc. | $162M — stated | William Blair | $1M | 0.62% | [DEFM14A Oct 2024](https://www.sec.gov/Archives/edgar/data/1305168/000114036124043469/ny20035563x8_defm14a.htm) |
| Iteris, Inc. — acquired by Almaviva | $308M — computed | Morgan Stanley | $10.5M | 3.41% | [DEFM14A Sep 2024](https://www.sec.gov/Archives/edgar/data/350868/000114036124041589/ny20034699x2_defm14a.htm) |
| G1 Therapeutics, Inc. | $259M — computed | CPCenterview PartnersGuggenheim Securities | $16.9M | 6.54% | [SC 14D9 Aug 2024](https://www.sec.gov/Archives/edgar/data/1560241/000119312524203615/d856692dsc14d9.htm) |
| Desktop Metal, Inc. | $349M — computed | Stifel | $4.2M | 1.20% | [DEFM14A Aug 2024](https://www.sec.gov/Archives/edgar/data/1754820/000110465924089909/tm2420443-3_defm14a.htm) |
| The Aaron's Company, Inc. — acquired by Iqv | $310M — computed | J.P. Morgan | $10.1M | 3.26% | [DEFM14A Aug 2024](https://www.sec.gov/Archives/edgar/data/1821393/000119312524199465/d816734ddefm14a.htm) |
| Alimera Sciences, Inc. | $498M — computed | Perella Weinberg PartnersCPCenterview Partners | $18M | 3.62% | [DEFM14A Aug 2024](https://www.sec.gov/Archives/edgar/data/1267602/000110465924087307/tm2419772-3_defm14a.htm) |
| SilverBow Resources, Inc. — acquired by Crescent | $391M — computed | BofA SecuritiesEvercore | $32M | 8.18% | [DEFM14A Jun 2024](https://www.sec.gov/Archives/edgar/data/351817/000162828024030396/silverbow-defm14a.htm) |
| Whole Earth Brands, Inc. — acquired by Sababa | $211M — computed | JefferiesCiti | $13M | 6.17% | [DEFM14A Jun 2024](https://www.sec.gov/Archives/edgar/data/1753706/000114036124031141/ny20024121x13_defm14a.htm) |
| Transphorm, Inc. — acquired by Renesas | $323M — computed | BofA Securities | $6.21M | 1.92% | [DEFM14A Mar 2024](https://www.sec.gov/Archives/edgar/data/1715768/000119312524058005/d585789ddefm14a.htm) |
| Harpoon Therapeutics, Inc. | $389M — computed | CPCenterview Partners | $22.5M | 5.78% | [DEFM14A Feb 2024](https://www.sec.gov/Archives/edgar/data/1708493/000119312524027505/d734477ddefm14a.htm) |
| Theseus Pharmaceuticals, Inc. | $172M — computed | LPLeerink Partners | $3.9M | 2.26% | [SC 14D9 Jan 2024](https://www.sec.gov/Archives/edgar/data/1745020/000110465924002840/tm242461-1_sc14d9.htm) |
| PCTEL, Inc. | $135M — computed | LILincoln International | $275K | 0.20% | [DEFM14A Nov 2023](https://www.sec.gov/Archives/edgar/data/1057083/000119312523274482/d476634ddefm14a.htm) |

Showing 40 of 55, most recent first. The full list is on the dataset page.

## The datasets

- [626M&A advisor feesMerger proxies and tender-offer statements, 2023–2026. Advisor and fairness-opinion fees, each with the quoted sentence.](https://dealcostindex.com/ma-advisor-fees.html)

- [491IPO costsFinal prospectuses. Underwriting spread, itemized legal, accounting, printing and listing fees.](https://dealcostindex.com/ipo-costs.html)

- [49,040Placement feesForm D private raises, 2023 Q1 to 2026 Q2. Commissions and finders' fees by size, security and industry.](https://dealcostindex.com/capital-raise-fees.html)

- [46Chapter 11 retention termsCourt dockets. Monthly fees, restructuring fees and hourly rates for 95 debtor professionals.](https://dealcostindex.com/restructuring-fees.html)

- [132Diligence, insurance and escrowPublished surveys and firm price lists for costs that filings do not disclose deal by deal.](https://dealcostindex.com/diligence-insurance.html)

- [25Data roomsList prices, third-party estimates and stated certifications, priced for your room.](https://dealcostindex.com/vdr.html)

- [639Advisor directoryBanks, law firms and auditors from 27 public lists, the basis for every tier in the calculator.](https://dealcostindex.com/providers.html)

## Citing the index

Cite the page used as Deal Cost Index, “<page title>”, updated September 14, 2026, with a link. The underlying data is licensed [CC BY 4.0](https://creativecommons.org/licenses/by/4.0/) and can be downloaded as CSV from the [methodology page](https://dealcostindex.com/methodology.html#data); each row keeps the link to the filing or publication it comes from.

Deal Cost Index. Data: CC BY 4.0.