The Share Purchase Agreement (“SPA”) is the main transaction document and often runs to hundreds of pages, depending on the complexity of the deal and the buyer’s jurisdiction. It brings most of the elements of the transaction together, such as the structure, warranties and covenants, schedules of key information, definitions, completion accounts mechanism and templates. 

This document is typically drafted by the buyer’s solicitors but will have input from all parties such as lawyers, accountants, corporate finance and tax advisers on both sides. It is where the detail matters most.