Claire Old

Senior Director
More than seven years of SPA advisory experience
Specializes in transaction key value items, pricing mechanisms, equity price negotiations, and accounting elements of the SPA
Has advised on 150+ SPA advisory engagements in the UK and France
Paris
@alvarezmarsal
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Claire Old is a Senior Director with Alvarez & Marsal Global Transaction Advisory Group in Paris. She specializes in advising on the key value items in a transaction, assessing the suitability of the pricing mechanism (including locked box, completion accounts, and earn out mechanisms), supporting clients in their equity price negotiation, and drafting the accounting elements of the sale and purchase agreement (SPA).

With more than more than 14 years of experience in accounting, including seven years specializing in SPA advisory, Ms. Old has advised on over 150 SPA advisory engagements in both the UK and France, working on multinational transactions. Her notable assignments span engagements for leading private equity funds and corporate acquirers on complex cross border transactions. She has provided advisory services to a wide range of private equity and corporate clients across Europe, including commenting on and negotiating the financial aspects of SPAs, analyzing the enterprise value to equity value bridge, and assisting in the preparation, review, or dispute of completion accounts and earn out accounts.

Prior to joining A&M, Ms. Old spent seven years with PwC, working five years in the UK and two years in Paris, where she most recently served in a transaction focused role. Before joining PwC, she worked for a boutique firm of chartered accountants. During these roles, Ms. Old contributed to financial reporting and audit engagements, which strengthened her technical accounting.

Ms. Old earned a bachelor’s degree (first-class) in accounting and finance from the University of Staffordshire, UK. She is also a Fellow of the Association of Chartered Certified Accountants (ACCA).

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Thought Leadership
Canadian private capital enters 2026 in a state of disciplined optimism. The environment is more selective, more data-driven, and significantly more execution-focused than in prior cycles.