How Deals Work

Big deals. Simple logic.

How Deals Work: the biggest business deals, explained simply

Animated explainers of the business stories behind the headlines: takeovers, mergers, and the companies that rose or fell. Each episode breaks a big deal down into simple logic anyone can follow: who bought what, why they paid that price, where the money came from, and what happened next.

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Latest episodes

Episode 1

AOL and Time Warner: how the smaller company bought the giant

How a company with a sixth of the sales bought the giant with its own shares, and where the $98.7 billion loss came from.

Who makes this

How Deals Work is run by Erhan Civelek, an Istanbul-based M&A strategy consultant and former Senior Manager at Kearney in Dubai, who has spent more than 25 years working on strategy, acquisitions and post-merger integration across Türkiye, the Gulf and Europe.

Every episode page has the full story as an article, the transcript, key numbers with their sources, and answers to common questions. Narration is an AI voice; the research and analysis are Erhan's.