Signing

Signing refers to the point at which the parties involved in an M&A deal sign the purchase agreement, making it legally binding. However, the transaction is not yet fully completed at this stage. Certain conditions (known as "Conditions Precedent") must be met before the deal can proceed to closing.**

Example:

In a company sale, the buyer and seller sign the agreement (Signing), but the deal only takes effect once regulatory approvals are obtained (Closing).