What risk is hiding under the headline numbers in the data room?
A vendor data room shows you the target’s tier-1 and its contracts. It won’t show you the concealed concentration deep in the chain — the dependency you’d inherit at completion.
Settled as the Acquisition Evidence PackConfirmatory diligence stops where the data room stops. The concentration that matters — the shared sub-tier sole-source, the foreign-controlled part, the ownership exposure — usually sits below it, and surfaces after close. Supply-chain dependency, never price or return.
What you’d actually inherit at completion.
Typical reader: a corporate-development or infrastructure-fund deal team.
A control change can now be stopped, unwound or conditioned.
The National Security and Investment Act annual report (22 July 2025) confirmed Energy as one of the 17 mandatory-notification sectors and the third most common sector for a final order — five of the 17 made — with 1,143 notifications and 56 call-ins over the period. Any acquisition of an energy or CNI asset can be stopped, unwound or conditioned, while confirmatory diligence has no published source for the dependency questions inside a target. Supply-chain dependency, never price or return. See what changed →