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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
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  "presentationDate": "2012-10-01 00:00:00",
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  "pageNumber": 17,
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      "text": "Client: Consists of EUC, the consumer business of Services' Support & Deployment (~10% of Services revenue) and the consumer-related portion of S&P (~75% of S&P revenue)\nEnterprise: Consists of Enterprise Solutions, Software, the corporate business of Services (~90% of Services revenue) and the corporate-related portion of S&P (~25 of S&P revenue)",
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      "text": "Potential Considerations\nThe nature, magnitude and impact of potential operating dissynergies, including the loss of:\n- Revenue and cross-selling opportunities\n- Sales organization leverage\n- Entry into emerging markets via Client / PC pull-through of Enterprise\n- COGS / materials sourcing scale and influence\n- Shared corporate overhead and public company costs\n- Scale / credit quality to provide financing services to customers\n- Client cash flows for investment in Enterprise\nPotential customer, supplier and employee reaction and impact\nThe management pipeline to fill senior management positions at both entities\nPotential shareholder dislocation",
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      "text": "Potential Benefits\nPotentially \"unlock\" embedded shareholder value through trading multiple re-rating and arbitrage\nAllows each entity to pursue potentially unique strategic, operation and financial objectives\n- Pursue and execute growth strategy\n- Strategic flexibility and optionality\n- Management focus\nIn a public market context, may allow each entity to target potentially different shareholder bases\nEach entity could potentially become an acquisition/merger target",
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      "text": "For the purposes of evaluating the potential benefits and consideration of a business separation, we consider, based on management guidance, an illustrative separation of Denali into:",
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      "text": "Preliminary Separation Topics for Consideration",
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