Certainly would depend upon the size of the transaction, but given most are in the 200-800M range typically I’d expect a good 30 days for diligence. If there are additional circumstances such as expanded number of geographies, multiple countries or significant product differentiations then it could go upwards of 60-90 days. A good team that has done this work prior is an important resource to have close.
I think the process depends on the selling entity and their ability to provide the requested materials as well as the time for your own team to analyze, ask questions, and discuss any red flags. Also, the business that you’re in also impacts this.. so for hard to say. I would agree 30 days is average from the time an LOI is issued to being 90% + complete on diligence.
I agree with the previous feedback provided. It typically depends on the size and complexity of the deal, as well as, the speed at which the seller’s team can turn requests around for additional information (outside Virtual Data Room) needed to move the DD phase along to completion.