Much like a master sushi chef carving out the poisonous liver of a Japanese puffer fish in order to successfully prepare the infamous Fugu sashimi (with success being measured by whether the customer lives to recount this potentially deadly culinary experience to colleagues the next day!), it is critical for an M&A practitioner to know precisely what assets and liabilities should be extracted from the larger business enterprise – and what legal obstacles may be encountered as part of such extraction – in order to successfully implement a carve-out transaction in Asia. The panel will discuss how to identify specific legal challenges that may be particular to certain Asian jurisdictions when executing carveouts, including key considerations when conducting due diligence, structuring the carve-out and negotiating post-closing transition matters.