As part of the due diligence and disclosure process in a share or asset sale, an online or physical space that is set up by the seller for the purpose of collating, and making available for review by a prospective buyer, certain legal, commercial and financial information relating to the target company or business. It is commonly used in the context of an auction sale process. However, it may also often be used on a private treaty sale.

For further information, see Practice note, Setting up a data room.