An acyl intermediate in the activation of eta(5)-(Ph5Cp)Ru(CO)(2)Cl by t-BuOK was identified by means of in situ FT-IR measurements and NMR spectroscopy. This strongly supports the conclusion that the ligand exchange takes place via CO assistance, i.e., that the activation occurs via nucleophilic attack by tert-butoxide on one of the CO ligands. The tert-butoxycarbonyl intermediate shows stretching vibrations at 1933 and 1596 cm(-1), corresponding to the CO and COOt-Bu groups, respectively. In the C-13 NMR spectrum, the CO group appears at 209.5 ppm and the COOt-Bu group at 208.7 ppm. The NMR assignments were confirmed by density functional theory calculations. The subsequent alcohol-alkoxide exchange is also thought to take place via CO assistance. However, no intermediate in that step could be detected.