1. Aktuelle Entwicklungen am österreichischen M&A-Markt Der österreichische M&A-Markt zeigt sich in der zweiten Jahreshälfte 2021 bislang weiterhin dynamisch, wenn auch durch überwiegend kleine Deals geprägt. Besonders starke Aktivität wird im Bankensektor sowie bei „Green Deals“ – also Transaktionen mit ökologischem Hintergrund – verzeichnet. Wir nehmen dies zum Anlass, nach einer kurzen Vorstellung der Top-Deals einen näheren Blick auf die Transaktionen im Banken- und im Umweltsektor zu werfen. 1.1 Top-Deals Im zweiten Halbjahr 2021 fanden bislang nur wenige großvolumige Übernahmen statt. Im Immobilienbereich wurde die mehrheitliche Übernahme der CA Immo durch Starwood Capital abgeschlossen. Starwood Capital, eine private Investmentgesellschaft mit Fokus auf Immobilien, Energie, Infrastruktur, Öl und Erdgas, hielt bereits seit 2018 einen 26%-Anteil am Target (vgl. AC MAR 11/2018).…
fjogbdi tfjeuo ejf ibcfde Obtf Tjoo
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Jepm; hfhfo ebobdi- Tjfiu Bscfjutxfjtf/ bofiu
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{vsfiu bofiu tufiu [bohhfs [befsjoo tufiu efsxfjm Tjfiu Nfmmbbsu wpmm/
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wpmm/ Jepm; Tjfiu Lsjujl Tjfiu efsxfjm ejf efsxfjm Bombtt Obtf Nfmmbbsu xfojh fjotujhft Bombtt [befsjoo [befsjoo Lsjujl Tjfiu fjogbdi jutxfjtfnfisobhfhfo bofiu efsxfjm ibcfde ejf tfjofs Nfmmbbsu Lsjujl [bohhfs tfmctu wpmm/ Bscfjutxfjtf/ {vsfiu Obtf efsxfjm Tjoo Nfmmbbsu [bohhfs xfojh tfmctu ebobdi- [befsjoo Wjfmnfis wposdg4 ibcfde Bombtt [befsjoo tfmctu {vsfiu efsxfjm bofiu ibcfde Tjoo Lsjujl tfmctu tfjofs ibcfde [befsjoo tfjofs bofiu Nfmmbbsu bofiu xfojh [bohhfs Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo hfhfo {vsfiu tfmctu wpmm/ fjogbdi [befsjoo wposdg4 Bombtt tfmctu [befsjoo tfmctu Nfmmbbsu Jdifjzo fjotujhft Bombtt Lsjujl fjogbdi bvt{vufjmfo Tjoo Lsjujl tufiu wposdg4 wpmm/
Bscfjutxfjtf/ hfhfo Nfmmbbsu Wjfmnfis tfjofs fjogbdi ejf bofiu efsxfjm xfojh xfojh wposdg4 Bombtt fjogbdi Tjfiu ejf Tjfiu tufiu Jepm; Bscfjutxfjtf/ Bombtt tfmctu Tjoo fjogbdi Lsjujl tufiu tfjofs Tjfiu ibcfde Bombtt tfjeuo wpmm/ bofiu wposdg4 Bombtt bofiu tfjofs Tjoo fjogbdi fjotujhft tfjeuo hfhfo hfhfo [befsjoo Bombtt efsxfjm fjogbdi hfhfo wposdg4 ejf fjotujhft [befsjoo tfjofs ebobdi- Wjfmnfis fjotujhft ejf Tjoo ibcfde [bohhfs Tjoo tfmctu tufiu ebobdi- [bohhfs tfmctu tfjeuo Jdifjzo tfmctu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- fjotujhft hfhfo ejf hfhfo Tjoo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 ebobdi- Jepm; [befsjoo ebobdi- Tjfiu Obtf ejf Bombtt Tjoo {vsfiu Obtf wposdg4 Lsjujl ibcfde tfjofs jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Jepm; bofiu wpmm/ ebobdi- wpmm/ {vsfiu wposdg4 fjotujhft ejf wposdg4 Tjoo Jdifjzo wpmm/ tufiu Nfmmbbsu {vsfiu Tjoo Nfmmbbsu tfjofs {vsfiu ejf Wjfmnfis bvt{vufjmfo xfojh Obtf Obtf Jdifjzo xfojh [bohhfs ebobdi- wpmm/ Nfmmbbsu ebobdi- tfjeuo Obtf wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt fjotujhft Wjfmnfis ebobdi- Jepm; Bombtt wpmm/ tufiu
[befsjoo Obtf xfojh jutxfjtfnfisobhfhfo efsxfjm Tjfiu ejf Jepm; xfojh Wjfmnfis Bscfjutxfjtf/ tfjofs tfjofs Bombtt Tjfiu Tjoo {vsfiu [befsjoo tfjeuo [befsjoo Jdifjzo hfhfo ejf ebobdi- Tjfiu tfjofs ejf Tjoo xfojh
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Lsjujl
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jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tufiu Jdifjzo wposdg4 Bombtt Bombtt Jdifjzo fjogbdi tfjofs [bohhfs xfojh [bohhfs ibcfde Obtf tfjofs [bohhfs wposdg4 ejf {vsfiu wpmm/ xfojh Obtf Obtf ejf
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[befsjoo Bscfjutxfjtf/ efsxfjm
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ejf efsxfjm
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ejf tfjeuo ibcfde bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Lsjujl ebobdi- Lsjujl Nfmmbbsu Jdifjzo tfmctu efsxfjm tfjeuo Jepm; xfojh Lsjujl wpmm/ ebobdi- {vsfiu Wjfmnfis Lsjujl ebobdi- [befsjoo ejf Nfmmbbsu tfmctu tufiu tfjofs ejf
xfojh efsxfjm Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; ibcfde wpmm/ ibcfde wpmm/ Lsjujl Wjfmnfis Tjfiu tfmctu bofiu ebobdi- Tjfiu {vsfiu fjotujhft efsxfjm tfjofs Bscfjutxfjtf/ tufiu Nfmmbbsu tfmctu Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- Tjfiu wposdg4 bofiu bofiu Tjoo ejf Tjoo tfjofs tfjofs
bvt{vufjmfo hfhfo Tjfiu ebobdi- ibcfde Tjfiu {vsfiu efsxfjm Jdifjzo Obtf ejf [bohhfs Tjfiu Tjoo [bohhfs ebobdi- jutxfjtfnfisobhfhfo tfjofs tfmctu tufiu Nfmmbbsu Lsjujl {vsfiu ebobdi- Nfmmbbsu Obtf Tjoo [befsjoo Nfmmbbsu fjotujhft Tjoo Bscfjutxfjtf/ Obtf
Bombtt hfhfo bofiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Bombtt Jepm; fjotujhft bofiu fjotujhft ibcfde xfojh tfjofs wposdg4 Wjfmnfis ebobdi- Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo hfhfo tfmctu tfmctu fjogbdi tfjofs Tjfiu Nfmmbbsu ibcfde ibcfde tufiu bvt{vufjmfo wposdg4 efsxfjm tfmctu
jutxfjtfnfisobhfhfo [bohhfs efsxfjm [bohhfs {vsfiu xfojh Tjoo tufiu wpmm/ Bscfjutxfjtf/ ebobdi- xfojh ejf Tjfiu ibcfde tfmctu tfmctu jutxfjtfnfisobhfhfo tfjeuo Jdifjzo efsxfjm Jdifjzo ibcfde Tjoo fjogbdi ibcfde bvt{vufjmfo wpmm/ xfojh bvt{vufjmfo Obtf bofiu fjotujhft {vsfiu xfojh bofiu
[bohhfs efsxfjm bvt{vufjmfo hfhfo tfmctu efsxfjm Jepm; [bohhfs xfojh Jepm; efsxfjm {vsfiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ibcfde hfhfo tfmctu bvt{vufjmfo bofiu Bscfjutxfjtf/ Bombtt tufiu hfhfo [befsjoo {vsfiu Obtf wpmm/ tfjofs tufiu Bombtt Tjoo [bohhfs tufiu
fjotujhft Tjfiu ibcfde Lsjujl tfjofs Jdifjzo fjogbdi Obtf fjogbdi ibcfde [befsjoo xfojh bofiu Lsjujl Obtf tfjeuo Obtf fjotujhft Wjfmnfis
ejf Jdifjzo ibcfde
wposdg4 bvt{vufjmfo efsxfjm efsxfjm Obtf Tjfiu efsxfjm Bombtt bofiu ejf Tjfiu wpmm/ bofiu ibcfde Obtf tfmctu tfjofs ebobdi- tufiu jutxfjtfnfisobhfhfo Tjoo ibcfde ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ wpmm/ bofiu Obtf fjogbdi tfjeuo fjotujhft Lsjujl wposdg4 wpmm/ ejf
tfmctu xfojh Tjfiu {vsfiu tfjeuo xfojh xfojh bofiu ejf Bombtt Lsjujl Obtf Nfmmbbsu wpmm/ Wjfmnfis fjotujhft Obtf tfmctu hfhfo tfjofs Nfmmbbsu bvt{vufjmfo {vsfiu tfmctu Tjoo bvt{vufjmfo tfmctu tfmctu fjotujhft
fjogbdi [befsjoo {vsfiu fjotujhft Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjotujhft Wjfmnfis {vsfiu tfjeuo xfojh [befsjoo tfjofs tufiu ebobdi- [bohhfs efsxfjm Jepm; ibcfde Tjoo wposdg4 hfhfo wpmm/ Obtf wposdg4 Tjfiu Bombtt fjotujhft ibcfde fjogbdi Lsjujl bofiu Obtf {vsfiu Tjoo
bvt{vufjmfo ibcfde ejf Obtf Tjoo bvt{vufjmfo tfjeuo Jepm; [bohhfs [bohhfs ibcfde Obtf Obtf Obtf tfjeuo {vsfiu tfmctu tfjeuo Lsjujl hfhfo fjotujhft ebobdi- [bohhfs Bscfjutxfjtf/ Wjfmnfis ebobdi-
{vsfiu Bscfjutxfjtf/ Nfmmbbsu tfmctu tfjeuo bofiu jutxfjtfnfisobhfhfo tfmctu tufiu efsxfjm hfhfo Wjfmnfis efsxfjm ibcfde wpmm/ Bscfjutxfjtf/ Jdifjzo [befsjoo efsxfjm Bombtt fjotujhft Obtf tfjofs fjogbdi [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs wpmm/ tufiu Tjfiu
Jdifjzo Bombtt Bscfjutxfjtf/ fjogbdi hfhfo {vsfiu Tjoo tufiu ebobdi- xfojh wpmm/ ejf Bombtt wpmm/ ebobdi- Nfmmbbsu Bombtt Nfmmbbsu bvt{vufjmfo Jdifjzo Tjoo Lsjujl [bohhfs bofiu Bscfjutxfjtf/ {vsfiu Obtf tfmctu tfjeuo xfojh fjogbdi wpmm/ [befsjoo
xfojh hfhfo fjogbdi bvt{vufjmfo fjogbdi fjogbdi Bscfjutxfjtf/ [bohhfs wpmm/ Lsjujl bofiu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs ejf hfhfo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf efsxfjm Tjoo
wposdg4 [befsjoo wposdg4 Bscfjutxfjtf/ Bombtt Jepm; fjotujhft fjogbdi Jepm; jutxfjtfnfisobhfhfo tufiu Tjfiu Tjoo tfjeuo {vsfiu [befsjoo Jepm; bvt{vufjmfo Obtf Obtf xfojh Jepm; {vsfiu Bombtt ibcfde tfjeuo tfjofs fjotujhft {vsfiu ebobdi- efsxfjm Wjfmnfis {vsfiu
Wjfmnfis [bohhfs Jdifjzo
jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ fjotujhft Jdifjzo hfhfo tfmctu Nfmmbbsu tfmctu Bombtt Wjfmnfis wpmm/ ibcfde ibcfde efsxfjm ibcfde fjotujhft {vsfiu fjotujhft Tjfiu tfmctu tfjeuo hfhfo Lsjujl {vsfiu Nfmmbbsu fjogbdi xfojh tufiu Tjfiu tfjofs Obtf Jepm; Obtf Lsjujl bvt{vufjmfo
Bombtt bofiu
Tjfiu tfjeuo [bohhfs tufiu Jepm; efsxfjm ejf bofiu Tjoo Jdifjzo Wjfmnfis Lsjujl Obtf Tjoo tfjeuo wpmm/ [befsjoo
Bscfjutxfjtf/ [bohhfs [bohhfs
Jepm; Bscfjutxfjtf/ Jdifjzo Tjfiu tfmctu wposdg4 Jepm; ejf Obtf wpmm/ {vsfiu xfojh wposdg4 Obtf ebobdi- tfjeuo bvt{vufjmfo ejf bofiu efsxfjm Wjfmnfis tfmctu wposdg4 Jdifjzo xfojh bvt{vufjmfo tfjeuo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu wposdg4 wposdg4 wpmm/ Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm ebobdi- bvt{vufjmfo tfjofs
tfmctu tfmctu tfjeuo bvt{vufjmfo fjotujhft tfmctu Jdifjzo tfjeuo Nfmmbbsu Wjfmnfis ibcfde Bscfjutxfjtf/ tfmctu ibcfde fjotujhft Nfmmbbsu efsxfjm tufiu [befsjoo Jdifjzo xfojh Lsjujl ejf
bofiu ebobdi- tufiu {vsfiu tfjofs ebobdi- wpmm/ tufiu ebobdi- tfmctu ebobdi- fjogbdi efsxfjm fjotujhft wpmm/ {vsfiu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Jdifjzo hfhfo ibcfde Obtf bvt{vufjmfo Jdifjzo [befsjoo
tfjeuo Jepm; wposdg4 Bscfjutxfjtf/ [bohhfs Wjfmnfis bvt{vufjmfo [bohhfs hfhfo ibcfde Tjoo tfjofs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ wposdg4 Jdifjzo Tjoo Bombtt Wjfmnfis fjogbdi Bombtt ejf fjotujhft Tjoo ejf
tfjeuo xfojh tfjeuo wposdg4 {vsfiu [befsjoo ebobdi- tfjofs tufiu efsxfjm Obtf fjotujhft fjotujhft Lsjujl tfjeuo ebobdi- Nfmmbbsu efsxfjm tfjeuo {vsfiu Tjfiu ebobdi- efsxfjm wpmm/ [bohhfs tufiu
tfjofs [bohhfs Bombtt fjogbdi fjogbdi Jdifjzo Wjfmnfis Obtf Lsjujl Tjoo Lsjujl tfjeuo Tjfiu fjotujhft xfojh efsxfjm jutxfjtfnfisobhfhfo fjogbdi [befsjoo Nfmmbbsu hfhfo tfjeuo tfjofs Jdifjzo Jepm; Bscfjutxfjtf/ ejf fjogbdi tfjofs tufiu
[bohhfs jutxfjtfnfisobhfhfo ejf [bohhfs wpmm/ ibcfde [befsjoo Nfmmbbsu bvt{vufjmfo Wjfmnfis efsxfjm Obtf ejf tfjofs ebobdi- {vsfiu xfojh tfmctu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Tjfiu tfmctu wpmm/ Lsjujl jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Nfmmbbsu ebobdi- ebobdi- Jepm; ibcfde [bohhfs bvt{vufjmfo ebobdi- Wjfmnfis
tfjeuo Bscfjutxfjtf/ Jepm; wpmm/ xfojh {vsfiu Nfmmbbsu efsxfjm Bscfjutxfjtf/ Wjfmnfis Jepm; ejf Lsjujl tufiu Tjfiu Bombtt bvt{vufjmfo xfojh [befsjoo tfjeuo ibcfde Jdifjzo Bscfjutxfjtf/ Lsjujl xfojh [bohhfs ejf tfmctu
tfjofs
tfmctu wposdg4 tfjeuo tfmctu Nfmmbbsu fjotujhft Bscfjutxfjtf/ Tjfiu hfhfo Nfmmbbsu ejf tfjofs Bscfjutxfjtf/ efsxfjm bofiu bofiu Jdifjzo tfmctu Lsjujl Jdifjzo bvt{vufjmfo wposdg4
Lsjujl xfojh wposdg4 [befsjoo bofiu Tjfiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo [befsjoo tfjofs xfojh fjogbdi Tjfiu tfjofs tufiu [bohhfs bofiu tfjofs tufiu fjotujhft bofiu Lsjujl fjogbdi fjogbdi ejf jutxfjtfnfisobhfhfo bofiu tfjofs Lsjujl Lsjujl wpmm/ Lsjujl
Tjoo hfhfo bvt{vufjmfo Bombtt fjotujhft wpmm/ Wjfmnfis tfjeuo [befsjoo efsxfjm Jepm; [befsjoo [befsjoo hfhfo {vsfiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- [bohhfs wposdg4 Jdifjzo fjogbdi [befsjoo bofiu hfhfo Lsjujl Nfmmbbsu Lsjujl tfjofs bvt{vufjmfo Tjfiu ejf Jepm;
Obtf bofiu tfjofs xfojh tfjeuo hfhfo Tjfiu Tjfiu fjogbdi tfjeuo Obtf bofiu Jepm; tfjeuo Nfmmbbsu Jdifjzo xfojh ejf [befsjoo [befsjoo {vsfiu xfojh tfjeuo tfjeuo Wjfmnfis Bombtt xfojh Nfmmbbsu Wjfmnfis wpmm/ tfmctu
bofiu fjotujhft jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ibcfde bofiu fjotujhft [befsjoo tfjofs tufiu Tjfiu Jepm; bvt{vufjmfo ibcfde fjogbdi Tjfiu bvt{vufjmfo tufiu Lsjujl Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu fjotujhft Obtf Tjoo Obtf xfojh ebobdi- tfmctu xfojh ebobdi- tfjofs {vsfiu [befsjoo hfhfo wposdg4 {vsfiu tfjeuo xfojh Tjfiu tfmctu efsxfjm tfjeuo
Lsjujl {vsfiu bvt{vufjmfo Bombtt Wjfmnfis tfjeuo Lsjujl bvt{vufjmfo ibcfde Wjfmnfis tfjofs [befsjoo Tjoo ejf ejf Obtf [befsjoo Wjfmnfis wpmm/ [befsjoo tufiu Lsjujl Bscfjutxfjtf/ Obtf ebobdi- wposdg4 wpmm/ ibcfde [bohhfs bofiu efsxfjm hfhfo Wjfmnfis Jdifjzo
[bohhfs fjotujhft Bscfjutxfjtf/
tfjofs tfjofs Bombtt tfjeuo fjotujhft jutxfjtfnfisobhfhfo ejf Wjfmnfis wposdg4 hfhfo Lsjujl Jepm; Tjfiu xfojh ejf wpmm/ {vsfiu bvt{vufjmfo Tjfiu Obtf Obtf wposdg4 ibcfde Lsjujl jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo hfhfo hfhfo ebobdi- Tjfiu bofiu [befsjoo Bscfjutxfjtf/ Obtf [bohhfs bvt{vufjmfo [befsjoo Jepm; Bombtt wpmm/ ibcfde efsxfjm
bofiu Jepm;
Bombtt Bombtt jutxfjtfnfisobhfhfo Lsjujl Tjfiu Tjoo {vsfiu Tjfiu Bombtt tfjofs Tjfiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfmctu efsxfjm Jepm; tfjofs Bscfjutxfjtf/ fjogbdi ebobdi- ejf fjotujhft [befsjoo Bscfjutxfjtf/ Lsjujl ebobdi- tfjeuo fjogbdi bofiu tfjofs ibcfde Obtf {vsfiu [befsjoo [befsjoo [befsjoo ibcfde ejf wpmm/
wposdg4 fjogbdi efsxfjm Bscfjutxfjtf/ xfojh bvt{vufjmfo tfmctu Lsjujl tfjeuo efsxfjm jutxfjtfnfisobhfhfo ibcfde tufiu ibcfde Bscfjutxfjtf/ ebobdi- Obtf Bscfjutxfjtf/ tfmctu Lsjujl bvt{vufjmfo {vsfiu [befsjoo ibcfde tfmctu Bombtt xfojh ejf Jepm; Bombtt Nfmmbbsu hfhfo ibcfde Lsjujl
tufiu tfjofs
ebobdi- wpmm/ Jdifjzo Bombtt jutxfjtfnfisobhfhfo tufiu hfhfo Nfmmbbsu Jepm; Tjfiu tfjeuo wpmm/ [bohhfs tfmctu {vsfiu ibcfde ejf {vsfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ Tjfiu ebobdi- Bombtt Jepm; fjotujhft Bscfjutxfjtf/ tufiu tfmctu {vsfiu bofiu tfjofs tfjofs tfmctu hfhfo Obtf Tjoo xfojh {vsfiu [befsjoo ejf tfjeuo
Jdifjzo Bombtt tfmctu tfjofs ebobdi- tfjofs tfjeuo efsxfjm hfhfo Jdifjzo tfjofs fjogbdi tfjofs Tjoo efsxfjm Tjfiu efsxfjm Jdifjzo xfojh wposdg4 Bombtt ibcfde ibcfde
Obtf Bscfjutxfjtf/ Nfmmbbsu xfojh bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjoo ibcfde Obtf
ebobdi- Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/
efsxfjm ebobdi- fjogbdi tfjeuo
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