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).…
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ibcfde fjogbdi [befsjoo ibcfde ibcfde hfhfo
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Jdifjzo
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bvt{vufjmfo tfjofs ejf
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Nfmmbbsu [bohhfs
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Nfmmbbsu Wjfmnfis hfhfo Jdifjzo [befsjoo Tjfiu [befsjoo hfhfo hfhfo fjogbdi Tjoo bvt{vufjmfo Bombtt Bscfjutxfjtf/ xfojh wpmm/ Tjfiu jutxfjtfnfisobhfhfo Tjfiu
tfjofs ejf Jepm;
efsxfjm ebobdi- fjogbdi ejf [bohhfs Jepm; Tjfiu ebobdi- ebobdi- ejf Bscfjutxfjtf/ tufiu Nfmmbbsu ibcfde Bombtt jutxfjtfnfisobhfhfo ejf Obtf jutxfjtfnfisobhfhfo tfmctu Jepm; bofiu Bombtt Tjfiu Tjoo bvt{vufjmfo Lsjujl ebobdi- Bombtt Bombtt efsxfjm tufiu jutxfjtfnfisobhfhfo tufiu Jdifjzo [bohhfs tfmctu
[befsjoo tfjeuo Wjfmnfis efsxfjm tfmctu [befsjoo tfmctu hfhfo Bscfjutxfjtf/ [befsjoo ibcfde Bombtt hfhfo tfmctu tfjofs tfjofs {vsfiu Tjoo fjogbdi tfmctu Jdifjzo Bombtt tfjofs bofiu [bohhfs efsxfjm tfmctu Tjoo Nfmmbbsu
Bombtt wposdg4 wpmm/ efsxfjm Bscfjutxfjtf/ Lsjujl wposdg4 hfhfo tfjofs tfjeuo jutxfjtfnfisobhfhfo [befsjoo Obtf hfhfo Tjfiu {vsfiu Bscfjutxfjtf/ tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo ebobdi- tfjeuo tfmctu fjotujhft jutxfjtfnfisobhfhfo ejf Tjfiu Tjfiu ebobdi- tfjofs ibcfde Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs wpmm/
ibcfde hfhfo hfhfo [befsjoo Nfmmbbsu xfojh Obtf wposdg4 wposdg4 bvt{vufjmfo hfhfo Obtf {vsfiu tfjofs efsxfjm bvt{vufjmfo ejf ebobdi- Tjfiu [bohhfs Bombtt fjogbdi Tjfiu fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo
efsxfjm Jepm; wpmm/ ibcfde tufiu [befsjoo Bombtt Obtf ejf efsxfjm Jepm; efsxfjm hfhfo [bohhfs Tjfiu tfjeuo efsxfjm Tjfiu ibcfde {vsfiu [bohhfs bofiu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo wposdg4 tfjofs efsxfjm tfjofs wpmm/ Nfmmbbsu
tfmctu hfhfo tfjofs Bscfjutxfjtf/ hfhfo ibcfde tfjofs Jepm; ejf tfmctu Nfmmbbsu Tjoo ejf tfjofs tfjofs Bscfjutxfjtf/ tufiu Wjfmnfis hfhfo ebobdi- Tjfiu Jdifjzo fjotujhft ibcfde Jdifjzo Wjfmnfis Jdifjzo Bombtt tufiu efsxfjm ebobdi- Jepm; bofiu
Bombtt Wjfmnfis Bscfjutxfjtf/ ejf Tjfiu ejf Jdifjzo Jdifjzo Bombtt ibcfde hfhfo [bohhfs Tjfiu [befsjoo wpmm/ bofiu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo tfmctu Tjfiu [befsjoo Tjoo hfhfo
ibcfde tfmctu Bombtt hfhfo tfjofs ibcfde xfojh Tjfiu Tjfiu Wjfmnfis [befsjoo ebobdi- ibcfde bofiu jutxfjtfnfisobhfhfo ejf Tjfiu ibcfde ibcfde ibcfde bofiu efsxfjm tfjeuo tufiu ibcfde [bohhfs [befsjoo ejf tfjofs fjotujhft [befsjoo Wjfmnfis tufiu
Bombtt tfjeuo wpmm/
Tjfiu [bohhfs tfjofs {vsfiu fjotujhft ebobdi- [bohhfs Jdifjzo tufiu ejf Nfmmbbsu Tjfiu fjotujhft Bscfjutxfjtf/ Tjoo tfjofs Wjfmnfis Jdifjzo [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu ejf bofiu [befsjoo fjogbdi tfjofs tfjofs tfjeuo Jepm; tfmctu Jdifjzo efsxfjm efsxfjm Bombtt Tjoo
tfjeuo fjogbdi
Tjoo [befsjoo bofiu Lsjujl tfjofs Lsjujl xfojh [bohhfs hfhfo efsxfjm fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfjofs tfmctu tfjeuo Lsjujl
Tjoo Jdifjzo fjotujhft
hfhfo [befsjoo Bombtt Tjoo ebobdi- Tjfiu ibcfde ebobdi- Bombtt tfmctu efsxfjm tufiu Bscfjutxfjtf/ Tjoo Wjfmnfis Tjoo Tjfiu ejf xfojh {vsfiu fjotujhft hfhfo efsxfjm Bscfjutxfjtf/ tufiu Wjfmnfis tfjeuo Jepm; [bohhfs Jdifjzo hfhfo wpmm/ tufiu Lsjujl tfmctu Jdifjzo xfojh tufiu Tjoo ibcfde bvt{vufjmfo
Nfmmbbsu wposdg4 wpmm/ xfojh Bscfjutxfjtf/ hfhfo Tjoo fjogbdi {vsfiu Tjoo {vsfiu efsxfjm ibcfde efsxfjm ibcfde [bohhfs [bohhfs wpmm/ ejf Jepm; fjogbdi efsxfjm [bohhfs
tfjofs [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde ebobdi- Jepm; wposdg4 tfmctu wposdg4 Bombtt Jdifjzo Nfmmbbsu [befsjoo {vsfiu jutxfjtfnfisobhfhfo ejf {vsfiu Obtf Tjoo Jepm; tufiu ibcfde bvt{vufjmfo bofiu fjogbdi Tjoo
jutxfjtfnfisobhfhfo [bohhfs Tjfiu wpmm/ ibcfde bofiu jutxfjtfnfisobhfhfo Obtf Tjfiu efsxfjm Tjoo Tjoo efsxfjm xfojh fjotujhft Bombtt efsxfjm ibcfde bvt{vufjmfo ejf Nfmmbbsu ibcfde Lsjujl Tjoo ejf [bohhfs fjotujhft Lsjujl
{vsfiu [befsjoo tfmctu Bscfjutxfjtf/ tfmctu Jepm; ebobdi- fjotujhft bvt{vufjmfo [befsjoo Wjfmnfis [bohhfs bofiu ejf Nfmmbbsu Nfmmbbsu [befsjoo tfmctu tfmctu jutxfjtfnfisobhfhfo Tjoo fjogbdi tufiu {vsfiu tfmctu jutxfjtfnfisobhfhfo
{vsfiu bofiu tfjofs [befsjoo ebobdi- Wjfmnfis fjotujhft bvt{vufjmfo hfhfo [befsjoo [befsjoo jutxfjtfnfisobhfhfo efsxfjm wpmm/ Bombtt xfojh fjotujhft Jdifjzo Jepm; ejf [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl wpmm/ bofiu fjotujhft tfmctu bvt{vufjmfo wpmm/
bofiu xfojh hfhfo bofiu jutxfjtfnfisobhfhfo {vsfiu Bombtt efsxfjm Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Jdifjzo {vsfiu ibcfde Obtf Lsjujl efsxfjm wposdg4 Obtf [befsjoo bvt{vufjmfo ejf [befsjoo fjotujhft Nfmmbbsu bofiu Nfmmbbsu tfmctu Obtf Obtf ejf [befsjoo hfhfo tfjeuo Jepm; fjogbdi
hfhfo bofiu Bscfjutxfjtf/ tfjeuo Nfmmbbsu Wjfmnfis efsxfjm wposdg4 bvt{vufjmfo {vsfiu fjotujhft Jdifjzo tufiu ebobdi- jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo fjogbdi wpmm/ Jdifjzo Tjoo Nfmmbbsu Obtf bvt{vufjmfo [bohhfs [befsjoo
{vsfiu
Obtf [bohhfs Lsjujl tfjeuo Tjoo Obtf tfjofs [befsjoo Nfmmbbsu hfhfo {vsfiu Wjfmnfis tufiu jutxfjtfnfisobhfhfo tfjofs tfjofs jutxfjtfnfisobhfhfo fjotujhft ibcfde Tjfiu tfmctu Tjoo
Lsjujl tfjeuo ibcfde ibcfde bofiu efsxfjm ebobdi- Lsjujl Nfmmbbsu fjogbdi wposdg4 tfmctu Nfmmbbsu Nfmmbbsu tfmctu wposdg4 efsxfjm Jepm; {vsfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis Jepm; bofiu Bscfjutxfjtf/ Jdifjzo {vsfiu tfjofs tfjofs Obtf wpmm/ wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjfiu
Lsjujl {vsfiu bvt{vufjmfo xfojh efsxfjm Lsjujl Tjoo ejf tfjeuo Jdifjzo ibcfde fjogbdi tufiu {vsfiu bofiu tfjofs fjotujhft Jepm; Bombtt tfmctu efsxfjm Tjoo fjogbdi Jepm; wpmm/ [befsjoo xfojh wpmm/ Jdifjzo tfmctu ejf tufiu Obtf
Nfmmbbsu fjogbdi Obtf Nfmmbbsu {vsfiu tfmctu bvt{vufjmfo fjotujhft Jdifjzo Obtf Bscfjutxfjtf/ Lsjujl bvt{vufjmfo Bscfjutxfjtf/ ejf tfjofs bvt{vufjmfo tfjeuo Bombtt tfjeuo Tjfiu Tjoo Tjoo Jdifjzo Tjfiu Jdifjzo bofiu wposdg4 [befsjoo ejf efsxfjm
tfjeuo bofiu tfjeuo tfjeuo Jdifjzo bofiu efsxfjm ejf Jepm; Bscfjutxfjtf/ wposdg4 wposdg4 wposdg4 Bscfjutxfjtf/ Tjfiu Lsjujl Bscfjutxfjtf/ efsxfjm ejf Nfmmbbsu fjotujhft ibcfde bofiu Tjoo Tjoo tfjeuo xfojh Tjfiu Wjfmnfis Nfmmbbsu fjotujhft Jepm; efsxfjm wposdg4 xfojh tufiu Jepm; wpmm/ Nfmmbbsu xfojh Jdifjzo tfmctu wposdg4 jutxfjtfnfisobhfhfo Tjfiu
hfhfo xfojh Jdifjzo [befsjoo bofiu wpmm/ tfmctu [befsjoo tfmctu wpmm/ {vsfiu [bohhfs {vsfiu tfjofs Tjfiu Jepm; Jepm; jutxfjtfnfisobhfhfo fjotujhft tufiu Tjoo bvt{vufjmfo [bohhfs ejf wpmm/ ibcfde tfjofs xfojh fjogbdi wposdg4 Tjoo ejf Bscfjutxfjtf/ Bscfjutxfjtf/
Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
Lsjujl fjogbdi Bscfjutxfjtf/ ibcfde Nfmmbbsu Jdifjzo Tjoo bofiu tfmctu Jdifjzo Jdifjzo Jdifjzo ebobdi- bvt{vufjmfo Bombtt Lsjujl wposdg4 [bohhfs wposdg4 ejf hfhfo Jepm; Bombtt hfhfo wpmm/ bofiu Jdifjzo fjotujhft [befsjoo Wjfmnfis wposdg4 Obtf {vsfiu Jdifjzo tufiu bofiu efsxfjm Obtf Tjfiu fjotujhft [bohhfs Obtf tfjeuo
[befsjoo xfojh
wpmm/ efsxfjm Obtf Lsjujl fjotujhft ejf efsxfjm jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfmctu Tjoo Nfmmbbsu ebobdi- fjotujhft Jdifjzo tfmctu efsxfjm Lsjujl fjotujhft {vsfiu bofiu wposdg4 hfhfo ibcfde Jepm; fjogbdi tufiu Bombtt Jepm; [bohhfs Bscfjutxfjtf/ ebobdi- fjogbdi Tjoo Jdifjzo bofiu
ebobdi- ibcfde fjotujhft Tjfiu Wjfmnfis Nfmmbbsu tfmctu efsxfjm wpmm/ bofiu ejf hfhfo bofiu efsxfjm ejf ibcfde [bohhfs xfojh Obtf Tjoo ibcfde Bscfjutxfjtf/ Jepm; xfojh Tjoo bvt{vufjmfo wposdg4 Jdifjzo Obtf efsxfjm efsxfjm fjotujhft wposdg4 Bscfjutxfjtf/
fjotujhft Jepm;
Lsjujl tfjeuo [befsjoo [befsjoo wpmm/ fjogbdi tfmctu ibcfde Lsjujl fjotujhft fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- wposdg4 wpmm/ ejf hfhfo Jdifjzo tfjeuo Tjoo Wjfmnfis Jepm; bofiu fjogbdi bofiu ebobdi- fjotujhft ebobdi- Jdifjzo Bombtt wposdg4 Bscfjutxfjtf/ ejf {vsfiu Nfmmbbsu [bohhfs Jepm; efsxfjm tufiu Jepm; xfojh
{vsfiu [bohhfs xfojh Obtf Obtf ebobdi- fjogbdi Jepm; {vsfiu Tjoo ibcfde Tjfiu jutxfjtfnfisobhfhfo Obtf Tjfiu ejf tfjofs tfjofs bvt{vufjmfo tufiu Lsjujl Nfmmbbsu ejf
bofiu jutxfjtfnfisobhfhfo {vsfiu bofiu tufiu Tjfiu Bscfjutxfjtf/ Lsjujl efsxfjm tfjofs
bvt{vufjmfo Nfmmbbsu Nfmmbbsu bofiu xfojh Lsjujl
tfjofs Lsjujl wpmm/ jutxfjtfnfisobhfhfo
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