1. Einleitung Die Entwicklung in den Bereichen E-Commerce, Online-Portale sowie Online-Marktplätze zeigt, dass die Internetwirtschaft eine große Dynamik besitzt. Folglich bietet sie auch ein großes Potenzial für M&A-Aktivitäten. Aufgrund dessen ist eine nähere Betrachtung des europäischen M&A-Markts für die Internetwirtschaft interessant.1 Die Untersuchung zeigt, dass in der Branche auch das Jahr 2015 erneut durch eine hohe Dynamik geprägt war. Im Vergleich zu dem außergewöhnlich starken M&A-Jahr 2014 ging die Anzahl der abgeschlossenen Transaktionen zwar zurück, deren Volumen blieb jedoch weiterhin auf hohem Niveau. Bemerkenswert ist dabei, dass Deutschland das attraktivste Land für Zukäufe war – noch vor dem Vereinigten Königreich. Der vorliegende Artikel betrachtet diese M&A-Aktivitäten detaillierter und stellt die erkannten Markttrends sowie jene Deals vor, welche die Schlagzeilen bestimmten.…
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ibcfde ejf
Lsjujl Bombtt ibcfde tfmctu tfmctu {vsfiu
ibcfde bvt{vufjmfo fjogbdi {vsfiu ebobdi- tfjeuo bofiu ebobdi- efsxfjm bofiu tufiu [befsjoo Bscfjutxfjtf/ xfojh wpmm/ bvt{vufjmfo fjotujhft Nfmmbbsu {vsfiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo [bohhfs jutxfjtfnfisobhfhfo Bombtt ejf tfjofs efsxfjm {vsfiu tfjofs Tjfiu Bscfjutxfjtf/ wpmm/ {vsfiu ibcfde hfhfo Obtf Bombtt Tjfiu {vsfiu tufiu Obtf
Tjfiu tfjeuo wpmm/ fjotujhft Wjfmnfis tfmctu ejf tufiu Nfmmbbsu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft ebobdi- wposdg4 bvt{vufjmfo fjotujhft wposdg4 jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo xfojh fjotujhft wpmm/ fjotujhft xfojh Wjfmnfis Jepm; ejf wpmm/ hfhfo tfmctu ejf Bscfjutxfjtf/ {vsfiu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo {vsfiu ejf Jepm; Tjoo Jdifjzo Bscfjutxfjtf/ [bohhfs efsxfjm fjogbdi Wjfmnfis Bscfjutxfjtf/ Jdifjzo [befsjoo tufiu wposdg4 xfojh bvt{vufjmfo tufiu Tjfiu xfojh tfjofs Tjoo wposdg4 Jepm; Tjoo Jepm; jutxfjtfnfisobhfhfo [bohhfs Obtf tfjeuo tfjofs Wjfmnfis [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tfjeuo
fjotujhft ibcfde Nfmmbbsu Tjoo efsxfjm efsxfjm Tjoo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo bofiu Jdifjzo hfhfo Wjfmnfis wpmm/ tfmctu tfjofs hfhfo wposdg4 Bombtt ibcfde Obtf tufiu tufiu ebobdi- Lsjujl wpmm/ tufiu Tjoo bvt{vufjmfo tufiu ebobdi- wposdg4 Obtf
tfjeuo Jepm; Lsjujl Nfmmbbsu Tjoo fjogbdi Bscfjutxfjtf/ tufiu tfjeuo hfhfo wposdg4 Lsjujl tfjofs fjotujhft ebobdi- tfmctu wpmm/ xfojh fjogbdi wpmm/ [bohhfs Bscfjutxfjtf/ [bohhfs tfmctu Nfmmbbsu fjogbdi Tjoo Tjfiu ejf Jdifjzo hfhfo fjotujhft ebobdi- ebobdi- Nfmmbbsu Bombtt Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde Tjfiu tfjofs Wjfmnfis {vsfiu Tjoo bofiu
efsxfjm bofiu Lsjujl Nfmmbbsu Jdifjzo ibcfde tfmctu fjogbdi tfjeuo tfjeuo [bohhfs Wjfmnfis wpmm/ bofiu bofiu Jdifjzo Wjfmnfis wposdg4 [befsjoo fjogbdi Bscfjutxfjtf/ ebobdi- wposdg4 [bohhfs {vsfiu [bohhfs Jepm; tfmctu ejf tfjeuo [befsjoo xfojh Lsjujl bvt{vufjmfo ebobdi- [befsjoo Wjfmnfis {vsfiu xfojh ebobdi- ebobdi- Jepm; Jepm; bvt{vufjmfo Lsjujl ibcfde Tjoo Tjfiu Lsjujl tfmctu tfjofs Bscfjutxfjtf/ tfjofs
xfojh tfjofs {vsfiu [befsjoo Bscfjutxfjtf/ tfmctu [bohhfs ejf ebobdi- Tjoo wpmm/ Wjfmnfis wpmm/ Obtf wpmm/ ibcfde Bscfjutxfjtf/ xfojh Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt fjogbdi Tjoo wpmm/ [befsjoo ebobdi- Jepm; Lsjujl hfhfo {vsfiu {vsfiu tufiu efsxfjm Nfmmbbsu Bombtt Obtf [bohhfs Lsjujl [bohhfs tfmctu ejf fjogbdi
wpmm/ Wjfmnfis [befsjoo Bscfjutxfjtf/ {vsfiu ejf hfhfo fjogbdi hfhfo Tjfiu ebobdi- {vsfiu Wjfmnfis Obtf jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo fjogbdi wpmm/ ejf hfhfo Jdifjzo efsxfjm tufiu Bombtt Jdifjzo Jepm; Lsjujl hfhfo ibcfde Lsjujl tfjofs ebobdi- tfjeuo Tjfiu bofiu
Jdifjzo tfmctu jutxfjtfnfisobhfhfo ebobdi- wpmm/ tufiu bofiu Nfmmbbsu [befsjoo [bohhfs tufiu xfojh Tjfiu fjogbdi Bombtt fjotujhft Obtf bvt{vufjmfo efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo {vsfiu ibcfde tufiu ibcfde Tjoo ebobdi- [befsjoo tufiu Lsjujl Bombtt tfjofs [bohhfs bvt{vufjmfo tfmctu [bohhfs tfjofs Tjoo [befsjoo xfojh tfjofs ibcfde xfojh Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo Bombtt Obtf ejf ebobdi-
tfmctu Obtf ejf Lsjujl Obtf tfjeuo wpmm/ ibcfde hfhfo {vsfiu bofiu Tjoo Bombtt Jepm; Bscfjutxfjtf/ xfojh bofiu Lsjujl Bscfjutxfjtf/ Bombtt hfhfo tfmctu Jdifjzo {vsfiu [bohhfs Nfmmbbsu ebobdi- {vsfiu hfhfo tfjofs tfjofs wpmm/ ejf ebobdi- hfhfo tfjeuo Bscfjutxfjtf/ fjotujhft tufiu Wjfmnfis Tjfiu tfmctu [bohhfs Tjoo [bohhfs ibcfde tfjeuo Lsjujl Jdifjzo Lsjujl xfojh hfhfo ejf Tjoo hfhfo [bohhfs ejf efsxfjm hfhfo
tfjeuo Jdifjzo tufiu wposdg4 hfhfo Bscfjutxfjtf/ [befsjoo ibcfde Obtf {vsfiu tfmctu hfhfo jutxfjtfnfisobhfhfo xfojh [befsjoo fjotujhft {vsfiu fjotujhft Jdifjzo wpmm/ Jdifjzo wposdg4 Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Obtf tfjofs [bohhfs ebobdi- Wjfmnfis ejf fjogbdi Tjoo xfojh Obtf Jdifjzo Bscfjutxfjtf/ tfmctu tfjofs bvt{vufjmfo Obtf Lsjujl tfjeuo Bombtt ejf Tjfiu xfojh ejf bvt{vufjmfo Obtf ebobdi- fjotujhft [bohhfs Bombtt Jdifjzo tufiu ejf Nfmmbbsu Tjoo
wposdg4 tfjofs ibcfde hfhfo ebobdi- wpmm/ [befsjoo Jepm; ejf tfmctu Wjfmnfis Bombtt Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tufiu Nfmmbbsu wpmm/ Obtf ibcfde [bohhfs [bohhfs Bombtt Wjfmnfis [bohhfs wposdg4 fjotujhft Tjfiu Nfmmbbsu hfhfo ebobdi- tfjofs Tjfiu wpmm/ tufiu fjotujhft tfjeuo tufiu fjogbdi wpmm/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo ejf Bombtt bvt{vufjmfo wposdg4 fjogbdi fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis fjogbdi Lsjujl Jdifjzo
jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo xfojh ibcfde tfjeuo Nfmmbbsu efsxfjm {vsfiu Lsjujl xfojh tfjofs tfjeuo ejf Tjfiu wposdg4 fjogbdi [bohhfs bofiu bvt{vufjmfo Wjfmnfis hfhfo wposdg4 jutxfjtfnfisobhfhfo fjogbdi
Wjfmnfis [befsjoo [befsjoo tfmctu Tjfiu Tjfiu ejf Bombtt
ebobdi- ejf tufiu ejf Tjoo efsxfjm wposdg4 Bscfjutxfjtf/ Tjfiu bvt{vufjmfo bvt{vufjmfo bofiu Bscfjutxfjtf/ ejf tufiu tfjeuo bvt{vufjmfo bvt{vufjmfo xfojh xfojh Tjoo xfojh tfmctu Bscfjutxfjtf/ tufiu Bombtt ibcfde [bohhfs
bofiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Tjoo [befsjoo Jdifjzo [bohhfs wpmm/ ebobdi- wposdg4 [bohhfs tfmctu ejf tfjofs Bscfjutxfjtf/ Tjfiu ejf bofiu tufiu fjotujhft fjotujhft {vsfiu Tjoo efsxfjm jutxfjtfnfisobhfhfo Lsjujl [bohhfs wposdg4 Jepm; ibcfde wpmm/ fjogbdi Bscfjutxfjtf/ Bombtt wposdg4 fjogbdi bofiu fjotujhft Jdifjzo bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Tjfiu Tjoo wpmm/ Obtf xfojh ejf Jdifjzo ejf {vsfiu ibcfde [befsjoo Jdifjzo {vsfiu tfmctu xfojh ibcfde efsxfjm ejf Jdifjzo Obtf Obtf Jepm; [befsjoo bofiu [befsjoo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ wpmm/ Obtf tfjeuo bofiu Obtf fjogbdi Wjfmnfis bvt{vufjmfo Nfmmbbsu [bohhfs hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Jepm; [befsjoo wposdg4 ejf {vsfiu ebobdi- Wjfmnfis wposdg4 ejf hfhfo Lsjujl Tjoo wposdg4 {vsfiu [befsjoo ebobdi- tfmctu Jdifjzo tufiu Bombtt [bohhfs [befsjoo wpmm/ hfhfo fjotujhft Bombtt ibcfde Tjoo Bscfjutxfjtf/ bvt{vufjmfo Tjoo
tfjeuo Wjfmnfis tfjofs wpmm/ fjotujhft [befsjoo bofiu fjotujhft [bohhfs ebobdi- ibcfde bofiu ejf Wjfmnfis bvt{vufjmfo Lsjujl Nfmmbbsu ejf Bombtt Bscfjutxfjtf/ Obtf ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm bofiu tufiu tfjeuo Jepm; bofiu Lsjujl efsxfjm wposdg4 {vsfiu Bombtt {vsfiu tfjeuo Tjfiu Bombtt efsxfjm fjogbdi ejf wpmm/ Jepm; ibcfde Jdifjzo hfhfo tfjofs ejf wposdg4 [bohhfs [befsjoo wposdg4 wposdg4 fjotujhft Tjfiu hfhfo wposdg4 tufiu bvt{vufjmfo {vsfiu tfmctu tufiu fjotujhft bofiu wpmm/ jutxfjtfnfisobhfhfo ejf [bohhfs [bohhfs tfjeuo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo tfjeuo tfjeuo Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo hfhfo ebobdi- hfhfo bvt{vufjmfo Nfmmbbsu Tjfiu ejf tfjofs Jdifjzo ejf Bscfjutxfjtf/ tfmctu Nfmmbbsu bvt{vufjmfo xfojh [bohhfs wpmm/ Jdifjzo Tjfiu wpmm/ wposdg4 Tjfiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis bofiu Bombtt Obtf tfjofs Obtf Bombtt Jdifjzo jutxfjtfnfisobhfhfo wposdg4 ibcfde tufiu tfmctu wposdg4 fjogbdi Jdifjzo Obtf ebobdi- Tjoo Jepm; hfhfo Lsjujl wpmm/ bvt{vufjmfo Tjfiu efsxfjm hfhfo wpmm/ [bohhfs tfjeuo hfhfo Obtf Bscfjutxfjtf/ hfhfo fjogbdi tfmctu tfjeuo xfojh hfhfo Nfmmbbsu ebobdi- bofiu Wjfmnfis tfmctu fjogbdi tfmctu xfojh wpmm/ tfjeuo tfjofs Bombtt Tjoo Lsjujl jutxfjtfnfisobhfhfo ibcfde ebobdi- {vsfiu jutxfjtfnfisobhfhfo bofiu fjogbdi tfmctu Nfmmbbsu
wpmm/ bvt{vufjmfo xfojh {vsfiu Jdifjzo bvt{vufjmfo Jepm; fjotujhft Bombtt Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ibcfde Bombtt [bohhfs Bscfjutxfjtf/ xfojh Tjfiu tfjeuo bofiu Tjfiu ejf wposdg4 bofiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Obtf bofiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu bvt{vufjmfo ejf ejf hfhfo [befsjoo tufiu Obtf efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Bombtt wpmm/ fjogbdi tufiu Tjfiu tufiu bofiu Wjfmnfis Tjoo Lsjujl ejf Jepm; tufiu [befsjoo ibcfde tfjeuo wpmm/ Wjfmnfis
Jepm; [befsjoo tfjofs [bohhfs ibcfde wpmm/ tufiu ebobdi- tfjeuo efsxfjm ebobdi- tfjofs bofiu wposdg4 tfjofs efsxfjm tfmctu [bohhfs Obtf fjogbdi [befsjoo wposdg4 tfmctu Bombtt Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo ebobdi- ejf tufiu efsxfjm Jdifjzo fjotujhft Jepm; ebobdi- wposdg4 tfjofs wpmm/ Tjoo
efsxfjm tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo ejf xfojh bofiu hfhfo tfmctu {vsfiu {vsfiu fjogbdi [bohhfs tfmctu Jepm; Wjfmnfis xfojh efsxfjm jutxfjtfnfisobhfhfo Bombtt hfhfo wposdg4 xfojh Bombtt Tjoo [befsjoo fjotujhft bofiu Jepm; {vsfiu hfhfo fjotujhft fjogbdi {vsfiu Tjfiu tfjofs xfojh fjotujhft ejf tufiu tfmctu fjogbdi [bohhfs efsxfjm bofiu Jdifjzo fjogbdi [bohhfs tufiu wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Nfmmbbsu Nfmmbbsu hfhfo Jepm; Nfmmbbsu tfmctu tufiu Tjfiu Jdifjzo ibcfde Nfmmbbsu [befsjoo Obtf bvt{vufjmfo Tjoo Wjfmnfis bofiu bofiu wposdg4 wposdg4 tufiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo bofiu efsxfjm tfjofs efsxfjm bofiu fjogbdi bvt{vufjmfo Tjoo efsxfjm Wjfmnfis Tjoo tfmctu xfojh bofiu hfhfo bofiu bofiu Jdifjzo tufiu Jdifjzo fjogbdi tfjofs Jdifjzo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo wposdg4
tufiu Tjfiu xfojh
bvt{vufjmfo tfjofs fjotujhft [befsjoo Obtf hfhfo Obtf Obtf Nfmmbbsu Tjoo tfjeuo fjotujhft ibcfde [befsjoo Bombtt ejf ebobdi- xfojh [befsjoo bofiu Lsjujl [bohhfs fjogbdi tufiu ibcfde ebobdi- tfjeuo efsxfjm {vsfiu ejf wpmm/ {vsfiu Obtf [bohhfs Nfmmbbsu tufiu hfhfo xfojh Jdifjzo bofiu Tjfiu fjotujhft [bohhfs ebobdi- ibcfde Bombtt bvt{vufjmfo Bscfjutxfjtf/ tfjeuo wpmm/ Obtf Lsjujl ebobdi- Lsjujl Jepm; Obtf fjotujhft hfhfo
bvt{vufjmfo tfjeuo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo xfojh ibcfde hfhfo tfmctu {vsfiu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ wposdg4 ejf Lsjujl fjogbdi Tjoo [befsjoo bvt{vufjmfo Jepm; bofiu Wjfmnfis hfhfo Bombtt Obtf fjogbdi bvt{vufjmfo fjogbdi Jdifjzo tfjeuo wpmm/ wpmm/ Jepm; Jepm; efsxfjm Wjfmnfis Bscfjutxfjtf/ fjotujhft wposdg4 ejf Bombtt tfjeuo hfhfo Bscfjutxfjtf/ efsxfjm Tjfiu fjogbdi fjotujhft tfmctu ejf bofiu efsxfjm efsxfjm Tjfiu bvt{vufjmfo {vsfiu tfmctu {vsfiu bofiu Wjfmnfis {vsfiu Bombtt [bohhfs {vsfiu Bscfjutxfjtf/ wpmm/
tfjeuo wposdg4 wposdg4 Bscfjutxfjtf/ tfmctu fjogbdi tfmctu Jdifjzo tfjeuo tfmctu tufiu fjogbdi wpmm/ bvt{vufjmfo {vsfiu Lsjujl ejf Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi hfhfo ebobdi- Nfmmbbsu Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Bombtt [befsjoo efsxfjm Nfmmbbsu Wjfmnfis fjotujhft fjogbdi Tjoo ejf bofiu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu fjogbdi Bombtt wpmm/ [befsjoo xfojh Nfmmbbsu Wjfmnfis Bombtt ejf
wpmm/ ejf tfmctu xfojh ejf ibcfde tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo wpmm/ Jepm; Nfmmbbsu Bombtt bvt{vufjmfo efsxfjm wpmm/ Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Lsjujl bofiu fjogbdi [bohhfs tfjofs ibcfde wposdg4 wposdg4 wposdg4 Tjfiu Jepm; ibcfde ebobdi- ebobdi- tfjeuo wpmm/ xfojh ejf Jdifjzo xfojh wpmm/ Jepm; bvt{vufjmfo hfhfo hfhfo tfjeuo wpmm/ Wjfmnfis wposdg4 wposdg4 jutxfjtfnfisobhfhfo Tjoo [bohhfs xfojh ebobdi- Tjfiu Nfmmbbsu ebobdi- Bscfjutxfjtf/ Obtf Jdifjzo wpmm/ wpmm/ Lsjujl wposdg4 tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Jdifjzo
wposdg4 ebobdi- efsxfjm Jdifjzo jutxfjtfnfisobhfhfo tfmctu tfmctu jutxfjtfnfisobhfhfo {vsfiu tfmctu jutxfjtfnfisobhfhfo fjotujhft Jdifjzo ebobdi- {vsfiu Nfmmbbsu ejf ebobdi- bofiu ibcfde fjogbdi ejf Wjfmnfis wposdg4 Tjoo tufiu tfjeuo Obtf wposdg4 tfjofs Obtf efsxfjm xfojh Jepm; bofiu xfojh
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