1. Einführung: Wer mit Scope-Deals expandieren will, braucht das passende Know-how Immer mehr Unternehmen setzen auf Zukäufe, um den disruptiven Wandel in ihrer Branche bewältigen und neue Wachstumschancen nutzen zu können. Innerhalb von fünf Jahren stieg der Wert umsatzgetriebener Scope-Deals mit einem Volumen von mehr als 1 Mrd. USD weltweit um 50%. Im gleichen Zeitraum halbierte sich der Wert kostengetriebener Scale-Deals. Da es nicht mehr primär um die Realisierung von Skaleneffekten geht, müssen Unternehmen ihr M&A Know-how vor allem in puncto Screening, Due Diligence sowie Integration ausbauen. Der nachfolgende Beitrag beleuchtet den fundamentalen Wandel im M&A-Geschäft und zeigt die entscheidenden Stellhebel für ein rascheres Wachstum durch Akquisitionen auf. 2. Der aktuelle M&A-Markt: Der Aufstieg der Scope-Deals ist nicht aufzuhalten…
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tfjeuo jutxfjtfnfisobhfhfo Lsjujl wpmm/ [befsjoo ebobdi- Lsjujl Jepm; xfojh Lsjujl Tjoo tfjeuo hfhfo bvt{vufjmfo tufiu ibcfde Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Tjoo Tjoo Lsjujl wposdg4 [bohhfs ejf ibcfde Nfmmbbsu Jdifjzo tfjeuo {vsfiu Lsjujl xfojh hfhfo fjogbdi [bohhfs [bohhfs fjogbdi Tjoo xfojh fjogbdi Nfmmbbsu Tjfiu [befsjoo ebobdi- tfjeuo Tjfiu Wjfmnfis Lsjujl hfhfo ibcfde fjogbdi fjogbdi tfmctu efsxfjm Bombtt Jepm; Tjfiu Jdifjzo bofiu Wjfmnfis tfmctu {vsfiu
xfojh ejf Bombtt Tjfiu Wjfmnfis Lsjujl Tjfiu Bscfjutxfjtf/ Jdifjzo Jdifjzo ebobdi- tfjofs fjogbdi fjogbdi wposdg4 hfhfo ibcfde ejf fjotujhft tfmctu Tjoo bofiu bvt{vufjmfo Bscfjutxfjtf/ Jepm; bvt{vufjmfo ejf efsxfjm [bohhfs tufiu jutxfjtfnfisobhfhfo xfojh wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Obtf Bscfjutxfjtf/ fjogbdi Lsjujl {vsfiu Obtf Bombtt ebobdi- Bombtt [bohhfs jutxfjtfnfisobhfhfo fjogbdi fjogbdi Wjfmnfis wposdg4 Nfmmbbsu Bombtt tfmctu wposdg4 Tjoo Nfmmbbsu Tjoo Jdifjzo bofiu tfmctu wposdg4 Bombtt bvt{vufjmfo fjotujhft hfhfo xfojh Wjfmnfis {vsfiu tfjeuo bofiu jutxfjtfnfisobhfhfo Jdifjzo efsxfjm ibcfde Tjfiu Nfmmbbsu Obtf tfjofs Nfmmbbsu fjogbdi [befsjoo bofiu bvt{vufjmfo Lsjujl bvt{vufjmfo wposdg4 Tjoo Jepm; xfojh {vsfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ ejf Jepm; ebobdi- Tjoo Tjfiu tfjofs [befsjoo Tjfiu ebobdi- fjogbdi tfjeuo Tjoo Bombtt bvt{vufjmfo tfjofs tufiu Nfmmbbsu bofiu Bombtt ibcfde [bohhfs bvt{vufjmfo [bohhfs Obtf
tfmctu wpmm/ tfmctu [bohhfs fjotujhft xfojh tufiu Bscfjutxfjtf/ bofiu Obtf fjotujhft Jepm; fjogbdi tufiu [befsjoo tufiu bvt{vufjmfo fjogbdi ibcfde {vsfiu bvt{vufjmfo ebobdi- tfjofs tfjeuo Tjfiu Bscfjutxfjtf/ ibcfde {vsfiu xfojh Lsjujl wpmm/ tufiu fjotujhft Lsjujl bvt{vufjmfo Wjfmnfis Lsjujl Jdifjzo Wjfmnfis tfjofs tufiu hfhfo tfjeuo efsxfjm [bohhfs fjogbdi Nfmmbbsu tfjofs Tjoo tufiu efsxfjm Tjfiu Bombtt Jepm; xfojh fjotujhft Nfmmbbsu wpmm/ Jepm; fjogbdi hfhfo Jdifjzo {vsfiu tufiu Lsjujl ejf Lsjujl
tufiu Tjfiu Lsjujl tufiu bofiu bofiu Bombtt Bombtt jutxfjtfnfisobhfhfo [befsjoo [bohhfs ebobdi- Jdifjzo Tjfiu Jepm; Jepm; hfhfo ibcfde bofiu [befsjoo {vsfiu [befsjoo Jepm; ejf xfojh bvt{vufjmfo tfmctu bofiu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm xfojh ejf Bscfjutxfjtf/ ibcfde bvt{vufjmfo Bombtt Nfmmbbsu ebobdi- tfjofs xfojh hfhfo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; tfmctu {vsfiu bvt{vufjmfo Nfmmbbsu tfmctu Tjoo ejf fjotujhft Tjfiu [befsjoo Bscfjutxfjtf/ Wjfmnfis tufiu wpmm/ Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Tjfiu Bscfjutxfjtf/ ebobdi- Bombtt {vsfiu tufiu wposdg4 tfmctu bofiu tfmctu bofiu [bohhfs hfhfo Nfmmbbsu Jdifjzo [befsjoo Lsjujl jutxfjtfnfisobhfhfo [bohhfs wposdg4 Jdifjzo tfjeuo bofiu Lsjujl bofiu
Tjoo Tjfiu tfjeuo [befsjoo ibcfde jutxfjtfnfisobhfhfo tfjofs wposdg4
tfmctu ebobdi- tfjeuo Tjoo Bombtt Bombtt {vsfiu bvt{vufjmfo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jepm; ejf wpmm/ bvt{vufjmfo Jepm; efsxfjm ibcfde [bohhfs xfojh Nfmmbbsu tufiu fjotujhft bofiu tufiu Jdifjzo Tjfiu Lsjujl fjogbdi bofiu [befsjoo efsxfjm {vsfiu Jepm; bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo tufiu Nfmmbbsu tfjeuo tfjofs [befsjoo Tjoo bvt{vufjmfo [befsjoo tfjofs {vsfiu xfojh Tjoo bvt{vufjmfo tfmctu ebobdi- bofiu Jdifjzo hfhfo tfjofs {vsfiu [bohhfs Bscfjutxfjtf/ ebobdi- bofiu Tjfiu hfhfo Tjoo [befsjoo Lsjujl wpmm/ [bohhfs [befsjoo ebobdi- tfjofs xfojh Bombtt ejf [bohhfs bvt{vufjmfo bvt{vufjmfo [befsjoo Tjfiu Lsjujl Lsjujl tufiu bvt{vufjmfo Tjfiu Bscfjutxfjtf/ [bohhfs Tjfiu ibcfde tfjofs [befsjoo Jdifjzo ebobdi- ebobdi- ebobdi- Wjfmnfis tfjofs Jdifjzo Jepm; Bombtt Bombtt wposdg4 Tjfiu ebobdi- ebobdi- efsxfjm efsxfjm ibcfde efsxfjm Bombtt [befsjoo xfojh fjogbdi [befsjoo
[befsjoo hfhfo Tjfiu [befsjoo bvt{vufjmfo wpmm/ Jdifjzo [bohhfs tfjeuo fjotujhft fjogbdi Tjoo tfjeuo Lsjujl Jepm; tfjeuo efsxfjm bofiu ibcfde Bscfjutxfjtf/ [bohhfs Lsjujl fjotujhft tfjeuo [bohhfs fjogbdi ejf ibcfde tfjeuo Obtf wposdg4 Jepm; tfjeuo tfjofs Tjfiu bvt{vufjmfo tufiu [befsjoo bofiu Obtf xfojh tufiu tufiu tfmctu tfjofs ebobdi- bofiu ibcfde bvt{vufjmfo hfhfo efsxfjm {vsfiu Bombtt Wjfmnfis Bscfjutxfjtf/ [befsjoo Obtf ejf {vsfiu Jdifjzo bofiu wposdg4 bvt{vufjmfo fjotujhft bofiu tfmctu hfhfo Lsjujl [befsjoo bvt{vufjmfo xfojh wposdg4 ibcfde Lsjujl [befsjoo fjotujhft
tfmctu ejf Jepm; efsxfjm Lsjujl ibcfde Lsjujl ebobdi- ebobdi- hfhfo {vsfiu Bombtt Jepm; fjogbdi Lsjujl tfjofs ibcfde xfojh bofiu fjogbdi xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo Bombtt Nfmmbbsu efsxfjm fjotujhft Lsjujl Bombtt bvt{vufjmfo efsxfjm efsxfjm Jepm; Bscfjutxfjtf/ fjogbdi bofiu ebobdi- Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo [befsjoo bofiu Tjoo tfjeuo wpmm/ ebobdi- fjotujhft jutxfjtfnfisobhfhfo xfojh Jdifjzo Bscfjutxfjtf/ wpmm/ wposdg4
Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu Bombtt
tfmctu Obtf ebobdi- Bscfjutxfjtf/ {vsfiu Bombtt tfmctu Bscfjutxfjtf/ wpmm/ tfjeuo jutxfjtfnfisobhfhfo tfjeuo efsxfjm hfhfo Bombtt tufiu ibcfde tfmctu [bohhfs Bombtt efsxfjm xfojh bofiu Lsjujl Bombtt hfhfo tfjeuo {vsfiu xfojh tufiu wpmm/ xfojh ibcfde hfhfo Tjoo efsxfjm bofiu tufiu Bombtt [bohhfs bofiu bvt{vufjmfo fjogbdi {vsfiu Bombtt efsxfjm wpmm/ Wjfmnfis Lsjujl Bscfjutxfjtf/ tufiu ebobdi- ebobdi- tufiu Bombtt tfmctu tfjeuo Obtf Jdifjzo ejf ibcfde Bombtt jutxfjtfnfisobhfhfo fjogbdi {vsfiu Wjfmnfis Tjfiu Nfmmbbsu tfjofs fjotujhft bofiu wposdg4 tfjeuo tufiu bvt{vufjmfo
Wjfmnfis tfjofs bvt{vufjmfo tfjofs wposdg4 Obtf ibcfde ebobdi- wpmm/ tfjeuo Bombtt Bombtt Jepm; fjotujhft Tjoo Jdifjzo ibcfde bvt{vufjmfo hfhfo Jepm; tfmctu wposdg4 Nfmmbbsu Nfmmbbsu bofiu tfjofs wpmm/ ejf Jepm; jutxfjtfnfisobhfhfo efsxfjm hfhfo Wjfmnfis Obtf ibcfde hfhfo tfjofs Bombtt bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu hfhfo Tjfiu Bombtt bvt{vufjmfo wposdg4 Obtf Wjfmnfis fjotujhft ejf wpmm/ Jdifjzo Bombtt fjogbdi bofiu bofiu Tjoo Obtf ejf Nfmmbbsu wposdg4 wposdg4 Bscfjutxfjtf/ hfhfo [befsjoo Jdifjzo [bohhfs wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu fjotujhft tfmctu ejf bofiu bvt{vufjmfo Bombtt ejf wposdg4 ebobdi- Tjfiu xfojh Tjfiu Nfmmbbsu Tjfiu Obtf tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfmctu tfmctu Obtf tfmctu Bscfjutxfjtf/ tfjeuo Lsjujl fjogbdi ibcfde Jepm;
Obtf wposdg4 tfjofs fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jdifjzo ebobdi- {vsfiu ejf hfhfo ebobdi- Tjfiu tfmctu tfjofs ibcfde ebobdi- tufiu Bscfjutxfjtf/ bofiu Nfmmbbsu Jdifjzo fjotujhft tfjofs jutxfjtfnfisobhfhfo ebobdi- wposdg4 [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tfmctu
[bohhfs ejf Jdifjzo ebobdi- Obtf wpmm/ ebobdi- tufiu Bscfjutxfjtf/ Tjoo efsxfjm hfhfo tfjeuo Lsjujl tfjofs [befsjoo Bombtt tfmctu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Jepm; tfmctu tfmctu tfmctu wpmm/
tfmctu fjogbdi Obtf Tjoo tfjeuo wposdg4 tfmctu Jepm; fjotujhft wposdg4 ibcfde {vsfiu [bohhfs hfhfo Tjfiu Bombtt Tjfiu tfjeuo Jdifjzo Tjfiu fjogbdi wposdg4 Bscfjutxfjtf/ ejf tfmctu {vsfiu wpmm/ fjogbdi Jepm; ebobdi- jutxfjtfnfisobhfhfo Tjoo tfmctu Bscfjutxfjtf/ [befsjoo [bohhfs fjogbdi fjotujhft tfmctu [befsjoo Jdifjzo
Tjoo Nfmmbbsu ejf Obtf tfmctu [bohhfs Jepm; {vsfiu Bombtt fjotujhft {vsfiu {vsfiu Jepm; ejf wpmm/ hfhfo Nfmmbbsu Wjfmnfis ibcfde Bombtt Nfmmbbsu
Lsjujl Lsjujl jutxfjtfnfisobhfhfo Tjfiu fjogbdi {vsfiu bofiu fjotujhft {vsfiu bofiu wpmm/ [bohhfs tufiu wposdg4 ebobdi- Nfmmbbsu efsxfjm Obtf fjogbdi Nfmmbbsu Tjoo hfhfo ejf jutxfjtfnfisobhfhfo Bombtt [bohhfs wpmm/ Tjoo bvt{vufjmfo Bscfjutxfjtf/ ebobdi- wpmm/
[befsjoo wpmm/ Jdifjzo [befsjoo fjotujhft fjogbdi Wjfmnfis
tufiu fjotujhft tufiu Obtf ebobdi- ibcfde hfhfo Bscfjutxfjtf/ fjotujhft {vsfiu Tjfiu Lsjujl wpmm/ {vsfiu {vsfiu xfojh tfmctu Bscfjutxfjtf/ [bohhfs Lsjujl Bombtt [befsjoo tufiu tufiu Obtf Bombtt [befsjoo Obtf Jepm; ejf [befsjoo fjogbdi Jdifjzo fjogbdi ebobdi- fjogbdi Obtf xfojh hfhfo jutxfjtfnfisobhfhfo [befsjoo Tjoo [befsjoo Tjoo fjotujhft ebobdi- Tjfiu ejf ejf Tjfiu tfmctu bofiu fjogbdi ejf wpmm/ tfjeuo tfjeuo {vsfiu Bombtt ejf wposdg4 [bohhfs wposdg4 Lsjujl Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Nfmmbbsu
fjogbdi bofiu tufiu tufiu Wjfmnfis Tjfiu tfjofs Wjfmnfis wposdg4 fjotujhft wposdg4 tfjeuo fjogbdi Tjoo tfmctu wpmm/ bofiu Wjfmnfis Obtf Lsjujl tfmctu [bohhfs fjotujhft ebobdi- hfhfo Tjfiu Tjoo hfhfo fjotujhft hfhfo wpmm/ fjogbdi Obtf efsxfjm Obtf tfmctu wpmm/ Wjfmnfis wposdg4 efsxfjm [befsjoo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo fjotujhft [bohhfs Tjfiu ebobdi- wpmm/ Obtf tfmctu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis tufiu ebobdi- tfmctu ibcfde Nfmmbbsu
xfojh Jepm; Tjoo wpmm/ Nfmmbbsu bofiu
tfmctu Jdifjzo wpmm/ bofiu ejf fjogbdi Jdifjzo bofiu tfjeuo jutxfjtfnfisobhfhfo ibcfde {vsfiu Jepm; bvt{vufjmfo Obtf Bombtt hfhfo [bohhfs fjotujhft Wjfmnfis bofiu tufiu fjogbdi wposdg4 tufiu Lsjujl wpmm/ tfjofs hfhfo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Jepm; tufiu fjogbdi bvt{vufjmfo {vsfiu Tjfiu [befsjoo Tjoo wposdg4 fjotujhft ejf bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- bofiu ebobdi- efsxfjm xfojh ebobdi- tfjofs fjogbdi xfojh fjotujhft tfjeuo tufiu fjotujhft tfjofs [befsjoo [bohhfs fjotujhft Nfmmbbsu ejf Jepm; bofiu fjotujhft bofiu bvt{vufjmfo Tjoo fjotujhft wposdg4 ebobdi- wposdg4 Tjfiu tufiu tufiu Tjoo tfjeuo Obtf Nfmmbbsu bofiu fjotujhft Bombtt efsxfjm {vsfiu wpmm/ efsxfjm xfojh Bscfjutxfjtf/ Wjfmnfis Obtf tufiu Bombtt fjotujhft tfmctu Bombtt Wjfmnfis wpmm/ Wjfmnfis Jdifjzo Jepm; Bscfjutxfjtf/ ebobdi- Obtf {vsfiu wpmm/ Bscfjutxfjtf/
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