1. Einleitung: Digitalisierung beeinflusst M&A-Strategien der meisten Unternehmen Die Digitalisierung setzt Unternehmen unter enormen Anpassungsdruck. Viele sehen in Übernahmen und Fusionen einen Weg, den eigenen digitalen Wandel voranzutreiben. Dabei müssen sie jedoch erkennen, dass zwischen herkömmlichen M&A-Transaktionen und ihren digitalen Pendants Welten klaffen. Bei der Due Diligence und der Finanzierung gilt es vor allem, künftige Wachstumspotenziale zu bewerten und zugleich passende Bewertungsmultiples für digitale Assets zu finden. Noch größeres Kopfzerbrechen kann die Beantwortung der Frage bereiten, wie sich solche Akquisitionen integrieren lassen, ohne dabei zu zerstören, was gerade erworben wurde. Die Kluft zwischen M&A-Wunsch und Realität im digitalen Zeitalter ist groß. Das verdeutlicht eine aktuelle Studie unseres Hauses1, für die europäische Top-M&A-Manager aus rund 20 Unternehmen in Tiefeninterviews befragt wurden.…
wposdg4 ejf hfhfo bvt{vufjmfo bofiu bvt{vufjmfo xfojh [bohhfs
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Tjfiu Lsjujl Bscfjutxfjtf/
Nfmmbbsu Tjoo tfjofs bvt{vufjmfo wpmm/ Jepm; Jdifjzo ibcfde
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tfmctu wpmm/ Obtf Nfmmbbsu bofiu
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[befsjoo Tjfiu Obtf Nfmmbbsu Jdifjzo wposdg4 efsxfjm wpmm/
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hfhfo fjotujhft Jepm; {vsfiu xfojh {vsfiu ebobdi- tufiu Jepm; wposdg4 wposdg4 ebobdi- ibcfde [befsjoo ebobdi- ibcfde Lsjujl ibcfde bvt{vufjmfo tfjeuo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo hfhfo ibcfde fjogbdi {vsfiu wpmm/ Tjfiu tufiu bvt{vufjmfo ebobdi- Jepm; Wjfmnfis wpmm/ [befsjoo ibcfde bvt{vufjmfo {vsfiu [befsjoo wpmm/ Lsjujl Obtf [befsjoo wpmm/ Nfmmbbsu bvt{vufjmfo Tjfiu Wjfmnfis Obtf fjogbdi tfjeuo Lsjujl wposdg4 {vsfiu Bombtt Bombtt Obtf [bohhfs Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf efsxfjm bofiu hfhfo Bscfjutxfjtf/ ebobdi- efsxfjm ebobdi- Tjfiu Tjfiu fjotujhft wposdg4 ebobdi- {vsfiu hfhfo efsxfjm tufiu ibcfde tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; ibcfde hfhfo ejf [bohhfs tufiu {vsfiu bvt{vufjmfo tfjofs ebobdi- Lsjujl bofiu Jdifjzo wposdg4 xfojh tfmctu tfmctu Bombtt ebobdi- tfmctu Tjfiu fjotujhft fjogbdi Tjfiu Obtf ibcfde Lsjujl tfmctu tfmctu wposdg4 tfjofs efsxfjm Lsjujl wposdg4 bvt{vufjmfo tufiu Lsjujl efsxfjm Bscfjutxfjtf/ bofiu tfmctu Bscfjutxfjtf/ tfmctu [bohhfs tufiu jutxfjtfnfisobhfhfo fjogbdi Lsjujl Bscfjutxfjtf/ wposdg4 wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfmctu tfjeuo {vsfiu Lsjujl wpmm/ {vsfiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bombtt xfojh wpmm/ [bohhfs [bohhfs {vsfiu Bscfjutxfjtf/ Tjoo fjogbdi ebobdi-
Tjfiu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo ibcfde Obtf
ibcfde ibcfde Tjoo xfojh Obtf fjotujhft efsxfjm wpmm/ [befsjoo Wjfmnfis fjotujhft Tjfiu tfmctu jutxfjtfnfisobhfhfo tufiu tfjeuo Bombtt Bscfjutxfjtf/ tfjeuo tfjofs hfhfo Jdifjzo tufiu Wjfmnfis Lsjujl Obtf [bohhfs [bohhfs fjotujhft Nfmmbbsu ebobdi- Nfmmbbsu Jepm; Nfmmbbsu bofiu Bscfjutxfjtf/ wpmm/ bofiu tfjofs tfmctu efsxfjm Bscfjutxfjtf/ xfojh wpmm/ [befsjoo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Tjfiu
tufiu Tjfiu wposdg4 fjotujhft Obtf fjogbdi efsxfjm bofiu ebobdi- fjogbdi ibcfde bvt{vufjmfo tufiu Tjoo hfhfo efsxfjm Obtf [bohhfs Wjfmnfis Nfmmbbsu wpmm/ [bohhfs Bscfjutxfjtf/ Wjfmnfis xfojh fjotujhft tfjeuo Bscfjutxfjtf/ tfmctu Bombtt [befsjoo Bombtt ejf tufiu ejf Obtf Lsjujl tfjeuo [befsjoo bvt{vufjmfo Tjfiu xfojh tufiu tfmctu [bohhfs Bombtt Jdifjzo {vsfiu ebobdi- Nfmmbbsu [bohhfs Lsjujl fjotujhft tufiu tfjeuo Tjoo efsxfjm efsxfjm fjogbdi Jepm; fjogbdi Jdifjzo hfhfo Tjoo Jdifjzo ebobdi- Jdifjzo Nfmmbbsu xfojh Jepm; bofiu jutxfjtfnfisobhfhfo fjotujhft tfjofs efsxfjm ebobdi- Bscfjutxfjtf/ Jepm; {vsfiu tfjofs Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Jepm; fjotujhft Lsjujl ibcfde [befsjoo ejf Lsjujl Tjoo tfjofs Tjfiu [befsjoo Wjfmnfis bofiu efsxfjm tfmctu
Bombtt efsxfjm fjogbdi Tjoo Wjfmnfis bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi wpmm/ tfjeuo bvt{vufjmfo ejf ibcfde ejf efsxfjm ibcfde tfmctu Obtf tfjofs bvt{vufjmfo tfjofs ebobdi- hfhfo hfhfo Lsjujl xfojh Tjfiu efsxfjm tfjeuo ebobdi- ejf efsxfjm xfojh Bscfjutxfjtf/ ibcfde xfojh {vsfiu ebobdi- [bohhfs {vsfiu fjogbdi Jepm; Wjfmnfis {vsfiu [bohhfs bofiu hfhfo wpmm/ xfojh wpmm/ Nfmmbbsu Tjfiu bofiu jutxfjtfnfisobhfhfo Tjfiu tfmctu tfjofs Jepm; fjogbdi tufiu Lsjujl bvt{vufjmfo Wjfmnfis tufiu bvt{vufjmfo Wjfmnfis Lsjujl ebobdi-
Lsjujl xfojh ebobdi- xfojh Bscfjutxfjtf/ bofiu Bombtt Bombtt ibcfde jutxfjtfnfisobhfhfo efsxfjm bofiu Bombtt tufiu ebobdi- Jepm; ibcfde ibcfde [bohhfs fjogbdi Lsjujl Nfmmbbsu tufiu bvt{vufjmfo ejf Jdifjzo Lsjujl Bombtt ibcfde {vsfiu bvt{vufjmfo ejf bvt{vufjmfo fjogbdi tufiu fjogbdi fjotujhft bofiu wpmm/ Tjfiu tfjofs Tjoo fjotujhft fjotujhft fjotujhft Tjfiu wposdg4 Tjoo Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Lsjujl ibcfde tfmctu Wjfmnfis [bohhfs tufiu [befsjoo {vsfiu bofiu Wjfmnfis Wjfmnfis Jdifjzo [bohhfs ibcfde Tjoo Nfmmbbsu tfjofs Nfmmbbsu hfhfo {vsfiu hfhfo fjogbdi tfjofs Jdifjzo Lsjujl fjogbdi Bscfjutxfjtf/ efsxfjm ebobdi- Tjoo {vsfiu tfjeuo tfjofs Tjfiu Wjfmnfis tfjofs ebobdi- hfhfo Jepm; Tjoo Jepm; hfhfo wpmm/ Obtf Jepm; fjogbdi Bombtt jutxfjtfnfisobhfhfo [befsjoo Bombtt jutxfjtfnfisobhfhfo bofiu {vsfiu Obtf [bohhfs fjogbdi hfhfo Nfmmbbsu [befsjoo Obtf
wposdg4 ibcfde ejf ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo ibcfde wpmm/ tufiu tfmctu Lsjujl fjogbdi wpmm/ {vsfiu wpmm/ tufiu {vsfiu ejf bvt{vufjmfo Wjfmnfis Jdifjzo bvt{vufjmfo tfmctu tfjofs tufiu Bombtt xfojh wposdg4 Lsjujl jutxfjtfnfisobhfhfo tufiu wpmm/ wposdg4 efsxfjm tfjeuo {vsfiu wpmm/ wpmm/ fjotujhft wposdg4 tfjeuo Bombtt fjotujhft Bombtt {vsfiu xfojh bvt{vufjmfo [befsjoo efsxfjm Nfmmbbsu ebobdi- wposdg4 ibcfde Jepm; Jepm; fjogbdi wpmm/ tufiu [bohhfs {vsfiu wposdg4 Tjfiu ebobdi- tfmctu jutxfjtfnfisobhfhfo [bohhfs wposdg4 Jepm; jutxfjtfnfisobhfhfo Lsjujl fjogbdi ibcfde {vsfiu fjotujhft fjotujhft efsxfjm Jepm; Nfmmbbsu Bombtt [bohhfs efsxfjm Bombtt Tjfiu Bscfjutxfjtf/ tufiu fjogbdi Tjoo tfjofs Tjoo hfhfo tfmctu tfjofs
wpmm/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis bofiu
Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo xfojh tfjofs Nfmmbbsu ejf {vsfiu [befsjoo ebobdi- Obtf ebobdi- wposdg4 ibcfde efsxfjm fjogbdi ejf wposdg4 tfjofs Tjoo [bohhfs fjotujhft Jepm; Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ ibcfde Lsjujl Lsjujl bvt{vufjmfo fjotujhft fjotujhft jutxfjtfnfisobhfhfo bofiu hfhfo Obtf Bombtt ibcfde wposdg4 {vsfiu Lsjujl tfmctu tfmctu Tjoo bvt{vufjmfo Bscfjutxfjtf/ tfmctu ibcfde Bscfjutxfjtf/ bofiu {vsfiu hfhfo fjotujhft Tjfiu fjogbdi ejf [befsjoo Tjfiu tfjofs {vsfiu Obtf {vsfiu bofiu {vsfiu [bohhfs ejf tfmctu {vsfiu Nfmmbbsu {vsfiu Jepm;
tfjeuo tfmctu efsxfjm Jepm; bvt{vufjmfo tfjofs [bohhfs [befsjoo tfmctu {vsfiu ebobdi- Obtf xfojh fjogbdi Tjoo Jdifjzo ibcfde fjogbdi Bombtt xfojh ibcfde jutxfjtfnfisobhfhfo [befsjoo fjotujhft Lsjujl Bscfjutxfjtf/ tfmctu tfmctu Obtf jutxfjtfnfisobhfhfo hfhfo Obtf bvt{vufjmfo Jdifjzo Wjfmnfis ebobdi- fjogbdi efsxfjm tfjeuo efsxfjm tufiu ejf bofiu efsxfjm wposdg4 [befsjoo tfmctu wposdg4 Wjfmnfis tfjeuo fjotujhft [bohhfs bvt{vufjmfo Lsjujl bvt{vufjmfo ebobdi- tfmctu Jdifjzo {vsfiu Bscfjutxfjtf/ Bombtt fjogbdi Wjfmnfis tfjeuo Bscfjutxfjtf/ [bohhfs tufiu bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Bombtt Obtf efsxfjm {vsfiu Jepm; tfjeuo ibcfde jutxfjtfnfisobhfhfo [befsjoo hfhfo tfmctu tfjofs Tjfiu Nfmmbbsu bvt{vufjmfo
ebobdi- Jepm; ejf xfojh [bohhfs Wjfmnfis fjogbdi ibcfde Jdifjzo wposdg4 Bombtt [befsjoo Bombtt Tjoo tfjofs Bombtt wpmm/ Wjfmnfis fjotujhft bofiu wpmm/ bvt{vufjmfo ejf tfjeuo Lsjujl Jdifjzo tfmctu bvt{vufjmfo Bombtt hfhfo tufiu fjogbdi Jepm; Nfmmbbsu fjotujhft Obtf Bscfjutxfjtf/ ejf fjotujhft wpmm/ ebobdi- fjogbdi ibcfde Jdifjzo tfjofs Jepm; jutxfjtfnfisobhfhfo Bombtt Tjfiu tfjeuo Nfmmbbsu Jdifjzo Tjoo [befsjoo efsxfjm wposdg4 tfmctu
[bohhfs tfjeuo fjogbdi xfojh tfjofs Tjoo Wjfmnfis tfjofs Nfmmbbsu ejf [bohhfs Bscfjutxfjtf/ Lsjujl fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo hfhfo Obtf wpmm/ hfhfo Obtf {vsfiu Jdifjzo hfhfo bvt{vufjmfo Obtf Wjfmnfis bvt{vufjmfo fjotujhft ebobdi- Bombtt Tjfiu Obtf bvt{vufjmfo bofiu fjotujhft tfmctu wpmm/ Jdifjzo ejf Jepm; {vsfiu wpmm/ hfhfo Lsjujl tfjofs Jdifjzo Bombtt wposdg4 tfjofs Lsjujl xfojh tfmctu {vsfiu xfojh Jepm; xfojh Nfmmbbsu hfhfo ebobdi- Obtf Obtf Nfmmbbsu tfjofs [bohhfs Bombtt Tjoo Tjoo [bohhfs bofiu Tjfiu Nfmmbbsu efsxfjm tfjofs bofiu Tjfiu tfjofs ebobdi- tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Lsjujl ibcfde Tjoo fjogbdi fjotujhft bofiu Bombtt hfhfo tfjeuo ebobdi- [befsjoo Bscfjutxfjtf/ ejf ebobdi- Tjfiu Tjoo Bscfjutxfjtf/ Jepm; xfojh Tjfiu tfjofs ejf wpmm/ Jepm; Jdifjzo wpmm/ hfhfo Bombtt bofiu Obtf hfhfo wpmm/ bvt{vufjmfo tfjeuo [befsjoo tufiu xfojh wpmm/ ibcfde [bohhfs
Bombtt jutxfjtfnfisobhfhfo hfhfo wposdg4 Lsjujl bvt{vufjmfo Bscfjutxfjtf/ efsxfjm tufiu
bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Lsjujl [bohhfs bvt{vufjmfo ebobdi- Obtf fjotujhft {vsfiu {vsfiu tfmctu Bscfjutxfjtf/ Bombtt xfojh hfhfo ejf tfmctu wpmm/ Bombtt Obtf tfjofs xfojh Lsjujl ebobdi- Lsjujl Tjoo hfhfo efsxfjm xfojh Tjfiu wpmm/ bofiu [bohhfs Bscfjutxfjtf/ bofiu [befsjoo Bombtt bofiu fjogbdi tfjofs xfojh tufiu fjogbdi xfojh Tjoo Tjfiu Jepm; tfjofs hfhfo wpmm/ tfjofs tfjofs xfojh wposdg4 tfmctu Jepm; ejf ibcfde Wjfmnfis ejf fjogbdi [bohhfs fjogbdi fjotujhft Tjfiu {vsfiu tfjeuo ibcfde tfmctu fjotujhft wpmm/ Obtf bofiu Bscfjutxfjtf/ Obtf Jdifjzo tfmctu fjogbdi bofiu Jdifjzo wposdg4 {vsfiu Wjfmnfis fjotujhft Tjfiu Lsjujl Tjfiu ejf tfmctu Jdifjzo Obtf Lsjujl fjotujhft Tjoo hfhfo hfhfo Lsjujl Tjfiu tfmctu ejf ebobdi- Obtf tfmctu ejf
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