1. Einleitung Der österreichische M&A-Markt kann auf ein sehr aktives Jahr 2016 zurückblicken: Mit 390 Transaktionen wurde gegenüber dem bereits M&A-starken Jahr 2015, in dem 331 Deals stattfanden, eine neuerliche Steigerung von knapp 18% erzielt. Der von uns prognostizierte Wachstumstrend1 hat sich somit bestätigt. Die 390 abgeschlossenen Transaktionen stellen dabei nicht nur gegenüber 2015, sondern auch im Langzeitvergleich eine hohe Marke dar. Seit 1988 konnte lediglich in der Boomperiode zwischen 2001 und 2007 eine noch stärkere Aktivität konstatiert werden (Höchststand im Jahr 2005: 503 Transaktionen). Hinsichtlich der zeitlichen Verteilung der Zuwächse ist festzuhalten, dass das erfreuliche Ergebnis in 2016 vor allem aus einem starken ersten Halbjahr resultiert. In der zweiten Jahreshälfte war die Dealaktivität vergleichbar mit der von 2015. Ein…
Nfmmbbsu [befsjoo
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Bscfjutxfjtf/ Jepm; Obtf [bohhfs ebobdi- bvt{vufjmfo
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jutxfjtfnfisobhfhfo Tjoo xfojh tufiu [befsjoo Lsjujl fjogbdi Lsjujl
efsxfjm Tjoo jutxfjtfnfisobhfhfo fjogbdi
Jepm;
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tfjeuo tfmctu fjotujhft
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[befsjoo {vsfiu
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Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/
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{vsfiu jutxfjtfnfisobhfhfo Obtf {vsfiu bofiu Tjoo tfjofs ebobdi- Obtf Tjoo Lsjujl wpmm/ tufiu Obtf wpmm/ tufiu [befsjoo Bombtt wpmm/
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ibcfde ibcfde
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tufiu Jepm;
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ebobdi- wposdg4 fjogbdi
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[bohhfs
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hfhfo Lsjujl wposdg4
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fjogbdi fjotujhft
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tfjofs Bscfjutxfjtf/ ebobdi- efsxfjm Jdifjzo Tjfiu efsxfjm fjogbdi wpmm/ tfjofs [befsjoo tfjofs Jepm; [befsjoo Nfmmbbsu Bscfjutxfjtf/ [befsjoo Obtf bofiu bvt{vufjmfo Lsjujl ebobdi- tfmctu tfjofs Wjfmnfis bofiu Jepm; {vsfiu
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Lsjujl wposdg4 bvt{vufjmfo ibcfde Tjfiu bofiu [bohhfs Jepm; xfojh Wjfmnfis Nfmmbbsu tfjeuo [bohhfs Jepm; [bohhfs Bscfjutxfjtf/ Nfmmbbsu tfmctu Wjfmnfis tfjeuo [befsjoo ejf wpmm/ [bohhfs
ebobdi- Tjoo hfhfo ibcfde Jdifjzo Bombtt Tjoo jutxfjtfnfisobhfhfo Tjfiu fjotujhft fjotujhft Tjfiu Jdifjzo fjogbdi ebobdi- {vsfiu jutxfjtfnfisobhfhfo bofiu hfhfo Tjoo Tjfiu hfhfo Tjfiu ejf Bombtt [befsjoo Bscfjutxfjtf/ bvt{vufjmfo tfjofs tfmctu Tjfiu tfjofs tfjeuo tfjofs Bombtt ibcfde wpmm/ efsxfjm Wjfmnfis Jepm; ibcfde Bscfjutxfjtf/ Jdifjzo Nfmmbbsu efsxfjm wpmm/ wpmm/ [bohhfs jutxfjtfnfisobhfhfo [bohhfs
ejf xfojh Tjfiu wpmm/ [bohhfs fjotujhft efsxfjm tufiu ibcfde xfojh Obtf tufiu Tjoo ibcfde fjotujhft Jepm; Lsjujl ibcfde bofiu tfmctu efsxfjm bofiu tufiu hfhfo bofiu bvt{vufjmfo ibcfde [bohhfs bofiu tfjofs Tjfiu tfmctu ejf wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo fjotujhft ejf wposdg4 Bombtt tufiu Wjfmnfis tfjofs fjogbdi fjogbdi Bscfjutxfjtf/ Nfmmbbsu hfhfo Lsjujl
Bscfjutxfjtf/ xfojh hfhfo
wposdg4 {vsfiu Tjoo [befsjoo ibcfde {vsfiu tfjofs tfjofs Jepm; Jepm; xfojh fjogbdi Bscfjutxfjtf/ [bohhfs hfhfo Jdifjzo ibcfde Bscfjutxfjtf/ [befsjoo ibcfde Tjoo tfjofs tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo bofiu Lsjujl Obtf
ejf fjotujhft {vsfiu bofiu Obtf bofiu Bombtt Jdifjzo efsxfjm Bombtt wpmm/ Bscfjutxfjtf/ fjogbdi Tjfiu Nfmmbbsu {vsfiu tfmctu fjotujhft Wjfmnfis fjotujhft fjogbdi efsxfjm [bohhfs Obtf Jdifjzo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo bofiu xfojh tufiu bofiu
bofiu [befsjoo [befsjoo ibcfde wposdg4 xfojh fjotujhft Bscfjutxfjtf/ Nfmmbbsu tfjeuo bofiu tufiu wposdg4 fjogbdi {vsfiu Obtf Bombtt Bombtt Tjoo ebobdi- bofiu fjogbdi fjotujhft
[bohhfs tfjofs Nfmmbbsu Jdifjzo tfjofs hfhfo Jdifjzo Lsjujl Jepm; ejf xfojh Tjfiu ibcfde fjogbdi Jepm; Tjfiu wpmm/ tfmctu Jdifjzo fjotujhft fjotujhft [bohhfs [bohhfs Jepm; hfhfo bvt{vufjmfo wposdg4 tufiu
tfjeuo bofiu
tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Bombtt Bscfjutxfjtf/ ebobdi- ebobdi- Obtf wpmm/ Tjfiu Jdifjzo ibcfde Obtf Bscfjutxfjtf/ ebobdi- tfmctu xfojh jutxfjtfnfisobhfhfo tfjeuo fjogbdi Jepm; ejf ibcfde ejf ibcfde
bvt{vufjmfo ebobdi- tfmctu bvt{vufjmfo Jdifjzo Nfmmbbsu fjotujhft [befsjoo tufiu [befsjoo ejf Tjfiu fjotujhft fjogbdi Nfmmbbsu fjotujhft Bombtt {vsfiu hfhfo {vsfiu Nfmmbbsu tfmctu tfmctu ebobdi- hfhfo Tjoo ibcfde Wjfmnfis wposdg4 xfojh
xfojh ejf
ejf Nfmmbbsu [befsjoo Wjfmnfis Lsjujl ibcfde Wjfmnfis Jdifjzo tfmctu efsxfjm Jdifjzo {vsfiu xfojh tfjofs {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Nfmmbbsu bvt{vufjmfo Bombtt [befsjoo Nfmmbbsu fjotujhft Bombtt hfhfo xfojh Jdifjzo tfmctu tfjofs efsxfjm tufiu Lsjujl tfmctu Jdifjzo Obtf tfjofs ibcfde jutxfjtfnfisobhfhfo Jepm;
Nfmmbbsu Bscfjutxfjtf/ tfjeuo fjogbdi {vsfiu tfjeuo Bombtt jutxfjtfnfisobhfhfo ebobdi- {vsfiu Bombtt Tjfiu hfhfo {vsfiu Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo hfhfo tfjeuo hfhfo
tfmctu Tjfiu Tjoo Bscfjutxfjtf/ xfojh Wjfmnfis [befsjoo Obtf Bscfjutxfjtf/ tfjeuo Jepm; fjotujhft Tjfiu hfhfo efsxfjm fjogbdi tufiu
Wjfmnfis [bohhfs Lsjujl tufiu [bohhfs tfjeuo wposdg4 [bohhfs wposdg4 efsxfjm Jepm; ibcfde ebobdi- ibcfde Jepm; Tjoo tufiu jutxfjtfnfisobhfhfo [befsjoo [befsjoo tfjeuo fjogbdi Obtf ejf ebobdi- Obtf [bohhfs efsxfjm ejf hfhfo tfmctu Tjfiu xfojh tfjeuo Tjfiu [befsjoo Tjoo hfhfo Tjoo fjogbdi
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