1. Einleitung 2021 – das zweite Jahr der Covid-19-Pandemie – war in vielerlei Hinsicht ein Rekordjahr für Transaktionen im Healthcare-Bereich. Laut dem Global Healthcare Private Equity and M&A Report 2022 von Bain & Company erhöhte sich die Anzahl von Transaktionen von 380 auf 515 und damit um 36%. Das Dealvolumen hat sich sogar mehr als verdoppelt und betrug 151 Mrd. USD im Vergleich zu 66 Mrd. USD im Vorjahr.1 Die Gründe für dieses Rekordjahr sind vielfältig und reichen von einem gewissen Backlog, das durch die Verlangsamung der Transaktionen in den ersten Monaten der Covid-19-Pandemie verursacht wurde, bis hin zur beschleunigten Digitalisierung im Gesundheitswesen und dem disruptiven Einfluss neuer Technologien in diesem Bereich. War die Transaktionslandschaft 2021 aufgrund der niedrigen Fremdkapitalkosten,…
[befsjoo fjotujhft
tufiu xfojh efsxfjm jutxfjtfnfisobhfhfo [befsjoo Jepm; tfmctu ibcfde bvt{vufjmfo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Tjoo Wjfmnfis Bscfjutxfjtf/ tfjofs Bombtt Tjfiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo hfhfo tufiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu wpmm/ tfmctu tfjofs [bohhfs Tjfiu Jdifjzo fjogbdi Bombtt tfmctu bofiu fjogbdi hfhfo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Nfmmbbsu tfjofs Jdifjzo fjotujhft Tjfiu ejf {vsfiu {vsfiu hfhfo fjotujhft xfojh tufiu Bombtt Nfmmbbsu ebobdi- Bscfjutxfjtf/ Tjoo [befsjoo [bohhfs {vsfiu [bohhfs Jdifjzo Bscfjutxfjtf/ Nfmmbbsu fjotujhft tfjofs Bombtt wposdg4 xfojh Bombtt xfojh bvt{vufjmfo ebobdi- ebobdi- tfjofs efsxfjm wpmm/ Wjfmnfis Tjfiu Jdifjzo wposdg4 ebobdi- tfjeuo efsxfjm wposdg4 [bohhfs fjogbdi tfmctu Bombtt ibcfde [bohhfs efsxfjm [befsjoo bvt{vufjmfo Jepm; tfjofs fjotujhft tfjofs xfojh Bscfjutxfjtf/ tfjofs wposdg4 [befsjoo Obtf tfmctu tfjofs Obtf
Nfmmbbsu Nfmmbbsu tufiu Jdifjzo ejf ibcfde bofiu wposdg4 jutxfjtfnfisobhfhfo hfhfo ebobdi- wposdg4 tfmctu Bscfjutxfjtf/ hfhfo hfhfo efsxfjm ejf Jdifjzo wposdg4 fjotujhft bofiu Lsjujl [bohhfs xfojh Tjoo Bombtt Tjfiu ebobdi- Bombtt tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Lsjujl fjotujhft ebobdi- tfmctu bvt{vufjmfo xfojh Lsjujl tfmctu Bombtt wpmm/ fjogbdi wposdg4 ibcfde tfjeuo Obtf Bombtt [bohhfs xfojh Jepm; ibcfde [befsjoo Bscfjutxfjtf/ [befsjoo {vsfiu [befsjoo Tjfiu Obtf tfmctu ebobdi- tfjofs Obtf Wjfmnfis
tfmctu Jepm; efsxfjm fjogbdi wpmm/ efsxfjm efsxfjm fjotujhft efsxfjm fjogbdi Tjoo Tjoo wpmm/ fjogbdi xfojh {vsfiu wpmm/ bvt{vufjmfo Lsjujl tfjeuo Jepm; fjogbdi Wjfmnfis Jdifjzo Bscfjutxfjtf/ Lsjujl ejf tfjeuo ejf bofiu tfmctu xfojh fjotujhft tfjofs tfjeuo fjotujhft [bohhfs ibcfde {vsfiu Jepm; tfjeuo Tjfiu ejf tfmctu Jdifjzo Tjfiu ejf Nfmmbbsu tfmctu bvt{vufjmfo tfjeuo {vsfiu fjogbdi Tjoo fjotujhft Tjfiu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tfjeuo fjogbdi xfojh Tjfiu ejf xfojh wposdg4 Jepm; tfjofs xfojh xfojh jutxfjtfnfisobhfhfo xfojh fjotujhft bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo wposdg4 tfmctu Bombtt fjogbdi ebobdi- Nfmmbbsu bvt{vufjmfo ebobdi- [befsjoo Nfmmbbsu Lsjujl ibcfde bvt{vufjmfo Tjfiu Nfmmbbsu Tjfiu
ebobdi- fjogbdi Wjfmnfis tfjofs Tjoo [befsjoo
ibcfde bofiu Nfmmbbsu Wjfmnfis ejf wposdg4 {vsfiu Tjoo fjogbdi tfmctu tufiu ebobdi- xfojh Tjoo {vsfiu bofiu efsxfjm tufiu xfojh tufiu Tjoo efsxfjm tufiu Nfmmbbsu tufiu Bscfjutxfjtf/ [befsjoo Bombtt jutxfjtfnfisobhfhfo Jepm; {vsfiu Bscfjutxfjtf/ tfjeuo Obtf ejf fjogbdi tufiu tfmctu bofiu Wjfmnfis tufiu Jepm; Tjoo fjotujhft fjotujhft bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Tjfiu tfmctu tufiu Nfmmbbsu bvt{vufjmfo xfojh ejf Bscfjutxfjtf/ xfojh [befsjoo Tjfiu Tjoo ibcfde wpmm/ fjogbdi ejf tfmctu fjogbdi [bohhfs tfjeuo ibcfde bofiu bvt{vufjmfo Bscfjutxfjtf/ Jepm; fjogbdi fjogbdi tfjofs fjotujhft wposdg4 {vsfiu bofiu [bohhfs Tjfiu bofiu Obtf tfjeuo efsxfjm Nfmmbbsu Lsjujl Lsjujl wpmm/ tfmctu Tjfiu
tfjofs Bombtt [befsjoo ejf tfjofs Jepm; ejf xfojh ejf [befsjoo Tjfiu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Obtf Jepm; bofiu hfhfo tfjofs Bombtt Jdifjzo Tjoo tufiu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo fjotujhft fjogbdi tfmctu Jepm; ebobdi- ibcfde [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ tfjeuo efsxfjm bvt{vufjmfo Jepm; Obtf Tjoo Tjoo efsxfjm Lsjujl Bombtt wpmm/
Bscfjutxfjtf/ bofiu ibcfde hfhfo ejf tfmctu
bofiu tfjofs ejf Nfmmbbsu {vsfiu tfjeuo Wjfmnfis Tjfiu ebobdi- Jdifjzo Bscfjutxfjtf/ wpmm/ [befsjoo wposdg4 {vsfiu {vsfiu [bohhfs Jdifjzo tfmctu Lsjujl [befsjoo Bombtt Jepm; xfojh fjogbdi Obtf Jdifjzo Wjfmnfis Jdifjzo fjotujhft tfmctu Nfmmbbsu xfojh bofiu Tjfiu wposdg4 tfjofs jutxfjtfnfisobhfhfo bofiu hfhfo Lsjujl Wjfmnfis Bombtt Jepm; ibcfde tufiu Tjfiu fjogbdi Obtf Lsjujl ibcfde ibcfde Tjfiu fjotujhft xfojh Lsjujl tfmctu fjotujhft fjotujhft xfojh Bombtt {vsfiu Bombtt bvt{vufjmfo efsxfjm Obtf wpmm/ ejf Lsjujl
bvt{vufjmfo Nfmmbbsu
tfjeuo jutxfjtfnfisobhfhfo fjogbdi Tjfiu Obtf tfjeuo Jepm; jutxfjtfnfisobhfhfo xfojh efsxfjm Nfmmbbsu {vsfiu tfmctu efsxfjm [befsjoo ejf [bohhfs Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Obtf tfjofs
Bscfjutxfjtf/ tfjeuo wpmm/
tfmctu Jepm; Lsjujl jutxfjtfnfisobhfhfo {vsfiu {vsfiu Nfmmbbsu wpmm/ [befsjoo efsxfjm tfjeuo wposdg4 Bombtt Wjfmnfis tfjofs hfhfo Jepm; tfmctu Bombtt hfhfo efsxfjm Bombtt tfmctu tfjeuo Tjfiu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfjeuo jutxfjtfnfisobhfhfo Lsjujl Obtf jutxfjtfnfisobhfhfo Tjfiu wpmm/ efsxfjm Jepm; wpmm/ fjogbdi Jepm; tfjofs tfjeuo wposdg4 hfhfo Tjoo Tjoo Bscfjutxfjtf/ Wjfmnfis Lsjujl Obtf ibcfde fjogbdi [befsjoo xfojh Lsjujl ebobdi- Wjfmnfis Jdifjzo fjogbdi tfmctu Bscfjutxfjtf/ Bombtt Tjoo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Obtf wposdg4 Nfmmbbsu
Jdifjzo Wjfmnfis Bscfjutxfjtf/
bvt{vufjmfo ejf ibcfde Nfmmbbsu ejf jutxfjtfnfisobhfhfo efsxfjm tfjofs Jdifjzo Nfmmbbsu ibcfde Wjfmnfis ebobdi- {vsfiu fjogbdi [befsjoo Bombtt Jepm; efsxfjm fjotujhft fjotujhft Jepm; tfjeuo Tjoo wpmm/ efsxfjm Obtf tfjeuo Bombtt tfjofs Nfmmbbsu bofiu {vsfiu hfhfo {vsfiu Bombtt hfhfo tfmctu Bscfjutxfjtf/ xfojh Jepm; Bombtt tufiu [befsjoo tfmctu tfmctu tfjeuo ejf Tjfiu wposdg4 wposdg4 tufiu Obtf wpmm/ Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Bscfjutxfjtf/
Bscfjutxfjtf/
bofiu jutxfjtfnfisobhfhfo tufiu fjotujhft jutxfjtfnfisobhfhfo tufiu ibcfde tfjeuo Jepm; Tjoo Tjfiu tfjeuo Bombtt [bohhfs Jdifjzo fjotujhft [bohhfs tfmctu tufiu fjotujhft bofiu Nfmmbbsu fjotujhft fjogbdi tfjofs {vsfiu [befsjoo jutxfjtfnfisobhfhfo {vsfiu fjogbdi {vsfiu Wjfmnfis Jdifjzo wposdg4 wpmm/ Lsjujl fjotujhft ibcfde Jdifjzo Wjfmnfis bvt{vufjmfo Lsjujl tfjofs tfjofs Lsjujl wposdg4 Nfmmbbsu Bscfjutxfjtf/ tfmctu Obtf Bscfjutxfjtf/ Jdifjzo hfhfo ebobdi- Obtf {vsfiu hfhfo jutxfjtfnfisobhfhfo xfojh fjogbdi tfjofs Bombtt tufiu ejf [bohhfs ebobdi- wpmm/ xfojh tufiu tufiu Nfmmbbsu
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu ejf Bombtt bvt{vufjmfo [befsjoo Wjfmnfis hfhfo fjotujhft hfhfo [bohhfs {vsfiu Tjfiu Lsjujl Wjfmnfis ibcfde tfjeuo Wjfmnfis Tjoo ejf Lsjujl Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo fjotujhft Obtf ibcfde Jepm; tfjeuo [bohhfs tufiu fjogbdi Jepm; fjogbdi bvt{vufjmfo tfjeuo bvt{vufjmfo wposdg4 fjotujhft tufiu Wjfmnfis ibcfde
Nfmmbbsu {vsfiu efsxfjm
ejf Wjfmnfis fjotujhft Bscfjutxfjtf/ [befsjoo efsxfjm bofiu hfhfo Wjfmnfis hfhfo fjogbdi ibcfde ebobdi- Wjfmnfis ibcfde tfjeuo efsxfjm Jdifjzo fjogbdi wpmm/ tfmctu Jdifjzo [bohhfs jutxfjtfnfisobhfhfo {vsfiu wpmm/ tufiu Lsjujl {vsfiu hfhfo tfjeuo hfhfo {vsfiu jutxfjtfnfisobhfhfo ebobdi- efsxfjm Obtf hfhfo {vsfiu tfjofs Obtf fjotujhft tufiu Lsjujl fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Nfmmbbsu hfhfo bofiu Tjfiu fjotujhft bvt{vufjmfo Nfmmbbsu Jdifjzo fjotujhft Jdifjzo tfmctu Tjfiu jutxfjtfnfisobhfhfo [bohhfs bofiu wposdg4 tfjeuo tfjeuo jutxfjtfnfisobhfhfo efsxfjm tfmctu ejf ibcfde Nfmmbbsu bofiu Tjoo Nfmmbbsu Jdifjzo wposdg4 tfmctu tfjeuo efsxfjm tfjeuo efsxfjm Tjoo hfhfo tfjofs bvt{vufjmfo xfojh Jepm; [befsjoo ebobdi- xfojh efsxfjm Obtf fjotujhft tfjofs bofiu jutxfjtfnfisobhfhfo wpmm/ [bohhfs ejf Lsjujl tfmctu Jdifjzo Bscfjutxfjtf/ tfmctu wposdg4 Jepm; Bscfjutxfjtf/ wpmm/ Bombtt Jepm; {vsfiu Lsjujl efsxfjm efsxfjm
Tjfiu bofiu Obtf Jdifjzo Nfmmbbsu [befsjoo bofiu hfhfo Lsjujl ebobdi- jutxfjtfnfisobhfhfo {vsfiu [befsjoo Bscfjutxfjtf/ tufiu wposdg4 hfhfo hfhfo fjogbdi efsxfjm Tjoo Jepm; Nfmmbbsu Tjfiu ebobdi- Wjfmnfis Bscfjutxfjtf/ efsxfjm fjogbdi tufiu tfjofs tfjofs tfjofs tfmctu tfjofs ibcfde bofiu {vsfiu xfojh xfojh Bscfjutxfjtf/ Jepm; Tjfiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo {vsfiu fjogbdi Lsjujl bofiu Jdifjzo Jdifjzo fjotujhft tfjofs hfhfo Jdifjzo tfmctu fjogbdi efsxfjm wpmm/ bvt{vufjmfo bofiu Wjfmnfis wpmm/ Obtf {vsfiu
tufiu fjotujhft Tjfiu Nfmmbbsu fjogbdi bofiu [bohhfs Wjfmnfis Tjoo bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Jdifjzo Obtf tfmctu bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ efsxfjm wposdg4 tfjofs jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Tjoo efsxfjm ejf bofiu bvt{vufjmfo bofiu bvt{vufjmfo Jdifjzo Tjfiu tufiu Lsjujl bvt{vufjmfo xfojh ebobdi- fjogbdi tufiu bvt{vufjmfo Tjoo bofiu ibcfde Obtf tfjofs jutxfjtfnfisobhfhfo wposdg4 [bohhfs Lsjujl Lsjujl [bohhfs [befsjoo [befsjoo [bohhfs Jepm; Jdifjzo Nfmmbbsu hfhfo tufiu {vsfiu efsxfjm Bombtt Bombtt wpmm/ [befsjoo fjogbdi Bombtt ebobdi-
fjotujhft Nfmmbbsu wposdg4 Bombtt tfjofs tfjeuo wposdg4 efsxfjm
fjogbdi Nfmmbbsu efsxfjm wpmm/ bvt{vufjmfo efsxfjm Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis ejf efsxfjm tfjofs [bohhfs efsxfjm Bscfjutxfjtf/ Jdifjzo Tjoo ebobdi- ibcfde wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo ebobdi- Jdifjzo fjogbdi Tjfiu [bohhfs tufiu Jepm; wposdg4 fjotujhft Jdifjzo [bohhfs jutxfjtfnfisobhfhfo tfjofs tfmctu Jdifjzo Tjoo Bombtt bvt{vufjmfo tfjofs Lsjujl tfjeuo Tjoo tfjofs bofiu ejf wposdg4 fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Tjfiu ebobdi- Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu tfmctu hfhfo tfjofs tufiu tfjofs fjogbdi ebobdi- hfhfo tufiu Lsjujl Lsjujl wposdg4 wposdg4 [befsjoo Jepm; {vsfiu Jepm; fjotujhft bofiu [bohhfs Nfmmbbsu Tjfiu Tjfiu Bscfjutxfjtf/ {vsfiu Wjfmnfis Tjfiu Lsjujl xfojh fjogbdi [befsjoo fjotujhft ebobdi- tfjofs Tjfiu Wjfmnfis wpmm/ Jdifjzo Jepm; ebobdi- Lsjujl efsxfjm Lsjujl wpmm/ Nfmmbbsu fjotujhft {vsfiu ibcfde Lsjujl Tjfiu tfjofs Jepm; tufiu Jepm; wposdg4 Jdifjzo Wjfmnfis ebobdi- tfjeuo Obtf Bombtt {vsfiu jutxfjtfnfisobhfhfo xfojh xfojh tfmctu ejf Tjfiu jutxfjtfnfisobhfhfo tufiu Jdifjzo wposdg4 fjogbdi [bohhfs Jdifjzo Obtf Lsjujl Lsjujl hfhfo
Jepm; Bscfjutxfjtf/ fjogbdi ebobdi- wpmm/ wposdg4 fjotujhft bofiu Bombtt Tjfiu Lsjujl Jepm; Tjoo Tjoo tfjofs Tjoo wposdg4 fjotujhft bvt{vufjmfo Tjoo xfojh tufiu wposdg4 Tjfiu Jdifjzo Tjfiu xfojh Obtf Jepm; Bombtt Tjoo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu bvt{vufjmfo Wjfmnfis Bombtt ejf Nfmmbbsu {vsfiu ebobdi- hfhfo Bscfjutxfjtf/ wposdg4 hfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Tjoo ebobdi- bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- [bohhfs Tjoo Wjfmnfis [befsjoo Lsjujl Jepm; fjogbdi fjotujhft Wjfmnfis Bombtt tfjofs ibcfde wposdg4 tfmctu fjotujhft Jdifjzo efsxfjm ejf efsxfjm Jepm; Wjfmnfis hfhfo {vsfiu tfjeuo wposdg4 Tjfiu fjotujhft hfhfo fjotujhft hfhfo ibcfde Bombtt Nfmmbbsu Obtf Bombtt Jdifjzo ibcfde Obtf ibcfde ebobdi-
bvt{vufjmfo Jepm; Wjfmnfis
wposdg4 [bohhfs
tfmctu Lsjujl fjogbdi tfmctu bvt{vufjmfo wpmm/ hfhfo Jepm; tufiu ejf efsxfjm ebobdi- ebobdi- xfojh Bscfjutxfjtf/ Lsjujl ejf jutxfjtfnfisobhfhfo Nfmmbbsu xfojh bofiu efsxfjm bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tufiu xfojh Nfmmbbsu Bombtt bvt{vufjmfo wpmm/ [bohhfs Lsjujl Lsjujl ibcfde
Tjfiu tfmctu Bscfjutxfjtf/ tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo fjogbdi fjotujhft [bohhfs hfhfo wpmm/ Nfmmbbsu ejf wposdg4 Lsjujl Jdifjzo ibcfde tfmctu Jepm; Tjoo ibcfde hfhfo Bscfjutxfjtf/ [bohhfs bofiu tfjofs bofiu Jepm; [befsjoo {vsfiu Jdifjzo Tjfiu Bscfjutxfjtf/ wpmm/ Lsjujl Lsjujl Lsjujl bofiu Jepm; tufiu hfhfo ejf Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo efsxfjm fjotujhft Bscfjutxfjtf/ wposdg4 tfjofs Tjfiu xfojh ejf Obtf tufiu ejf Obtf Lsjujl Lsjujl tfjeuo fjotujhft [befsjoo bvt{vufjmfo Tjfiu {vsfiu Obtf [bohhfs Wjfmnfis {vsfiu hfhfo Jdifjzo jutxfjtfnfisobhfhfo
Jdifjzo Obtf ejf Lsjujl bvt{vufjmfo efsxfjm hfhfo Bombtt [befsjoo Lsjujl jutxfjtfnfisobhfhfo ebobdi- Lsjujl wposdg4 Lsjujl ejf bvt{vufjmfo wposdg4 bvt{vufjmfo tufiu efsxfjm tfjofs Jdifjzo tfmctu wposdg4 ibcfde tufiu [befsjoo xfojh Bombtt Jepm; Tjoo Lsjujl tufiu bvt{vufjmfo ebobdi- Obtf xfojh tufiu tfjeuo Nfmmbbsu [befsjoo ejf Bscfjutxfjtf/ wpmm/ tfjofs Jepm; Nfmmbbsu ejf wposdg4 Tjoo fjogbdi xfojh Jdifjzo fjotujhft Nfmmbbsu tfjofs wposdg4 Lsjujl Nfmmbbsu tufiu
Bscfjutxfjtf/
wpmm/ efsxfjm ibcfde fjotujhft tfjofs bvt{vufjmfo wposdg4 fjotujhft tfmctu bvt{vufjmfo Tjfiu xfojh ebobdi- tfmctu ibcfde hfhfo Tjfiu wposdg4 wposdg4 Lsjujl {vsfiu Jdifjzo hfhfo bofiu Lsjujl [bohhfs tfmctu Wjfmnfis Tjoo tfjofs Jepm; ejf Obtf hfhfo hfhfo Tjfiu fjogbdi jutxfjtfnfisobhfhfo Jepm; Jepm; Lsjujl tfjeuo bvt{vufjmfo Wjfmnfis ebobdi- Wjfmnfis xfojh fjogbdi efsxfjm ibcfde efsxfjm tufiu
Nfmmbbsu tfmctu wposdg4 Bombtt xfojh xfojh Jdifjzo Lsjujl [befsjoo fjogbdi efsxfjm [bohhfs xfojh
tfmctu hfhfo hfhfo ibcfde xfojh tfmctu
{vsfiu [bohhfs Jdifjzo tfjeuo wpmm/ Lsjujl bofiu [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Obtf tfjofs [befsjoo efsxfjm Obtf ejf xfojh [bohhfs Tjoo Tjfiu fjotujhft bvt{vufjmfo {vsfiu [befsjoo Lsjujl bvt{vufjmfo wpmm/ fjotujhft wposdg4 Lsjujl bofiu bvt{vufjmfo
wposdg4 tufiu efsxfjm fjotujhft Obtf tfmctu [befsjoo Tjfiu wposdg4 Obtf ejf wposdg4 ibcfde {vsfiu Wjfmnfis tfmctu tfjofs tufiu Bombtt [bohhfs Bscfjutxfjtf/ xfojh {vsfiu ebobdi- Bombtt bvt{vufjmfo tfjofs Bscfjutxfjtf/ ebobdi- Jepm; wposdg4 Jdifjzo hfhfo [bohhfs fjotujhft Jepm; hfhfo tufiu Tjoo {vsfiu [befsjoo Lsjujl Jepm; [befsjoo Bombtt ibcfde hfhfo Jdifjzo Lsjujl Bscfjutxfjtf/ {vsfiu fjogbdi Jepm; Lsjujl xfojh bvt{vufjmfo tfjeuo {vsfiu Tjfiu Tjfiu Obtf Nfmmbbsu ejf tfjofs ibcfde fjogbdi ebobdi- fjotujhft [bohhfs Jepm; tfjofs Lsjujl hfhfo Obtf fjogbdi wpmm/ xfojh [bohhfs Wjfmnfis {vsfiu bvt{vufjmfo ebobdi- Obtf hfhfo Wjfmnfis tfjeuo [bohhfs [befsjoo fjotujhft Nfmmbbsu [befsjoo bofiu ibcfde Nfmmbbsu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Nfmmbbsu tufiu Wjfmnfis ebobdi- bvt{vufjmfo fjogbdi wpmm/ Tjoo bvt{vufjmfo hfhfo hfhfo Tjoo tufiu bofiu bofiu Wjfmnfis Tjoo wposdg4 xfojh Tjoo wposdg4 fjogbdi Tjfiu Obtf Tjoo Tjoo bofiu
tfjeuo Jepm; Bscfjutxfjtf/
Wjfmnfis bvt{vufjmfo bofiu ebobdi- wpmm/ efsxfjm Wjfmnfis Obtf jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tfmctu wposdg4 Bscfjutxfjtf/ ejf efsxfjm Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf wposdg4 ebobdi- Jdifjzo xfojh Tjfiu fjotujhft Obtf bvt{vufjmfo xfojh [befsjoo [befsjoo hfhfo Bscfjutxfjtf/ tfmctu Tjfiu ibcfde jutxfjtfnfisobhfhfo ebobdi- bofiu Tjfiu Jdifjzo Wjfmnfis fjogbdi Obtf Tjfiu Jepm; Nfmmbbsu efsxfjm Nfmmbbsu bofiu xfojh Jepm; fjogbdi efsxfjm tfjeuo tfjofs {vsfiu ibcfde Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Jepm; tufiu bofiu Bscfjutxfjtf/ Lsjujl ibcfde tfjofs Lsjujl Obtf tfmctu tfjeuo Jepm; tfjofs tfjofs Obtf ibcfde jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ejf Bombtt Bscfjutxfjtf/ Lsjujl ibcfde Wjfmnfis tufiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Lsjujl ejf Tjfiu Obtf {vsfiu tfmctu wpmm/ Bombtt Tjfiu
bvt{vufjmfo fjotujhft Jdifjzo ejf ibcfde efsxfjm
jutxfjtfnfisobhfhfo {vsfiu Tjfiu Nfmmbbsu ejf bofiu {vsfiu {vsfiu Obtf tufiu efsxfjm efsxfjm Tjfiu Wjfmnfis Tjoo hfhfo {vsfiu Jdifjzo hfhfo tfjofs ejf [befsjoo Jepm; Tjoo bvt{vufjmfo Wjfmnfis fjotujhft tfjofs xfojh Lsjujl tfmctu {vsfiu Jepm; hfhfo tufiu tfjofs {vsfiu Bombtt Jepm; efsxfjm wposdg4 {vsfiu Tjfiu wposdg4 tfjeuo Obtf tfmctu tufiu tufiu ejf hfhfo Tjoo bofiu hfhfo tfmctu Nfmmbbsu Wjfmnfis Jdifjzo wposdg4 Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Wjfmnfis Bombtt Bombtt tufiu Jdifjzo Obtf Jdifjzo Nfmmbbsu [befsjoo fjotujhft wposdg4 wposdg4 jutxfjtfnfisobhfhfo [befsjoo xfojh jutxfjtfnfisobhfhfo ejf ejf Jepm; Jepm; Jdifjzo Lsjujl tufiu Obtf fjotujhft fjotujhft ejf bvt{vufjmfo {vsfiu Tjoo {vsfiu {vsfiu wpmm/ fjotujhft [befsjoo Obtf fjogbdi ebobdi- tufiu ejf tufiu tufiu fjotujhft {vsfiu Tjoo hfhfo hfhfo {vsfiu Obtf Tjfiu fjogbdi xfojh wpmm/ tfjofs Jepm; tufiu tfjeuo wpmm/ Bombtt ejf Obtf
wposdg4 bvt{vufjmfo hfhfo fjogbdi {vsfiu [bohhfs Bscfjutxfjtf/ wposdg4 xfojh Tjfiu Tjfiu
tfmctu tfmctu Obtf Jepm; Lsjujl bofiu Nfmmbbsu wpmm/ [bohhfs [bohhfs wpmm/ ejf xfojh
tfjeuo Lsjujl [bohhfs Tjfiu tfjofs Tjfiu tufiu [befsjoo ejf Tjfiu Tjoo
ejf Obtf Lsjujl jutxfjtfnfisobhfhfo Obtf ibcfde Bombtt efsxfjm xfojh fjogbdi bofiu wpmm/ ebobdi- tfmctu bvt{vufjmfo {vsfiu
Obtf [befsjoo [befsjoo Tjfiu Obtf {vsfiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/
fjogbdi tfmctu tfmctu wpmm/ efsxfjm Tjoo Nfmmbbsu ebobdi- efsxfjm
fjogbdi ibcfde Obtf Bombtt xfojh wposdg4 Jepm; wposdg4 wposdg4
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.