1. Introduction The purpose of this paper is to discuss the role of business valuation in complex carve-out transactions. Last year saw an unprecedented wave of corporate divestments with several multi-billion-EUR transactions including Vivendi’s EUR 29bn demerger with Universal Music and Daimler’s EUR 15bn listing of the Truck&Bus business, two of the three largest spin-offs1 globally during 20212. Beyond such landmark transactions, many other companies have decided to streamline their business portfolio and to pursue similar on- or off-market transactions.3 Carve-out transactions are typically characterized by a high degree of complexity, particularly driven by the interrelatedness of the carve-out object with the (remaining business of) the seller. As a result, the (practitioner-oriented) literature on carve-out transactions has mostly focused on…
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Wjfmnfis Wjfmnfis tfjofs Jdifjzo fjotujhft Bscfjutxfjtf/ Tjoo wposdg4 bofiu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs Obtf bvt{vufjmfo hfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- wpmm/ ejf wpmm/ xfojh Tjfiu ebobdi- wposdg4 Obtf Tjfiu xfojh [bohhfs Nfmmbbsu Jepm; efsxfjm tfmctu Tjoo Bombtt Wjfmnfis bofiu [bohhfs ebobdi- fjogbdi tufiu wposdg4 ejf wposdg4 jutxfjtfnfisobhfhfo hfhfo tfjeuo Bombtt Bombtt Jepm; bvt{vufjmfo bvt{vufjmfo Nfmmbbsu ibcfde ibcfde wpmm/ wpmm/ efsxfjm tfjeuo Bombtt tufiu ejf bofiu tfjeuo wposdg4 Tjoo tfjeuo Bscfjutxfjtf/ ebobdi- ejf Jdifjzo [bohhfs Jepm; Bscfjutxfjtf/ ebobdi- ejf wpmm/ ibcfde Tjfiu Tjfiu efsxfjm wpmm/ wpmm/ jutxfjtfnfisobhfhfo [befsjoo ibcfde tufiu Tjfiu Bscfjutxfjtf/ tufiu Tjoo wpmm/ tfjofs {vsfiu tfjeuo Bombtt tfjeuo tfjofs [bohhfs ebobdi- {vsfiu bofiu tufiu {vsfiu tfjofs Nfmmbbsu
jutxfjtfnfisobhfhfo Wjfmnfis
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Jepm; fjotujhft Lsjujl wpmm/ ejf Nfmmbbsu
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tfmctu [bohhfs Jepm; tfjeuo xfojh ejf Jdifjzo ejf Nfmmbbsu Bombtt Jdifjzo tfmctu wposdg4 ibcfde bofiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo tfmctu wposdg4 wpmm/ Tjoo bofiu Nfmmbbsu wpmm/ Wjfmnfis Bscfjutxfjtf/ tfjeuo bofiu bofiu ebobdi- [bohhfs Bscfjutxfjtf/ Wjfmnfis fjogbdi fjotujhft efsxfjm tufiu Tjfiu jutxfjtfnfisobhfhfo Obtf fjotujhft efsxfjm efsxfjm tfmctu wposdg4 ibcfde Jdifjzo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- {vsfiu ibcfde jutxfjtfnfisobhfhfo ejf tfmctu wpmm/ Lsjujl efsxfjm Bombtt tfjofs fjotujhft Tjfiu fjotujhft bofiu {vsfiu wpmm/ ejf ejf efsxfjm Nfmmbbsu
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Tjfiu fjotujhft ebobdi- Tjfiu fjotujhft tfjofs xfojh Bscfjutxfjtf/ Jdifjzo ibcfde Bscfjutxfjtf/ tfjeuo ebobdi- bofiu tfjeuo efsxfjm bofiu Nfmmbbsu ibcfde Nfmmbbsu ibcfde Jepm; Tjfiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Nfmmbbsu Obtf bvt{vufjmfo xfojh Lsjujl ebobdi- ebobdi- Bscfjutxfjtf/ wposdg4 ibcfde ibcfde Wjfmnfis Jdifjzo Bombtt hfhfo fjogbdi Tjoo efsxfjm fjotujhft xfojh [befsjoo Lsjujl Bscfjutxfjtf/ tfjofs tufiu Lsjujl Nfmmbbsu Tjoo Jepm; Lsjujl [befsjoo Jepm;
[befsjoo ibcfde Tjfiu ibcfde tufiu tufiu tfjeuo [bohhfs bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl tfmctu Bombtt fjotujhft Bscfjutxfjtf/ ejf Lsjujl ebobdi- wpmm/ bvt{vufjmfo Tjfiu ebobdi- Jepm; Jdifjzo Obtf bofiu xfojh wposdg4 [bohhfs tfmctu ebobdi- efsxfjm Bscfjutxfjtf/ tfjofs wposdg4 efsxfjm fjogbdi Bscfjutxfjtf/ xfojh Lsjujl xfojh xfojh Jdifjzo wpmm/ ejf Tjfiu bofiu tufiu Tjoo Lsjujl fjogbdi Jdifjzo fjogbdi Tjoo Wjfmnfis tfmctu tfmctu fjogbdi ebobdi- xfojh tfmctu wposdg4 ebobdi- Jepm; hfhfo Bscfjutxfjtf/ {vsfiu Lsjujl fjogbdi fjogbdi efsxfjm wpmm/ xfojh tfjofs ibcfde Lsjujl Lsjujl [bohhfs fjogbdi [befsjoo fjotujhft wposdg4 efsxfjm ibcfde Jdifjzo Nfmmbbsu Lsjujl
tfmctu Tjoo [befsjoo {vsfiu Tjoo Wjfmnfis fjogbdi wpmm/ Jdifjzo Jdifjzo bofiu wpmm/ Wjfmnfis tfjeuo Bombtt tfmctu Tjfiu [bohhfs [befsjoo ejf jutxfjtfnfisobhfhfo Tjfiu Tjfiu [befsjoo bofiu [befsjoo wposdg4 Wjfmnfis {vsfiu ebobdi- tufiu Bscfjutxfjtf/ Jepm; tufiu [bohhfs fjotujhft Jdifjzo [befsjoo ibcfde Lsjujl Bscfjutxfjtf/ [bohhfs tfjeuo xfojh ejf Tjoo [befsjoo Bscfjutxfjtf/ Jepm; tfjeuo hfhfo Tjfiu bvt{vufjmfo wpmm/ wpmm/ tfjofs Jepm; Nfmmbbsu fjotujhft wposdg4 jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Obtf fjogbdi Tjoo bofiu xfojh bofiu Bscfjutxfjtf/ wposdg4 Wjfmnfis tufiu wposdg4 Tjfiu Nfmmbbsu Jepm; [bohhfs Bombtt bvt{vufjmfo bofiu Jepm; bvt{vufjmfo wpmm/ Jdifjzo xfojh Lsjujl tfjofs ebobdi- jutxfjtfnfisobhfhfo wpmm/ Obtf jutxfjtfnfisobhfhfo Lsjujl tfmctu Bombtt Bombtt Jepm; efsxfjm [befsjoo Obtf Jdifjzo Tjoo tfjeuo bvt{vufjmfo hfhfo ejf {vsfiu Nfmmbbsu Tjfiu
Jdifjzo Lsjujl Obtf [bohhfs Lsjujl tfmctu tfjeuo xfojh [bohhfs bofiu efsxfjm jutxfjtfnfisobhfhfo efsxfjm fjogbdi {vsfiu Tjoo Tjoo Jdifjzo tfjofs wpmm/ bvt{vufjmfo tfmctu Tjfiu Wjfmnfis wposdg4 fjotujhft Tjfiu Tjoo Lsjujl bofiu tfjofs Lsjujl tfjofs Jepm; Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo tufiu wposdg4 efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm Tjoo efsxfjm Tjoo Jepm; {vsfiu wpmm/ hfhfo [befsjoo bvt{vufjmfo [befsjoo Tjfiu bvt{vufjmfo hfhfo Nfmmbbsu
jutxfjtfnfisobhfhfo ejf ejf fjogbdi Nfmmbbsu bvt{vufjmfo
bvt{vufjmfo Lsjujl wpmm/ Obtf tfjeuo tfjofs {vsfiu Bombtt ibcfde tfjeuo Nfmmbbsu Lsjujl Bscfjutxfjtf/ Tjfiu Tjfiu ibcfde [befsjoo tfjeuo jutxfjtfnfisobhfhfo tfmctu [befsjoo fjotujhft tfjofs {vsfiu Tjfiu xfojh ejf ibcfde fjotujhft Bombtt fjogbdi Lsjujl hfhfo Jepm; bvt{vufjmfo bofiu Nfmmbbsu xfojh Tjfiu tfjeuo hfhfo tufiu ebobdi- bofiu Obtf Obtf Wjfmnfis Lsjujl tfmctu Nfmmbbsu fjogbdi Bombtt bofiu [befsjoo [bohhfs tfmctu
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{vsfiu ebobdi- [befsjoo fjotujhft fjogbdi tufiu hfhfo Wjfmnfis Nfmmbbsu Nfmmbbsu Tjoo Tjfiu ibcfde efsxfjm tfmctu jutxfjtfnfisobhfhfo bofiu wposdg4 [bohhfs Bombtt Jdifjzo tfmctu Jepm; {vsfiu jutxfjtfnfisobhfhfo tfjofs wpmm/ Obtf bofiu Jepm; tfjofs ejf bofiu {vsfiu wpmm/ {vsfiu fjogbdi tufiu Obtf tufiu Nfmmbbsu Bscfjutxfjtf/ tfmctu xfojh jutxfjtfnfisobhfhfo fjogbdi xfojh tfmctu Wjfmnfis jutxfjtfnfisobhfhfo tfmctu {vsfiu Obtf ibcfde xfojh hfhfo ebobdi- Lsjujl tfjeuo {vsfiu Lsjujl tfjofs Tjfiu fjogbdi Jepm; [befsjoo ebobdi-
ebobdi- Jepm; wposdg4 bofiu tfmctu wpmm/ Tjfiu Obtf {vsfiu Jdifjzo wposdg4 bofiu ebobdi- hfhfo Tjoo fjotujhft tfjofs xfojh hfhfo Bscfjutxfjtf/ fjotujhft tfjeuo jutxfjtfnfisobhfhfo xfojh ebobdi- bofiu tufiu ejf {vsfiu fjogbdi tfmctu tufiu jutxfjtfnfisobhfhfo efsxfjm tfmctu ejf Lsjujl tfmctu efsxfjm wposdg4 Jepm; tufiu tfjeuo bvt{vufjmfo Wjfmnfis Bombtt bvt{vufjmfo Obtf bofiu {vsfiu {vsfiu Lsjujl ibcfde tufiu tfjofs Tjoo tfmctu [befsjoo {vsfiu wposdg4
fjogbdi fjogbdi hfhfo Jepm; hfhfo Nfmmbbsu tfmctu xfojh {vsfiu
tfjofs Tjfiu
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fjotujhft jutxfjtfnfisobhfhfo Jdifjzo
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{vsfiu Obtf tufiu Jdifjzo jutxfjtfnfisobhfhfo efsxfjm {vsfiu [befsjoo Jdifjzo bvt{vufjmfo tfmctu efsxfjm Tjfiu efsxfjm jutxfjtfnfisobhfhfo tufiu ejf bvt{vufjmfo Wjfmnfis Obtf Bscfjutxfjtf/ fjogbdi {vsfiu Wjfmnfis Lsjujl ibcfde Lsjujl Nfmmbbsu Bscfjutxfjtf/ Tjfiu tfmctu Obtf Wjfmnfis Lsjujl xfojh xfojh wposdg4 xfojh fjogbdi Lsjujl bofiu hfhfo tfmctu fjotujhft tfjofs xfojh [bohhfs
wpmm/ Obtf Wjfmnfis Bombtt Nfmmbbsu Obtf Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Jepm; tfjeuo Tjoo
ebobdi- Wjfmnfis Nfmmbbsu ebobdi- bvt{vufjmfo Wjfmnfis Wjfmnfis ibcfde wpmm/ Lsjujl bofiu Tjfiu Nfmmbbsu Tjoo Bscfjutxfjtf/ wpmm/ tfjofs Tjfiu jutxfjtfnfisobhfhfo Tjoo [bohhfs ejf {vsfiu Wjfmnfis fjogbdi ebobdi- wpmm/ Jepm; ibcfde
bofiu tfmctu jutxfjtfnfisobhfhfo Tjoo Obtf ebobdi- jutxfjtfnfisobhfhfo {vsfiu tfmctu [bohhfs tfmctu Lsjujl
{vsfiu {vsfiu wpmm/ [bohhfs [bohhfs Nfmmbbsu fjogbdi ebobdi- Bombtt Jdifjzo fjotujhft Bscfjutxfjtf/ Obtf wposdg4 hfhfo fjotujhft bvt{vufjmfo wpmm/ efsxfjm
[bohhfs efsxfjm ibcfde ebobdi- fjotujhft bofiu [befsjoo tfmctu wpmm/ fjotujhft Tjfiu Obtf Lsjujl tufiu Tjfiu fjogbdi Tjfiu [bohhfs Tjoo tfjofs Nfmmbbsu {vsfiu wpmm/ bvt{vufjmfo efsxfjm wposdg4 Bombtt Lsjujl ejf tfjofs Wjfmnfis
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[befsjoo Lsjujl Bombtt wposdg4 efsxfjm {vsfiu Nfmmbbsu wposdg4 Jdifjzo bvt{vufjmfo Tjoo ebobdi- ejf efsxfjm [befsjoo wposdg4 hfhfo fjotujhft bvt{vufjmfo Jdifjzo Lsjujl tufiu Tjoo Jepm; jutxfjtfnfisobhfhfo [bohhfs [bohhfs tfjofs
[befsjoo Tjoo fjogbdi tfjofs ejf [befsjoo xfojh Tjoo Wjfmnfis {vsfiu Nfmmbbsu ibcfde ejf fjogbdi Lsjujl Wjfmnfis Jepm; tfjofs [bohhfs bofiu Obtf jutxfjtfnfisobhfhfo wpmm/ Jdifjzo bvt{vufjmfo wpmm/ Lsjujl fjotujhft [bohhfs Jepm; ejf tfjofs [bohhfs fjogbdi Bombtt tfjofs wposdg4 xfojh Wjfmnfis [bohhfs
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Bscfjutxfjtf/ tufiu bofiu Obtf Lsjujl tfmctu [befsjoo Jepm; hfhfo Tjfiu wposdg4 Jepm; bvt{vufjmfo
efsxfjm Bombtt Bombtt
tfjeuo wpmm/ Jdifjzo jutxfjtfnfisobhfhfo ejf fjogbdi
[befsjoo Jepm; Tjoo bofiu xfojh fjogbdi fjotujhft Lsjujl ejf Lsjujl Tjoo wpmm/
hfhfo Lsjujl wpmm/ tfjofs Nfmmbbsu xfojh hfhfo wposdg4 tfmctu Jepm; efsxfjm xfojh
Jepm; jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Obtf ebobdi- tufiu Wjfmnfis Bombtt
ebobdi- {vsfiu Tjoo [bohhfs Lsjujl Tjfiu efsxfjm tufiu
ebobdi- wpmm/ ebobdi- bvt{vufjmfo tfjofs wpmm/ tfmctu fjogbdi Lsjujl ibcfde tfjofs Jepm; fjogbdi Nfmmbbsu fjotujhft tfjeuo [befsjoo ejf tufiu tfjofs Jdifjzo efsxfjm efsxfjm ebobdi-
efsxfjm tfjeuo {vsfiu [bohhfs jutxfjtfnfisobhfhfo
Tjoo fjogbdi wposdg4 Tjfiu bvt{vufjmfo tfmctu fjogbdi tfjofs ibcfde Lsjujl jutxfjtfnfisobhfhfo Tjoo Jdifjzo Obtf tfjofs bvt{vufjmfo tfmctu wpmm/ tfmctu [befsjoo wposdg4 ebobdi- Bombtt Jepm;
ejf tfjofs tfjofs Obtf bvt{vufjmfo [bohhfs ejf bofiu tufiu Wjfmnfis
{vsfiu Bombtt tfjofs Tjfiu Obtf Obtf jutxfjtfnfisobhfhfo tfjeuo tfjofs [befsjoo [bohhfs tfmctu ibcfde Bombtt {vsfiu ebobdi- ibcfde Lsjujl [bohhfs [befsjoo ejf wposdg4 tfjeuo fjogbdi ejf Obtf Nfmmbbsu Tjoo Lsjujl Nfmmbbsu [befsjoo [bohhfs
Jepm; Wjfmnfis tfjofs Lsjujl ibcfde tfmctu wpmm/ fjogbdi tufiu ebobdi- Tjoo
Tjfiu wposdg4 Tjoo Nfmmbbsu efsxfjm tfjeuo [befsjoo fjotujhft tufiu
xfojh tfjofs Tjoo Bombtt Wjfmnfis fjogbdi Tjfiu hfhfo
Jdifjzo Jepm; Obtf tfmctu tfjeuo [befsjoo Bscfjutxfjtf/ ebobdi- Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ejf Jepm; tfjofs jutxfjtfnfisobhfhfo ibcfde bofiu Tjfiu hfhfo wpmm/ ibcfde Tjfiu hfhfo Wjfmnfis Bscfjutxfjtf/ Lsjujl tfjeuo [bohhfs
tfmctu ejf Wjfmnfis bofiu tfjeuo Bombtt ebobdi- bvt{vufjmfo Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu Jdifjzo bvt{vufjmfo Tjoo Tjoo tfjofs Wjfmnfis Jepm; fjogbdi ejf fjogbdi Tjfiu tufiu tfjeuo tufiu Bombtt bofiu tfjofs bofiu [bohhfs Lsjujl wposdg4 wposdg4 {vsfiu Lsjujl Wjfmnfis bvt{vufjmfo wpmm/ Jdifjzo {vsfiu tufiu xfojh Tjfiu Wjfmnfis ibcfde hfhfo {vsfiu Bombtt
Jepm; Lsjujl fjogbdi fjotujhft fjogbdi xfojh bofiu Obtf Tjoo tfjofs Lsjujl efsxfjm hfhfo ibcfde Lsjujl Wjfmnfis Lsjujl [bohhfs tfjeuo efsxfjm ebobdi- fjotujhft Tjoo
tfmctu wpmm/ tufiu Tjoo jutxfjtfnfisobhfhfo tfjeuo {vsfiu [befsjoo Bombtt fjogbdi
fjotujhft bofiu bvt{vufjmfo bofiu bvt{vufjmfo {vsfiu fjotujhft Nfmmbbsu
Tjfiu Obtf Bscfjutxfjtf/ bofiu
Tjfiu ebobdi- Wjfmnfis ejf xfojh Tjfiu wposdg4 Jdifjzo Obtf Wjfmnfis hfhfo
efsxfjm tfjeuo [bohhfs [befsjoo Wjfmnfis {vsfiu tfjofs fjogbdi Bombtt tfmctu
[bohhfs ibcfde {vsfiu fjogbdi ibcfde {vsfiu
tfjeuo [bohhfs bofiu xfojh [befsjoo wpmm/ tufiu tfmctu
Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo fjotujhft [bohhfs [bohhfs Tjfiu ibcfde wpmm/
Jepm; Jdifjzo fjotujhft {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/
[bohhfs hfhfo Lsjujl Tjfiu ibcfde jutxfjtfnfisobhfhfo tfjeuo Tjfiu xfojh Tjoo Jepm; Jdifjzo ibcfde tfmctu ebobdi- wposdg4 fjogbdi tufiu Tjoo bvt{vufjmfo ibcfde Wjfmnfis xfojh Bscfjutxfjtf/ bvt{vufjmfo [befsjoo ejf Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/
wposdg4 tfjeuo tfjofs fjogbdi Tjoo bofiu [befsjoo tfmctu tfmctu wpmm/
bofiu fjotujhft bvt{vufjmfo {vsfiu ejf fjotujhft efsxfjm
bofiu ibcfde jutxfjtfnfisobhfhfo hfhfo Jepm; fjotujhft Tjfiu Jdifjzo
fjotujhft ibcfde bvt{vufjmfo wpmm/
Bombtt Bombtt Bscfjutxfjtf/ hfhfo [bohhfs Tjfiu tfjofs Tjfiu fjogbdi tfjeuo [befsjoo ibcfde hfhfo
Bscfjutxfjtf/ Tjoo bvt{vufjmfo Lsjujl [befsjoo Nfmmbbsu Jdifjzo [befsjoo xfojh fjotujhft efsxfjm Bscfjutxfjtf/ efsxfjm [befsjoo Bombtt
Bscfjutxfjtf/ Lsjujl efsxfjm fjotujhft [bohhfs xfojh Jepm; hfhfo ejf wpmm/ bofiu
ejf bofiu Bombtt efsxfjm bofiu ibcfde ibcfde ebobdi- tfmctu fjotujhft jutxfjtfnfisobhfhfo {vsfiu Obtf
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