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Studie: M&A Treiber für die digitale Transformation

Eine klare Digitalisierungsstrategie ist entscheidend für die erfolgreiche digitale Transformation des Geschäftsmodells von Unternehmen. Um ihre digitalen Fähigkeiten zu erweitern, setzen die deutschen Unternehmen auf den Zukauf von Know-how.

Figure 15 Proportion of

Figure 15 Proportion of domestic, inbound and outbound M&A with a digitalisation element 2013-2017 Digitalisation Deals All Deals Proportion of domestic, inbound and outbound M&A which have a digitalisation element 2013-2017 Volume Value €m Volume Value €m Volume Value €m Domestic 492 28,078 2,164 104,294 23% 27% Inbound 495 32,565 2,147 273,682 23% 12% Outbound 373 29,559 1,687 267,098 22% 11% Source: Mergermarket Figure 16 Share of cross-border deals which have digitalisation element 2013-2017 Digitalisation Deals All Deals Share of cross-border deals which have digitalisation element Volume Value €m Volume Value €m Volume Value €m 2013 114 7,955 591 52,476 19% 15% 2014 165 11,765 755 133,128 22% 9% 2015 161 11,674 744 64,912 22% 18% 2016 206 17,009 843 165,264 24% 10% 2017 222 13,721 901 125,000 25% 11% Source: Mergermarket Overall, in 2017, there were 222 inbound and outbound digital deals worth €13.7bn involving a German company, 8% up by volume on 2016, but down 19% by value. Largely, this mirrored the trend overall in cross-border German M&A year on year, with total volumes up 7% but total value down 24%. Nevertheless, the trend towards a greater proportion of both domestic and cross-border digital deals is clear. 3.4 Target regions: German companies scour world The increasing number of digitally-driven cross-border transactions involving a German buyer suggest German companies are increasingly looking for targets in international markets – though the more modest value figures suggests these targets often tend to be smaller. 22

Figure 17 Proportion of deals by target by region with a digitalisation element 2013-2017 Digitalisation Deals All Deals Proportion of targets by region with a digitalisation element 2013-2017 Volume Value €m Volume Value €m Volume Value €m Middle East 9 1,017 20 6,444 45% 16% North America 95 19,561 291 139,404 33% 14% Germany 987 60,643 4,311 377,976 23% 16% Western Europe (excl. Germany) 201 4,436 991 102,363 20% 4% Africa 5 354 25 844 20% 42% Asia 28 1,573 146 5,563 19% 28% Central and Eastern Europe 27 2,517 148 8,319 18% 30% Latin America and Caribbean 8 101 66 4,161 12% 2% Source: Mergermarket One out of three (33%) deals between 2013 and 2017 which saw German businesses acquire North American companies had a digitalisation element (more than nine in 10 of these deals took place in the US). Examples include the 2017 deal that saw the German manufacturer of measuring instruments and membrane filters Sartorius acquiring Essen BioScience of the US for €304m. Elsewhere, Western Europe represents a key area of focus for German companies seeking to secure digital transactions, but Asia is likely to become an increasing priority too, particularly in China. Already, almost one in five (19%) German acquisitions in Asia between 2013 and 2017 were digital transactions, or 28% by value; as the region’s digital maturity accelerates, these figures are likely to rise. Meanwhile, the Middle East has also been an attractive region for digital deals. There were 20 deals overall in the region during the period, but almost half (nine) had a digitalisation element. Six of these deals targeted Israeli companies, including listed German automotive manufacturer Continental Aktiengesellschaft’s purchase of cyber security specialist Argus Cyber Security, for €387m. 23

Whitepaper: EU Digital Single Market Strategy
Public M&A Report H1/2018
Legal issues of digitalisation in Europe
Studie: M&A Treiber für die digitale Transformation