M&A Survey (fourth edition)
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contrast is pleased to announce that the fourth M&A Survey was again a very successful exercise.
In 2007, 2009 and 2012, we have organised Surveys regarding the use of certain typical variables in share purchase agreements that are used for company acquisitions. These M&A Surveys covered deals concluded in the period 2004-2012.
In 2016 we have organised a fourth edition of the M&A Survey, covering the period 2012-2016.
The fourth edition of the M&A Survey was realised with the support of no less than 74 investment companies, financial service providers and law firms: Ackermans & van Haaren, Altius, Antaxius, Argo, Argos Soditic, Arts Cleeren & Vennoten, Ashurst, Astrea, Baker McKenzie, Aveve, Bright, Cadanz, Capricorn Venture Partners, Cazimir, Clifford Chance, contrast, Creafund, Cresco, Crowell & Moring, Curia, De Bock & Baluwé, De Wolf, Declerck Leterme & Partners, Deloitte, Deminor, Derycke & Vandenberghe, DLA Piper, Domo Investment Group, Dumon Sablon & Vanheeswijck, Elegis, Eubelius, EY - Cnockaert & Salens, Fieldfisher, Finpartners, Freshfields Bruckhaus Deringer, Gimv, GSJ Advocaten, HVG Advocaten, ING, Intui, Janson Baugniet, Jones Day, K law, KPMG, Laga, Laurius, Law Square, Liedekerke, Linklaters, Loyens & Loeff, Lydian, Marx Van Ranst Vermeersch & Partners, Mazars, McGuireWoods, Mertens & De Paepe, Monard Law, Moore Stephens, NautaDutilh, Olislaegers & De Creus, Peeters Advocaten, Portelio, Quinz, Saffelberg Investments, Schoups, Simont Braun, Stibbe, Strelia, Van Bael & Bellis, van Cutsem Wittamer Marnef & Partners, Vandelanotte, Vervisch, VMB and VWEW. The Belgian Venture Capital & Private Equity Association (www.bva.be) actively supported the Survey.
For the first time, the Survey was conducted in part based on an online application. A total of 376 transactions were reported by the participants. The confidentiality of the reported transactions was at all times guaranteed and fully respected. Participants were not asked to provide names or other details which could prejudice the anonymous character of the inquiry. The questionnaire did, however, contain a safety measure to avoid double-counting. All reported transactions were analysed in detail and verified for internal consistency and anomalies.
After the elimination of non-qualifying transactions and double-counting, exactly 300 deals – representing a total deal value of more than 14,7 billion euros – were included in the M&A Survey. The M&A Survey is based only on transactions whereby a buyer acquires control over a non-listed Belgian company following a share deal. In order to measure the possible influence of the deal value on the share purchase agreement, the transactions are divided into three categories: (i) deals with a transaction value less than EUR 10 million, (ii) transaction values between EUR 10 million and EUR 100 million and (iii) transaction values higher than EUR 100 million.
The conclusions of the fourth M&A Survey will be published in Tijdschrift voor Rechtspersoon en Vennootschap/Revue Pratique des Sociétés.
On 28 March 2017 contrast organized a closed event where the results of the fourth M&A Survey were presented to all participants. You can find the pictures here.
If you are interested in the results of the fourth edition of the M&A Survey, please click on the button above to order a booklet which includes all results.