Last Updated June 10, 2019

Law and Practice

Authors



CHSH Cerha Hempel Spiegelfeld Hlawati has 25 partners and 76 senior attorneys and associates in Austria; the firm also has offices in Belarus, Bulgaria, the Czech Republic, Hungary, Romania, and the Slovak Republic. The Corporate team is active for clients in the private M&A markets of Austria and CEE, representing strategic and private equity investors as well as their targets and/or management. It also advises on national and international cross-border mergers and reorganisations, specialising in developing and providing practical solutions to what can be extremely complex issues that often involve cross-border components. Due to the diversity of its clients, the team is particularly experienced in advising on public M&A, including takeover law and related disclosure requirements under stock exchange law.

After 2017, which proved to be a record-breaking year, the number and volume of deals with Austrian involvement is now declining. In 2018, there were 324 M&A transactions involving Austrian companies, compared to 345 in 2017. This corresponds to a 6.1% decrease in M&A transactions.

The transaction volume also fell from EUR14.7 billion in 2017 to EUR7.9 billion in 2018. In 2017, four M&A transactions involving Austrian companies exceeded the volume of EUR1 billion, whereas only two transactions exceeded this threshold in 2018.

In 2018, 38% or 123 of the 324 M&A transactions, compared to 132 transactions (38.3%) in 2017, were inbound M&A transactions, ie, where foreign investors sought to acquire Austrian targets or their shares. The number of outbound M&A transactions (where Austrian investors sought to acquire foreign targets or their shares) increased to 132 (40.7%) in 2018, up from 116 (33.6%) in 2017.

The volume of inbound transactions in 2018 amounted to EUR3.8 billion, compared to EUR6.8 billion in 2017. The top five inbound transactions in 2018 represented a volume of EUR3 billion, whereas in 2017 one transaction on its own (the takeover offer made by Vonovia regarding BUWOG) accounted for EUR5.6 billion. Austrian companies spent EUR3.2 billion on outbound transactions, with the top five outbound transactions accounting for a volume of EUR2.6 billion. By comparison, Austrian companies spent EUR4.5 billion on outbound transactions in 2017.

Domestic M&A transactions, where both the target and the buyer are Austrian, accounted for 21.3% or 69 out of 324 M&A transactions in 2018, compared to a total of 97 domestic transactions in 2017.

CHSH Cerha Hempel Spiegelfeld Hlawati

Cerha Hempel Spiegelfeld Hlawati
Rechtsanwälte GmbH
Parkring 2
A-1010 Vienna

+43 1 514 35 0

+43 1 514 35 35

office@chsh.com www.chsh.com
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Authors



CHSH Cerha Hempel Spiegelfeld Hlawati has 25 partners and 76 senior attorneys and associates in Austria; the firm also has offices in Belarus, Bulgaria, the Czech Republic, Hungary, Romania, and the Slovak Republic. The Corporate team is active for clients in the private M&A markets of Austria and CEE, representing strategic and private equity investors as well as their targets and/or management. It also advises on national and international cross-border mergers and reorganisations, specialising in developing and providing practical solutions to what can be extremely complex issues that often involve cross-border components. Due to the diversity of its clients, the team is particularly experienced in advising on public M&A, including takeover law and related disclosure requirements under stock exchange law.

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