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M&A Report - HDAX 110

2016 Edition

We are pleased to provide you with our second edition of the HDAX 110 M&A Report Activity and Focus 2005–2016. The objective of this report is to provide insight into the historical transaction activity of the 110 HDAX companies.

About

The objective of this report is to provide insight into the historical transaction activity of the 110 HDAX companies. It gives a summary of HDAX as a whole, as well as an analysis of deals at the level of the nine “supersectors” defined by Deutsche Borse AG. The analysis covers activity trends and focus areas for different transaction types, key dealmakers and key regions.

In 2016, the overall M&A activity of members of the HDAX declined further compared to historical levels. Germany and other European countries remained the key regions of focus.

Key findings

Year-on-year activity

  • Overall, activity peaked in 2007, with acquisitions significantly outnumbering disposals. This development ended with
    the onset of the financial crisis in 2008. After a recovery in overall activity in 2010 and 2011, activity slowed down again in 2012 and 2013.
  • Following a short recovery in 2014, activity began to slow down towards the end of 2015. This trend in M&A activity continued in 2016, resulting in 484 transactions in all, compared to 571 in 2015.

Transaction type and regional focus

  • In the period under review, acquisitions clearly outnumber disposals, with 286 versus 198 transactions (i.e. plus 88 on a net basis).
  • The key transactional focus of HDAX companies has been on Europe. North America is the primary driver in the rest of the world, while activity in the remaining countries is comparatively low (14% of total M&A activity). On a net basis, i.e. acquisitions less disposals, the activity shows a shift towards other European countries outside Germany.
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