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Clarity on Mergers &
Acquisitions

Capturing value through integration

Delivering value amid uncertainty

Though deal activity fell short of 2018’s record levels, Timo Knak explains how 2019 was a strong year – partly thanks to significant amounts of Private Equity dry powder – despite economic and geopolitical volatility. He notes how a clear integration strategy throughout the pre, in and post-deal phases is critical to delivering incremental shareholder value, especially in times of uncertainty.

Timo Knak

Partner, Head of Deal Advisory and
Head of Mergers & Acquisitions
Contact me

Cross-border Deal Flows

Western Europe was the primary destination for Swiss acquirers – mainly Germany, France and the UK – though the value of deals in the US was higher due to four particular, large transactions. Western Europe dominated both the number and value of inbound acquisitions, with the latter being helped by EQT’s purchase of Nestlé Skin Health. Alcon’s spin-off meanwhile boosted Swiss domestic deal values.

Europe

10,363

Bidder CH

24,804

Target CH

North America

25,624

Bidder CH

6,755

Target CH

South America

140

Bidder CH

122

Target CH

Asia Pacific

2,071

Bidder CH

6,186

Target CH

Africa

38

Bidder CH
Bidder CH
Target CH
Values in USD million

Another strong year for M&A

The number and value of deals fell slightly in 2019 following record highs the previous year. Chemicals, Technology, Media & Telecommunications and Pharmaceuticals bucked the trend. Multi-billion dollar deals, strong multiples and a favorable financing environment supported a robust result. And Private Equity was a strong contributor, involved in almost half of the 50 largest Swiss transactions.

Number and value of deals per year

Number of deals and percentage per industry sector 2019

Number of deals
73 Industrial Markets
46 Consumer Markets
65 Pharma & Life Sciences
54 Technology, Media & Telecommunications
27 Financial Services
21 Chemicals
16 Commodities
20 Power & Utilities
80 Other Industries
Discover the deals in your industry
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Professionalizing M&A integration

Kuehne + Nagel’s Head of Global Mergers + Acquisitions, Pablo von Siebenthal, on how preparation and accountability are the keys to successfully integrating acquired businesses, and how to carry it out when every deal is different.

We see due diligence as the first phase of the integration – with this approach we will continue to create value.
Pablo von Siebenthal, Head of Global Mergers + Acquisitions, Kuehne + Nagel
Portrait of Pablo von Siebenthal

Dufry’s Group M&A Director, Philipp Haumüller, shares his thoughts about the M&A team’s role in the integration, the value of synergies and lessons learnt.

Integration planning should start with the due diligence, but from an M&A perspective you want to get a sense of potential issues before that.
Philipp Haumüller, Group M&A Director, Dufry
Portrait of Philipp Haumüller

We thank all ­ our clients for their trust

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We advised Accenture (UK) LTD in their acquisition of Orbium Holding AG with financial due diligence.

January 2019

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We advised Infront in their acquisition of Youthstream with financial, tax, pension and commercial due diligence.

January 2019

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We acted as sole M&A lead advisor to Paragon Partners on the sale of KADI AG to Invision and Management.

January 2019

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We advised Schulthess Maschinen AG in their acquisition of Ferrum Waschtechnik AG with financial, tax and legal due diligence.

January 2019

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We advised Sika AG in their acquisition of ParexGroup SA with financial and tax due diligence, tax and legal structuring and integration work and a Purchase Price Allocation in accordance with IFRS.

January 2019

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We acted as sole M&A lead advisor and vendor assistance provider to Capvis on the sale of Rena Technologies GmbH to Equistone Partners Europe.

March 2019

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We advised Firmenich SA in their acquisition of a majority stake in VKL Seasoning Pvt. Ltd, with financial and tax due diligence and SPA support.

April 2019

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We supported Novartis AG in its spin-off of Alcon Inc., its eye care device business, with carve-out, operational separation and Day 1 preparation services.

April 2019

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We acted as sole M&A lead advisor and Vendor Assistance provider to Biella-Neher Holding AG on the sale to Exacompta Clairefontaine.

May 2019

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We advised Firmenich SA in their strategic partnership with ArtSci Biology Technologies Co., Ltd, with financial and tax due diligence and SPA support.

June 2019

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We acted as sole M&A lead advisor to the shareholders of Lista Office Group (LO) on the sale to Henglin Chair Industry Co. Ltd.

August 2019

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We provided 3 Plus Group AG with financial vendor assistance in its sale to CH Media.

October 2019

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We provided Kliniken Valens with financial, tax and pension due diligence and valuation consideration support in connection with their acquisition of Klinik Gais.

October 2019

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We acted as sole M&A lead advisor to the shareholders of Suvema AG on the sale to its Management and Halder.

October 2019

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We supported the shareholders of swisspro Group AG in connection with the sale of swisspro to BKW AG with financial and pension vendor assistance.

October 2019

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We advised Firmenich SA in their acquisition of the CO2 extraction business from Evonik Industries, with financial due diligence and separation support.

November 2019

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We advised Firmenich SA in their joint venture with MG International Fragrance Company, with financial and tax due diligence and SPA support.

November 2019

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We acted as sole M&A lead advisor to the shareholders of K+D AG on the sale to AR Packaging Group AB.

November 2019

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We acted as M&A lead advisor to Alpha Rheintal Bank AG on its acquisition of Bankhaus Jungholz AG and provided support with financial, regulatory, legal and tax due diligence.

November 2019

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We acted as sole financial advisor to the court-appointed administrator for the sale of two business units during the silent debt moratorium. The first transaction was executed within one month.

December 2019

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We advised a food producer with severe liquidity issues in securing liquidity, in overall stabilization as well as the elaboration, implementation and monitoring of a comprehensive restructuring program.

2019

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We acted as restructuring advisor of an international manufacturer in performing an independent assessment of financial and liquidity plan to support the negotiations for a bridge financing.

2019

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We advised a retailer company with a liquidity shortfall in the analysis of its cash flow forecasting model, identification of cash improvements and negotiations with an international lenders consortium.

2019

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We performed an independent financial review of an industrial group's mid-term plan for a large consortium of lenders of the company and thereby supported the company’s challenging refinancing process.

2019

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Timo Knak

Partner, Head of Deal Advisory and Head of Mergers & Acquisitions
Contact me

Discover more

Media release
The past year saw the merger and acquisition business cool down somewhat compared to the record-breaking year posted in 2018.
Read media release
Blog article
Read Timo Knak’s brief take on what happened in Swiss M&A last year.
Read blog article
M&A Report
The report provides an overview of the M&A activities in Switzerland.
Get insights
Deal Advisory
Learn more about how KPMG’s Deal Advisory services can support you in delivering tangible results from strategy to execution.
Learn more