Mergermarket M&A Forum Germany 2023

Mergermarket’s flagship event for key players in German and cross-border M&A market

Marriott Hotel, Hamburger Allee 2, 60486 Frankfurt

08.30 - 09.00
CEST

Registration & Breakfast

09.15 - 09.20
CEST

Chair’s Opening Remarks

Lucinda Guthrie
Lucinda Guthrie Executive Editor, MERGERMARKET
09.35 - 10.20
CEST

Keynote Panel: Deal Origination and Drivers in DACH

The German economy has remained resilient in the face of rising interest rates, surging inflation and war in Europe. Recently, Germany’s rising inflation rate has slowed, and employment rates have picked up; largely driven by the government’s gas price break. However, dealmakers globally have experienced plunging M&A activity since 2021’s record highs. Looking to the future, experts cite ample dry powder amongst financial sponsors as a driver for dealmaking to rebound in 2023 and point to activity in the TMT sector as a hotspot. This panel will discuss:

o    What is the current deal pipeline in the DACH region?
o    How are corporates and private equity professionals originating deals?
o    What are corporates doing to ‘recession-proof’ their businesses?
o    How are M&A deals being financed in 2023?

Sebastian Bladt
Sebastian Bladt Executive Director, Investment Banking, JP Morgan
Timo Tauber
Timo Tauber Managing Director, Viessmann Investment
Patrick Costello
Patrick Costello Germany Reporter, MERGERMARKET
10.20 - 10.50
CEST

Keynote Presentation: The German Macro-Economic Outlook

Macro-economists expect the German economy to retract in the first half of 2023, but to make a recovery in the latter part of the year. High energy costs will weigh on production which will dampen exports, but from the second half of 2023, the German economy is expected to gradually recover due to foreign demand increases, abated uncertainty, and diminished price.

10.50 - 11.20
CEST

Coffee & Networking Break

11.20 - 12.05
CEST

Panel: From Due Diligence to Exit Readiness

Corporate due diligence fell by the wayside during the pandemic bull market, but in the face of a tech downturn, and notably FTX’s bankruptcy and Elon Musk’s Twitter rollercoaster, will investors start to get serious about due diligence in an economic downturn? And how can investors support a digital equity story through due diligence to prepare for a favourable exit? This panel will discuss:

  • How are dealmakers conducting due diligence in the current environment? 
  • How can dealmakers set themselves up for success when reviewing tech assets? 
  • What are the consequences for shareholders of a deal conducted without airtight due diligence?  
  • How can dealmakers use digital transformation to ensure exit readiness?
12.05 - 12.30
CEST

Fireside chat: PwC’s Private Equity Outlook

In this fireside chat, PwC will discuss the findings of their recent private equity outlook report which surveys the sentiment of private equity funds in the DACH region for the next 12 months.

Harriet Matthews
Harriet Matthews Funds Editor, MERGERMARKET
12.30 - 13.05
CEST

Panel: The DACH Private Equity Outlook

Cracks in the private equity industry are beginning to show following a decade of high activity. Companies taken public have slumped in share value and fundraising is also showing signs of slowing. The layers of leverage carried by portfolio companies as well as funds could be scaled back in the face of a liquidity crunch. This panel will discuss:

  • What is the fundraising landscape in Germany and DACH?
  • How are private equity funds originating deals?
  • What are valuations of portfolio companies like in the face of stretched liquidity?
  • What are the exit opportunities in DACH?
13.05 - 13.40
CEST
13.40 - 14.40
CEST

Networking Lunch

14.40 - 15.10
CEST

Fireside chat: M&A compliance at Volkswagen

In this fireside chat, hear from the head of M&A compliance about Volkswagen’s views on compliance and future M&A activity including ESG criteria.

Alessandra Castelli
Alessandra Castelli Global Head Editorial Development, M&A and ECM, ION Analytics
15.10 - 15.50
CEST

Panel: ESG - Supply Chain Governance in DACH

The Supply Chain Due Diligence act, which is enforced by the Federal Office of Economics and Export Control, will require large companies to conduct supply chain due diligence activities to identify, prevent and address human rights and environmental abuses within their own and their direct suppliers’ operations. The law, which came into effect in 2023, applies to companies based in Germany with more than 3,000 employees, and from 2024, will include companies in Germany with more than 1,000 employees. 

This fireside chat will discuss:

  • What practical next steps should companies take to adhere to the law?
  • How can companies take steps to identify, prevent and mitigate ESG risk?
  •  What new technologies can assist companies with adherence to the Supply Chain Due Diligence Act? Has there been M&A in the space?
15.50 - 16.10
CEST

Coffee & Networking Break

16.10 - 16.40
CEST

Case studies: IPOs and De-Listing in Germany

Less than a month between the $75bn listing of Porsche, Linde announced that it will delist from the Frankfurt stock exchange, DAX, arguing that its listing has been a drag to its valuation. Other German success stories are also choosing to list outside of Germany, favouring NYSE. The DAX remains dominated by a few conglomerates and their spin-offs – Volkswagen/Porsche, Mercedes, Fresenius and Bayer. This session will review recent listings and de-listings on the DAX and the pipeline for IPOs in Germany. 

Markus Meier
Markus Meier Head of Equity Capital Markets for Germany, BofA Securities
16.40 - 17.20
CEST

Panel: Deal Financing

In the face of stretched liquidity, how are corporates financing M&A deals? This session will review financing opportunities including private debt, leveraged loans and high yield bonds. This panel will review:

  • What opportunities are there for sponsor-less lending for mid-cap companies?
  • How has documentation evolved as the market enters a downturn and liquidity is stretched?
  • What returns are direct lending for private equity and private debt funds yielding?
  • How is pricing affecting valuations? And are debt / equity rations being called into question?
17.20 - 17.50
CEST

Fireside chat: Anti-trust, Merger Control and Regulatory Hurdles

Competition authorities are cracking down on potentially anti-competitive deals like never before, and their vigilant approach is shaping the deal-making landscape. The European Commission has injected new vigour into its enforcement in recent years, calling in ‘killer acquisitions’ that would have historically evaded its thresholds, and pursuing new theories of harm related to data and innovation from markets ranging from tech to Agri-Chemicals. This panel will offer a view from Brussels on the issues and concerns that will drive the enforcers’ agenda in the years to come.

Jacob Parry
Jacob Parry Chief Regulatory Correspondent of EMEA, PaRR
17.50 - 19.00
CEST

Chair’s Closing Remarks and Networking Drinks

Lucinda Guthrie
Lucinda Guthrie Executive Editor, MERGERMARKET
19.00 - 22.00
CEST

Networking Dinner

We will be holding an invitation only networking dinner at Holbein’s Cafe Restaurant where delegates will be able to exchange experiences and best practices with key players in the M&A industry. It’s an exceptional opportunity to make meaningful connections with fellow industry experts.

Places to the networking dinner are limited. If you are interested in attending and would like to be added to the waitlist, please complete this form.