23
Jun
Carve-outs in focus
As corporates reassess portfolio performance and capital allocation, carve‑outs are increasingly driven by strategic prioritisation rather than distress. Slower growth of non‑core assets can dilute overall performance, prompting decisions to redeploy capital into higher‑growth or better‑aligned areas. Against a more volatile and execution‑intensive M&A backdrop, carve‑out activity is expected to rise, supported by strong private equity appetite and growing alignment between buyers and sellers on the value of separation. This panel will assess why carve‑outs are accelerating, where execution risk sits, how buyers compete, and how technology is changing carve‑out transactions.
- Why are corporates pursuing carve‑outs as part of active portfolio and capital redeployment strategies?
- Where do dealmakers see the biggest execution challenges in carve-outs?
- How are private equity and corporate buyers approaching carve-outs differently, and what does this mean for competition and pricing?
- How is AI reshaping carve‑out due diligence and execution, and how is this impacting value-creation plans?
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SpeakersHeba Abdelrahman Senior Editor Mergermarket
Christian Schmehl Managing Partner Hypax
Marc Summers Partner, UK Head of Integration and Separation KPMG
Péter Harbula Group Head of M&A SPIE
Tristan Nagler Partner Aurelius
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Heba has more than 25 years’ experience in financial journalism. She has edited and reported on transactions across Europe, covering areas such as public takeover offers, regulatory approvals, corporate carve-outs, and auction processes. Heba holds a BSc in Statistics from the London School of Economics.
Christian has more than 20 years of experience in private equity and business transformations across Europe. He held Senior Managing Director roles with a leading global Private Equity House and with an European Private Credit House. Being an operator at heart and by background, Christian held multiple executive and non-executive C-Level roles at portfolio companies delivering carve-outs, build-and-build strategies and strategic transformations. He has been chairing investments such as Office Deport Europe or Getronics. The pursued investment strategy focuses on carve-outs and complex transactional situations requiring to deliver clarity, transaction security and performance improvement to lay the foundation for future growth trajectory.
Christian is fluent in English, German and Spanish. He calls London home.
Marc is the UK Head of Integration and Separation and UK Sellside Advisory Lead. He has 25 years of experience in advising clients on delivering successful strategic portfolio change including carve-outs, divestments, acquisitions and Joint Ventures from strategic option support to execution and implementation. Marc has a strong track record of delivering value on complex global transactions across a wide range of sectors including Chemicals, ENR, Automotive, Industrial Markets, TMT, Business Services, Leisure and Private Equity.
Péter Harbula is Group Head of M&A for SPIE, a Paris listed European Corporate. He is in charge of mergers and acquisitions transactions. After starting his career at Deloitte, Péter joined what would become Edenred (Accor Services) in 2007 and served as Edenred’s Group M&A Director from 2010 to 2022, when he joined the InVivo Group as Group Head of M&A & Integration.
During his 19 years leading M&A transactions at Edenred, InVivo, and SPIE, Péter completed more than 160 deals - including over 120 acquisitions - across five continents and 40 countries, with the cumulative 100% enterprise value of these transactions exceeding €7 billion.
Péter holds a Master of Science from the University of Economic Sciences of Budapest (Corvinus), as well as a Master degree in Financial and Banking Techniques and a PhD in Management Sciences from the Paris II University. He is the author of several published papers in the field of corporate finance and corporate governance and has been teaching corporate finance at HEC for over 20 years.
Tristan Nagler is a Partner and Head of AURELIUS Investment Advisory. He leads AURELIUS’ investment activities in the United Kingdom, Ireland and North America.
After joining AURELIUS in 2014, he played an instrumental role in the successful build-up of the Investment Advisory team in the UK and Ireland. He was responsible for numerous deals, including the corporate carve-outs of Office Depot’s European operations, McKesson’s UK operations and Smurfit Kappa’s solid board operations.
He holds a bachelor’s degree from the University of Leeds, an Executive MBA from École des Pontes Business School and a Certificate in International Business from the University of Edinburgh. After his studies, he worked at KPMG in Audit (1998-2001), followed by Corporate Finance (2001-2010) and subsequently the financial services provider Investec for three years.