CMS European M & A Study 2013

Europe

We are delighted to present the CMS European M & A Study 2013 (the ‘Study’). This is our fifth annual study which means that we have now reviewed 1,700 deals for the six-year period of 2007 – 2012, a period of prosperity, financial crisis, slow recovery and significant geopolitical changes.

The CMS European M & A Study 2013 provides insight into the legal provisions of mergers & acquisitions (M & A)agreements, makes comparisons across Europe and with the US and identifies market trends. It evaluates private M & A agreements used for 1,700 transactions relating to both non-listed public and private companies in Europe for the six-year period 2007 – 2012. Of the 1,700 transactions we analyse in the Study, 342 relate to 2012.

Particular highlights in our Study are the CMS Trend Index and Sector Focus described below:

  • CMS Trend Index – for each of the aspects we report on, we provide a CMS Trend Index to illustrate a current fact or trend.
  • Sector Focus – CMS has adopted for a number of years a sectoral approach and now we present risk allocation statistics within specific sectors. We provide 2012 sector statistics for a number of areas we report on, namely locked box deals, earn-outs, liability caps, limitation periods and MAC clauses.