Trends in Dutch Public M&A 2023

The outlook for public M&A remains challenging, even if we have now reached a plateau in interest rates. We see two primary areas for opportunity. First, strategic buyers using the current conditions to accelerate strategic transformation. By using cash and equity, they can gain an edge over financial buyers that face dual headwinds of challenging financing conditions and high interest rates. Second, take-privates of small- or mid-caps that re-evaluate their listing and see merits in a delisting may occur. For example if the listed environment does not allow equity funding that a new owner can provide. Private equity may play a role as (debt) ticket sizes for those deals are significantly easier to finance and there may be buy-and-build or other benefits. Read more and download the whitepaper.