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Cover Image Markus Ernst
Markus ErnstHengeler Mueller

Markus Ernst

Partner at Hengeler Mueller

Lawyer

Munich

Deal Bio

Total Deals73
Valued Deals32
Total Value£ 60.04 B
Avg. Deal Size£ 1.88 B

Market Context

Awards

2023 Top Tax Lawyers in EMEA

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05 Jul 2016|Germany|Electronic Equipment: Other
David Vision Systems
Hewlett Packard Enterprise Company

Target: DAVID VISION SYSTEMS GMBH

Bidder: HEWLETT PACKARD ENTERPRISE COMPANY

1 Service Providers

1 Bidder

6 Dealmakers

6 Bidder

n/a

Value

05 May 2016|Germany|Plastics
Treofan Holdings
M&c

Target: TREOFAN HOLDINGS GMBH

Bidder: M&C SPA

1 Service Providers

1 Vendor

6 Dealmakers

6 Vendor

n/a

Value

09 Apr 2019|United States|Software
Axioma
Deutsche Boerse

Target: AXIOMA INC

Bidder: DEUTSCHE BOERSE AG

11 Service Providers

3 Target | 8 Bidder

73 Dealmakers

11 Target | 62 Bidder

£ 650 M

Value

20 Aug 2019|Germany|Medical Supplies
Bayer (animal Health Unit)
Elanco Animal Health

Target: BAYER (ANIMAL HEALTH UNIT)

Bidder: ELANCO ANIMAL HEALTH

15 Service Providers

1 Target | 7 Bidder | 7 Vendor

78 Dealmakers

1 Target | 51 Bidder | 26 Vendor

£ 6.26 B

Value

13 Feb 2019|Germany|Alternative Electricity
Veja Mite
KGAL

Target: VEJA MITE

Bidder: KGAL

13 Service Providers

1 Target | 6 Bidder | 6 Vendor

70 Dealmakers

1 Target | 28 Bidder | 41 Vendor

£ 2.02 B

Value

19 Aug 2020|Germany|Medical Equipment
SCIENION
CELLINK

Target: SCIENION

Bidder: CELLINK

4 Service Providers

2 Target | 2 Bidder

10 Dealmakers

1 Target | 9 Bidder

£ 72 M

Value

02 Sep 2020|Germany|FinTech
AUXMONEY
Foundation Capital

Target: AUXMONEY

Bidder: FOUNDATION CAPITAL

7 Service Providers

1 Target | 6 Bidder

35 Dealmakers

3 Target | 32 Bidder

£ 133 M

Value

13 Oct 2020|Germany|Automobiles
Valmet (engineering Services Business Line)
Mutares & Co Kgaa

Target: VALMET (ENGINEERING SERVICES BUSINESS LINE)

Bidder: MUTARES SE & CO KGAA

6 Service Providers

3 Bidder | 3 Vendor

25 Dealmakers

8 Bidder | 17 Vendor

n/a

Value

12 Nov 2020|Germany|Apparel Retailers
Beeline (retail Business)
Lovisa Holdings

Target: BEELINE (RETAIL BUSINESS)

Bidder: LOVISA HOLDINGS LIMITED

5 Service Providers

2 Bidder | 3 Vendor

9 Dealmakers

7 Bidder | 2 Vendor

n/a

Value

17 Nov 2020|United States|Asset Managers and Custodians
Institutional Shareholder Services
Deutsche Boerse

Target: INSTITUTIONAL SHAREHOLDER SERVICES INC

Bidder: DEUTSCHE BOERSE AG

10 Service Providers

4 Target | 4 Bidder | 2 Vendor

46 Dealmakers

6 Target | 36 Bidder | 4 Vendor

£ 1.37 B

Value

21 Sep 2020|Germany|Consumer Services: Other
Bike Holding
Alani Holding

Target: BIKE HOLDING

Bidder: ALANI HOLDING

4 Service Providers

4 Bidder

14 Dealmakers

14 Bidder

n/a

Value

06 Dec 2020|Germany|Real Estate Services
APLEONA
Pai Partners

Target: APLEONA

Bidder: PAI PARTNERS

12 Service Providers

1 Target | 5 Bidder | 6 Vendor

52 Dealmakers

1 Target | 30 Bidder | 21 Vendor

£ 1.46 B

Value

07 Dec 2020|Germany|Railroad Equipment
Villman Gruppe (maintenance And Wheelsets Activities)
Ermewa Group

Target: VILLMAN GRUPPE (MAINTENANCE AND WHEELSETS ACTIVITIES)

Bidder: ERMEWA GROUP

2 Service Providers

2 Bidder

14 Dealmakers

14 Bidder

n/a

Value

12 Jan 2021|Germany|Insurance Brokers
CLARK
Tencent Holdings

Target: CLARK

Bidder: TENCENT HOLDINGS LIMITED

6 Service Providers

1 Target | 5 Bidder

19 Dealmakers

1 Target | 18 Bidder

£ 62 M

Value

08 Jan 2021|Germany|Fruit and Grain Processing
Spreewaldkonserve Golssen
Andros Deutschland

Target: SPREEWALDKONSERVE GOLSSEN

Bidder: ANDROS DEUTSCHLAND

5 Service Providers

2 Target | 3 Bidder

18 Dealmakers

2 Target | 16 Bidder

n/a

Value

15 Feb 2021|Ireland|Banks
Depfa Bank
Bawag Psk

Target: DEPFA BANK PLC

Bidder: BAWAG PSK AG

5 Service Providers

1 Target | 1 Bidder | 3 Vendor

22 Dealmakers

3 Target | 1 Bidder | 18 Vendor

n/a

Value

17 Mar 2021|Netherlands|Marine Transportation
NILEDUTCH
Hapag-lloyd Cruises

Target: NILEDUTCH

Bidder: HAPAG-LLOYD CRUISES GMBH

13 Service Providers

7 Target | 6 Bidder

16 Dealmakers

1 Target | 15 Bidder

n/a

Value

30 Mar 2021|Germany|Transportation Services
Lilium
Qell Acquisition Corp

Target: LILIUM GMBH

Bidder: QELL ACQUISITION CORP

34 Service Providers

8 Target | 26 Bidder

95 Dealmakers

32 Target | 63 Bidder

£ 2.39 B

Value

28 Mar 2021|Germany|Diversified Industrials
Joh. Friedrich Behrens
GREATSTAR

Target: JOH. FRIEDRICH BEHRENS

Bidder: GREATSTAR

8 Service Providers

3 Target | 5 Bidder

47 Dealmakers

22 Target | 25 Bidder

£ 23 M

Value

24 Apr 2021|Germany|Electronic Equipment: Other
HENSOLDT
Leonardo

Target: HENSOLDT

Bidder: LEONARDO SPA

9 Service Providers

1 Target | 4 Bidder | 3 Vendor

39 Dealmakers

4 Target | 16 Bidder | 18 Vendor

£ 527 M

Value

28 Apr 2021|Germany|Nonferrous Metals
WESER-METALL
Glencore International

Target: WESER-METALL

Bidder: GLENCORE INTERNATIONAL PLC

4 Service Providers

1 Target | 3 Bidder

17 Dealmakers

1 Target | 16 Bidder

n/a

Value

19 May 2021|Germany|Electronic Components and Equipment
NANOSCRIBE
CELLINK

Target: NANOSCRIBE

Bidder: CELLINK

5 Service Providers

1 Target | 4 Bidder

16 Dealmakers

1 Target | 15 Bidder

£ 42 M

Value

24 May 2021|Germany|Commercial REITs
Deutsche Wohnen
Vonovia

Target: DEUTSCHE WOHNEN AG

Bidder: VONOVIA SE

22 Service Providers

10 Target | 12 Bidder

78 Dealmakers

32 Target | 46 Bidder

£ 22.74 B

Value

18 May 2021|Germany|Real Estate Holding and Development
Hamburg Trust / Lupp Joint Venture
Lupp Group

Target: HAMBURG TRUST / LUPP JOINT VENTURE

Bidder: LUPP GROUP

3 Service Providers

3 Bidder

6 Dealmakers

6 Bidder

n/a

Value

01 Jun 2021|United States|Machinery: Industrial
White Drive Motors & Steering
Interpump Group

Target: WHITE DRIVE MOTORS & STEERING

Bidder: INTERPUMP GROUP

8 Service Providers

1 Target | 4 Bidder | 3 Vendor

19 Dealmakers

1 Target | 2 Bidder | 16 Vendor

£ 232 M

Value

09 Jun 2021|Germany|Hotels and Motels
Munich Hotel Partners
Lifespot Capital

Target: MUNICH HOTEL PARTNERS

Bidder: LIFESPOT CAPITAL AG

3 Service Providers

2 Target | 1 Bidder

9 Dealmakers

8 Target | 1 Bidder

£ 50 M

Value

23 Jun 2021|Germany|Software
Meona Group
Trill Impact

Target: MEONA GROUP

Bidder: TRILL IMPACT

8 Service Providers

2 Target | 2 Bidder | 4 Vendor

39 Dealmakers

2 Target | 19 Bidder | 18 Vendor

n/a

Value

29 Jun 2021|Germany|Gaming
Pro Gamers Group
Hal Holding

Target: PRO GAMERS GROUP

Bidder: HAL HOLDING NV

11 Service Providers

4 Target | 4 Bidder | 3 Vendor

39 Dealmakers

3 Target | 17 Bidder | 19 Vendor

£ 450 M

Value

23 Sep 2019|Germany|Specialty Retailers
Bike24
The Riverside Company

Target: BIKE24 GMBH

Bidder: THE RIVERSIDE COMPANY

3 Service Providers

1 Target | 2 Bidder

23 Dealmakers

1 Target | 22 Bidder

n/a

Value

12 Aug 2021|United States|Clothing and Accessories
REEBOK
Authentic Brands Group

Target: REEBOK

Bidder: AUTHENTIC BRANDS GROUP LLC

14 Service Providers

1 Target | 9 Bidder | 4 Vendor

53 Dealmakers

1 Target | 23 Bidder | 29 Vendor

£ 1.78 B

Value

09 Sep 2021|Germany|Biotechnology
Tib Molbiol
Roche Holdings

Target: TIB MOLBIOL

Bidder: ROCHE HOLDINGS AG

6 Service Providers

4 Target | 2 Bidder

41 Dealmakers

23 Target | 18 Bidder

n/a

Value

09 Sep 2021|Germany|Construction Services
Bam Deutschland
Zech Group

Target: BAM DEUTSCHLAND

Bidder: ZECH GROUP

4 Service Providers

1 Target | 1 Bidder | 2 Vendor

20 Dealmakers

1 Target | 1 Bidder | 18 Vendor

n/a

Value

05 Oct 2021|Germany|Diversified Financials
Dws (digital Investment Platform)
Blackfin Capital Partners

Target: DWS (DIGITAL INVESTMENT PLATFORM)

Bidder: BLACKFIN CAPITAL PARTNERS SAS

6 Service Providers

3 Bidder | 3 Vendor

26 Dealmakers

20 Bidder | 6 Vendor

n/a

Value

19 Oct 2021|Germany|Alternative Fuels
Borkum Riffgrund 3
NUVEEN

Target: BORKUM RIFFGRUND 3

Bidder: NUVEEN

15 Service Providers

13 Bidder | 2 Vendor

26 Dealmakers

13 Bidder | 13 Vendor

£ 1.01 B

Value

28 Jan 2021|Germany|Electronic Equipment: Other
Pco
Excelitas Technologies

Target: PCO AG

Bidder: EXCELITAS TECHNOLOGIES

4 Service Providers

1 Target | 3 Bidder

11 Dealmakers

1 Target | 10 Bidder

n/a

Value

05 Apr 2022|Germany|Real Estate Services
Aareal Bank
Centerbridge Partners

Target: AAREAL BANK

Bidder: CENTERBRIDGE PARTNERS LP

13 Service Providers

4 Target | 9 Bidder

74 Dealmakers

12 Target | 62 Bidder

£ 1.68 B

Value

23 May 2022|Germany|Real Estate Services
Deutsche Euroshop
Oaktree Capital Management

Target: DEUTSCHE EUROSHOP

Bidder: OAKTREE CAPITAL MANAGEMENT LP

13 Service Providers

4 Target | 9 Bidder

77 Dealmakers

11 Target | 66 Bidder

£ 2.45 B

Value

09 Mar 2022|Germany|Medical Equipment
SARTORIUS
Armira & Co Kg

Target: SARTORIUS

Bidder: ARMIRA GMBH & CO KG

7 Service Providers

2 Target | 5 Bidder

21 Dealmakers

1 Target | 20 Bidder

£ 2.08 B

Value

21 Jun 2022|Germany|Construction Services
Wayss & Freytag
Zech Building

Target: WAYSS & FREYTAG

Bidder: ZECH BUILDING SE

5 Service Providers

2 Target | 3 Vendor

26 Dealmakers

8 Target | 18 Vendor

£ 43 M

Value

13 Jun 2022|Germany|Water
Heil-und Mineralquellen Germete
Krombacher Group

Target: HEIL-UND MINERALQUELLEN GERMETE

Bidder: KROMBACHER GROUP

4 Service Providers

1 Target | 1 Bidder | 2 Vendor

6 Dealmakers

1 Target | 1 Bidder | 4 Vendor

n/a

Value

21 Jun 2022|Finland|Software
LEADFEEDER
ECHOBOT

Target: LEADFEEDER

Bidder: ECHOBOT

13 Service Providers

3 Target | 10 Bidder

29 Dealmakers

5 Target | 24 Bidder

n/a

Value

07 Jul 2022|Germany|Digital Services
PDFLIB
PDFTRON

Target: PDFLIB

Bidder: PDFTRON

7 Service Providers

2 Target | 5 Bidder

12 Dealmakers

1 Target | 11 Bidder

n/a

Value

22 Jul 2022|Germany|FinTech
PENTA
QONTO

Target: PENTA

Bidder: QONTO

5 Service Providers

3 Target | 2 Bidder

48 Dealmakers

26 Target | 22 Bidder

n/a

Value

22 Jul 2022|Germany|Renewable Energy Equipment
OSTWIND
Orsted

Target: OSTWIND

Bidder: ORSTED A/S

5 Service Providers

1 Target | 4 Bidder

35 Dealmakers

1 Target | 34 Bidder

£ 587 M

Value

11 Mar 2022|Germany|Recreational Services
The Community Of Heirs Of Horst Walter Sartorius
Armira & Co Kg

Target: THE COMMUNITY OF HEIRS OF HORST WALTER SARTORIUS

Bidder: ARMIRA GMBH & CO KG

3 Service Providers

3 Bidder

18 Dealmakers

18 Bidder

n/a

Value

02 Mar 2022|Germany|Automobiles
Ibs Filtran
Madison Industries

Target: IBS FILTRAN

Bidder: MADISON INDUSTRIES

2 Service Providers

2 Bidder

5 Dealmakers

5 Bidder

n/a

Value

09 Nov 2022|Germany|Soft Drinks
Altmühltaler Mineralbrunnen
Aldi Nord

Target: ALTMÜHLTALER MINERALBRUNNEN

Bidder: ALDI NORD

2 Service Providers

1 Target | 1 Bidder

12 Dealmakers

11 Target | 1 Bidder

n/a

Value

19 Sep 2022|Austria|Farming Fishing Ranching and Plantations
Komet Austria
Trill Impact

Target: KOMET AUSTRIA GMBH

Bidder: TRILL IMPACT

3 Service Providers

1 Target | 2 Bidder

14 Dealmakers

1 Target | 13 Bidder

n/a

Value

03 Nov 2022|Germany|Mortgage Finance
M.m.warburg & Co Hypothekenbank
Munchener Hypothekenbank

Target: M.M.WARBURG & CO HYPOTHEKENBANK

Bidder: MUNCHENER HYPOTHEKENBANK

4 Service Providers

1 Target | 2 Bidder | 1 Vendor

42 Dealmakers

22 Target | 18 Bidder | 2 Vendor

n/a

Value

08 Dec 2022|Germany|Environmental / Waste Management
CERAFILTEC
Stellar Impact

Target: CERAFILTEC

Bidder: STELLAR IMPACT

6 Service Providers

2 Target | 4 Bidder

15 Dealmakers

7 Target | 8 Bidder

£ 25 M

Value

17 Oct 2022|Germany|Soft Drinks
Brandenburger Urstromquelle
Rauch Fruchtsäfte

Target: BRANDENBURGER URSTROMQUELLE

Bidder: RAUCH FRUCHTSÄFTE GMBH

5 Service Providers

3 Bidder | 2 Vendor

18 Dealmakers

6 Bidder | 12 Vendor

n/a

Value

09 Jan 2023|Germany|Pharmaceuticals
Proteros Biostructures
Inflexion Private Equity

Target: PROTEROS BIOSTRUCTURES

Bidder: INFLEXION PRIVATE EQUITY

6 Service Providers

4 Target | 2 Bidder

25 Dealmakers

18 Target | 7 Bidder

n/a

Value

07 Feb 2023|Austria|Banks
Kommunalkredit Austria
Altor Equity Partners

Target: KOMMUNALKREDIT AUSTRIA

Bidder: ALTOR EQUITY PARTNERS

10 Service Providers

5 Target | 5 Bidder

52 Dealmakers

19 Target | 33 Bidder

n/a

Value

27 Apr 2023|Denmark|Software
SIMCORP
Deutsche Boerse

Target: SIMCORP

Bidder: DEUTSCHE BOERSE AG

14 Service Providers

4 Target | 10 Bidder

64 Dealmakers

18 Target | 46 Bidder

£ 3.45 B

Value

04 May 2023|Germany|Insurance Brokers
Generali Deutschland Pensionskasse
Frankfurter Leben-gruppe

Target: GENERALI DEUTSCHLAND PENSIONSKASSE

Bidder: FRANKFURTER LEBEN-GRUPPE

4 Service Providers

1 Bidder | 3 Vendor

15 Dealmakers

1 Bidder | 14 Vendor

n/a

Value

30 May 2023|Germany|Chemicals: Diversified
Messer Group
Gic Private

Target: MESSER GROUP

Bidder: GIC PRIVATE LIMITED

8 Service Providers

3 Target | 5 Bidder

54 Dealmakers

28 Target | 27 Bidder

£ 1.74 B

Value

30 May 2023|United States|Chemicals: Diversified
Messer Industries Usa
Messer Group

Target: MESSER INDUSTRIES USA

Bidder: MESSER GROUP

11 Service Providers

8 Bidder | 3 Vendor

40 Dealmakers

31 Bidder | 9 Vendor

n/a

Value

28 Jun 2023|Germany|Semiconductors
Elmos Semiconductor (dortmund Fab)
Littelfuse

Target: ELMOS SEMICONDUCTOR (DORTMUND FAB)

Bidder: LITTELFUSE INC

3 Service Providers

2 Bidder | 1 Vendor

26 Dealmakers

25 Bidder | 1 Vendor

£ 79 M

Value

22 May 2023|Germany|Real Estate Services
Aareal Bank
Advent International Corporation

Target: AAREAL BANK

Bidder: ADVENT INTERNATIONAL CORPORATION

11 Service Providers

2 Target | 9 Bidder

50 Dealmakers

12 Target | 38 Bidder

£ 1.55 B

Value

09 Oct 2023|Germany|Auto Services
Vitesco Technologies
SCHAEFFLER

Target: VITESCO TECHNOLOGIES

Bidder: SCHAEFFLER

17 Service Providers

9 Target | 8 Bidder

43 Dealmakers

28 Target | 15 Bidder

£ 1.65 B

Value

17 Oct 2023|Germany|Renewable Energy Equipment
Gode Wind 3 Offshore Wind Farm
Glennmont Partners

Target: GODE WIND 3 OFFSHORE WIND FARM

Bidder: GLENNMONT PARTNERS

4 Service Providers

2 Bidder | 2 Vendor

53 Dealmakers

24 Bidder | 29 Vendor

£ 409 M

Value

15 Sep 2023|Germany|Private Equity
Elf Capital Group
Deutsche Beteiligungs

Target: ELF CAPITAL GROUP

Bidder: DEUTSCHE BETEILIGUNGS AG

4 Service Providers

2 Target | 2 Bidder

24 Dealmakers

11 Target | 13 Bidder

£ 87 M

Value

27 Apr 2023|Germany|Asset Managers and Custodians
QONTIGO
Deutsche Boerse

Target: QONTIGO

Bidder: DEUTSCHE BOERSE AG

2 Service Providers

2 Bidder

11 Dealmakers

11 Bidder

n/a

Value

28 Feb 2024|Germany|Specialty Retailers
C. Josef Lamy
Mitsubishi Pencil Co

Target: C. JOSEF LAMY GMBH

Bidder: MITSUBISHI PENCIL CO LTD

4 Service Providers

1 Target | 3 Bidder

22 Dealmakers

2 Target | 20 Bidder

n/a

Value

23 Apr 2024|Germany|Medical Equipment
Tt Medic
Trill Impact

Target: TT MEDIC

Bidder: TRILL IMPACT

7 Service Providers

2 Target | 5 Bidder

30 Dealmakers

1 Target | 29 Bidder

n/a

Value

04 Jul 2024|Germany|Consumer Lending
Barclays (german Consumer Finance Business)
Bawag Psk

Target: BARCLAYS (GERMAN CONSUMER FINANCE BUSINESS)

Bidder: BAWAG PSK AG

6 Service Providers

2 Bidder | 4 Vendor

80 Dealmakers

45 Bidder | 35 Vendor

n/a

Value

03 Jun 2024|Germany|Software
SHYFTPLAN
Maguar Capital

Target: SHYFTPLAN

Bidder: MAGUAR CAPITAL

10 Service Providers

4 Target | 6 Bidder

11 Dealmakers

8 Target | 3 Bidder

n/a

Value

31 Jul 2024|Germany|Health Care Facilities
Tierarzt Plus Partner
Inflexion Private Equity

Target: TIERARZT PLUS PARTNER

Bidder: INFLEXION PRIVATE EQUITY

4 Service Providers

1 Target | 3 Bidder

37 Dealmakers

1 Target | 36 Bidder

n/a

Value

14 Aug 2024|Germany|Alternative Electricity
Eew Holding
Sumitomo Corporation

Target: EEW HOLDING GMBH

Bidder: SUMITOMO CORPORATION

5 Service Providers

2 Target | 3 Bidder

21 Dealmakers

20 Target | 1 Bidder

n/a

Value

13 Mar 2024|Germany|Auto Services
Vitesco Technologies
SCHAEFFLER

Target: VITESCO TECHNOLOGIES

Bidder: SCHAEFFLER

4 Service Providers

3 Target | 1 Bidder

13 Dealmakers

12 Target | 1 Bidder

n/a

Value

07 Oct 2024|Germany|Health Care Services
Windstar Medical
Merz Lifecare

Target: WINDSTAR MEDICAL

Bidder: MERZ LIFECARE

6 Service Providers

1 Target | 4 Bidder | 1 Vendor

14 Dealmakers

1 Target | 9 Bidder | 5 Vendor

n/a

Value

22 Nov 2024|Germany|Electronic Components and Equipment
NANOSCRIBE
Lab14 Group

Target: NANOSCRIBE

Bidder: LAB14 GROUP

6 Service Providers

1 Target | 2 Bidder | 3 Vendor

10 Dealmakers

1 Target | 2 Bidder | 7 Vendor

n/a

Value

19 Mar 2025|Germany|Full Line Insurance
Viridium Group
BLACKROCK

Target: VIRIDIUM GROUP

Bidder: BLACKROCK

26 Service Providers

2 Target | 13 Bidder | 11 Vendor

164 Dealmakers

6 Target | 128 Bidder | 30 Vendor

£ 2.94 B

Value

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