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CARVE-OUT STUDY - SURVEY RESULTS (1/7)
In your experience, what was or is the main rational for
a carve-out?
88% Refocusing on the core business
40% Increase of target profitability
28% Contribution of a business unit to a
new joint venture to be established
25% Varying growth within the Group
17% Financing of growth projects
17% Risk reduction
15% Preparation of a (subsidiary) IPO
12% Reduction of leverage
11% Creation of acquisition currency ("Asset
Swap")
8% Adjustment of the business model to
changed regulatory requirements
In your view, what are the core challenges of carve-outs
compared to classic company sales / straight share
deals?
71%
Degree of integration of business units
within the Group
64% IT separation
51% Complexity of transaction
45%
Establishment of Day 1 readiness on the
execution date
18%
Increased time compared to a classic M&A
transaction
16%
Effects of the carve-out on the remaining
Group of companies
13% (Cultural) Change Management
12%
Increased involvement of employee
interests
9% Increased stakeholder management
7%
Identification of value-enhancing
measures within the framework of the
carve-out process
7%
Different price expectations of seller and
buyer
Is the review of strategic alternatives performed prior
to a carve-out decision?
63% Yes
29% Depends on complexity
6% No
2% Other