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EXECUTIVE SUMMARY(1/3)
Carve-out and M&A process are closely interlinked and serve to focus on transformation
Carve-out transactions serve to
focus on the core business and
business transformation
of participants use a carve-out to focus on the core business. Additional drivers identified by
participants included to increase target profitability of their group (40%) and to evolve and
adapt the company's business model to achieve transformation objectives (72%).
88%
A carve-out transaction is
often one of a number of
strategic alternatives under
consideration
Carve-out transactions are
closely interlinked with an
onward sale of the relevant
business
of participants indicate that they routinely consider the implementation of possible alternative
strategic actions in the run-up to deciding whether to proceed with a carve-out. Others (29%)
reported examining this depending on the complexity of the potential transaction. Internal
restructuring measures, closures of operations, relocation, joint venture or the transfer of
business activities to management (MBO) are alternatives frequently considered.
63% of participants associate a carve-out with an onward sale of the carve-out business to an
external investor. Purely internal restructuring is typically a minor motivation for a carve-out.
77%
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