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DAX/MDAX deal survey

Methodology

The 30 DAX and 60 MDAX constituents are the largest German companies by market capitalisation and turnover listed on the Prime Standard segment of the Frankfurt stock exchange.

This study is based on the activities of those companies that were represented in one of the two indices as of 31 December 2018.

Our study covers the 10-year period 1 January 2009 to 31 December 2018. It captures 'strategic investments', ie completed or announced mergers, acquisitions and joint ventures through which DAX and MDAX companies have acquired a significant stake in another company or one of its businesses.

The allocation of individual countries to the so-called industrialised markets or emerging markets is analogous to the current [OECD classification].

The conclusions drawn in this study are primarily based on the number of deals as opposed to the published deal value. There are two reasons for this: firstly, a transaction value is not publicly disclosed for each deal. Moreover, experience shows that the number of transactions says more about an M&A market than the prices paid for a company – in particular, so-called 'mega deals' can lead to a distorted picture if average deal values are used as a basis for analysis.

The report is based on data from Refinitiv (previously the finance and risk arm of Thomson Reuters) and Freshfields' own intelligence.

For the purposes of this evaluation, the term 'digital economy' covers the following Refinitiv sub-sectors: software; internet software and services; IT consulting and services; and e-commerce/B2B.