AUSTRIA Trends and Developments Contributed by: Markus Fellner, Paul Luiki and Peter Blaschke, Fellner Wratzfeld & Partner
Fellner Wratzfeld & Partners Schottenring 12 1010 Vienna Austria Tel: +43 1 537 70 0 Fax: +43 1 537 70 70 Email: marketing@fwp.at Web: www.fwp.at
Overview of the Austrian M&A Market In 2024, the Austrian M&A market exhibited increasing signs of stabilisation. A total of 245 transactions were announced, reflecting a 7.9% increase compared to the previous year. Despite this rise in deal activity, however, the overall transaction volume declined by 24.2% to EUR5 billion. This suggests that while mergers and acquisitions remained dynamic, the average deal size was significantly smaller. In particular, the complete absence of mega-deals in excess of EUR1 billion underscored this trend. As in many other jurisdictions, numerous macro - economic factors impacted Austria’s M&A activ - ity in 2024, including geopolitical tensions, high financing costs and increased regulatory scru - tiny. All of this combined created a more com - plex and challenging investment environment. These elements led to greater caution among investors, resulting in a more selective approach to deal-making and ultimately affected overall transaction values. Furthermore, longer approval processes and increased due diligence require - ments shaped the dynamics of the Austrian M&A market. The majority of deals occurred in the industrial sector, which recorded the highest number of
transactions, totalling 83. The five largest deals constituted 48% of the aggregate transaction volume, while the remaining 52% was distrib - uted across 240 other M&A transactions. The median transaction volume stood at EUR90 million, while the average transaction volume reached EUR135 million, highlighting a concen - tration of larger deals within a specific subset of transactions. The largest single transaction of 2024 was Cell - nex’s sale of the tower business for EUR803 million. The buyers were EDF Invest, MEAG MUNICH ERGO Asset Management GmbH, and Vauban Infrastructure Partners. This deal represented a significant milestone in the Aus - trian M&A market, reflecting a continued investor interest in infrastructure assets. Austrian market participants’ activity declined in the second half of 2024, both in terms of the number of transactions and overall transaction volume. This slowdown suggests a more cau - tious approach among investors, potentially influenced by macroeconomic uncertainties, tighter financing conditions, and regulatory developments.
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