In 2007, 2009, 2012 and 2016, we have organized M&A Surveys regarding the use of certain recurring elements in share purchase agreements that are used for company acquisitions. These M&A Surveys covered transactions concluded in the period 2004-2016. The results of our research were published in this law review.

In order to ensure that the results of the M&A Survey remain current and to identify new trends in the M&A market, we have organized a fifth edition of the M&A Survey in the summer of 2020, covering the period from 2016 through the first six months of 2020.
This fifth edition of the M&A Survey was realized with the support of the investment companies, financial service providers and law firms listed below (*). The Belgian Venture Capital & Private Equity Association (www.bva.be) has again actively supported the M&A Survey.

Together, the participants provided detailed feedback on almost 500 share purchase agreements that were signed in the reporting period. After the elimination of non-qualifying transactions and double-counting, 446 deals – representing a total deal value of approximately 25 billion euros – were included in the M&A Survey. The confidentiality of the reported transactions was at all times guaranteed and fully respected. Participants were not asked to provide names or other details which could prejudice the anonymous character of the inquiry. The questionnaire did, however, contain a safety measure to avoid double-counting. All reported transactions were analysed in detail and verified for internal consistency and anomalies. 

The M&A Survey is based only on transactions whereby a buyer acquires a controlling stake over a non-listed Belgian company following a share deal. In order to measure the possible influence of the deal value on the agreement, the transactions are divided into three categories: (i) deals with a transaction value less than EUR 10 million, (ii) transaction values between EUR 10 million and EUR 100 million and (iii) transaction values higher than EUR 100 million. 

The allocation of the reported transactions across the different categories was similar to the previous editions of the M&A Survey:

(*) Ackermans & van Haaren, AKD Benelux, Allen & Overy, Altius, Antaxius, Argo, Arvesta, Ashurst, Astrea, Baker McKenzie, Bank Degroof Petercam, BDO Legal, Bright, Cadanz, Capricorn Partners, Clifford Chance, contrast, Creafund, Cresco, Curia, De Bock & Baluwé, Deloitte Legal, Deminor, Derycke & Vandenberghe, DLA Piper, DLPA Advocaten, Dumon Sablon & Vanheeswijck, Elegis, Eubelius, Eversheds Sutherland, EY Law, Fibiz Partners, Fieldfisher, Four & Five, Freshfields Bruckhaus Deringer, Gimv, GSJ Advocaten, ING, Intui, Janson, Jones Day, KBC Securities, Korys, KPMG, KPMG Law, Laurius, Liedekerke, Lievens & Co, Linklaters, Litiguard, Loyens & Loeff, Lydian, Malherbe, Mazars, MDP Advocaten, Monard Law, Moore Corporate Finance, Nelissen Grade, Newton, Novius, Olislaegers & De Creus, Osborne Clarke, PAQT Advocaten, PMV, Portelio, PwC Legal, Quinz, Rooryck & Co, Saffelberg Investments, Schoups, Schuermans Advocaten, SDM-Valorum, Simont Braun, Sofindev, Standard Investment, Stibbe, Strelia, Tilia Law, Van Bael & Bellis, Van Olmen & Wynant, Vandelanotte, Vendis Capital, Verhaegen Walravens, Verlinvest, Vervisch, Vobis Advocaten and Willkie Farr & Gallagher.