Austrian Company Mergers and Acquisitions Rise in 2024

Austrian Company Mergers and Acquisitions Rise in 2024

The €803 million sale of Cellnex’s Austrian mobile towers to a Franco-German consortium was among the biggest deals of 2024. Image: APA/dpa/Christoph Dernbach

 

The number of mergers and acquisitions (M&A) announced in 2024 rose by 7.9%, though the total value of deals fell sharply by 24.2%, according to a report by consultancy firm EY.

A total of 245 deals were recorded last year, amounting to a combined value of €5 billion.

EY said the trend reflects wider market conditions. The largest deal of the year was the €803 million sale of Austrian mobile phone towers by Spain’s Cellnex.

“The market has stabilised after the uncertainties of recent years, though at a lower level that could establish itself as the ‘new normal’ in the medium term,” said Eva-Maria Berchtold, Head of Strategy and Transactions at EY Austria.

Economic Pressures Take Their Toll

Austria’s M&A market in 2024 felt the pinch from geopolitical tensions, including the war in Ukraine, rising borrowing costs and regulatory uncertainty.

Among the biggest deals were the €803 million sale of Cellnex’s Austrian mobile towers to a Franco-German consortium and the €510 million acquisition of Knab Bank by Austria’s BAWAG.

Other notable transactions included RHI Magnesita’s €400 million purchase of Resco Products, Mayr-Melnhof’s €360 million sale of Tannpapier GmbH to Evergreen Hill Enterprise, and Swedish firm ASSA ABLOY AB’s €340 million acquisition of Skidata, a ticketing and access system provider.

Technology and Industry Lead The Way

The technology and media sector saw the highest transaction value, totalling €1.5 billion. The industrial sector, however, recorded the most deals, with 83 transactions, closely followed by 70 in the technology sector.

EY highlighted that roughly 90% of transactions were strategic, involving spin-offs or sales of underperforming assets. Private equity activity remained limited in Austria, with few deals taking place.

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