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Carl Leermakers

Carl Leermakers


CMS DeBacker
Chaussée de La Hulpe 178
1170 Brussels
Languages Dutch, French, English

Carl Leermakers specializes in mergers and acquisitions and corporate transactional work. With more than twenty years of experience in these areas within CMS Belgium, his expertise ranges from advising on international corporate structures, over assisting clients in negotiating acquisitions, public offerings and take-over bids, to setting up leveraged buy-outs and exit strategies, tailoring W&I insurances and assessing and negotiating compliance with regulatory requirements. He also conducts litigation related to acquisitions, mostly claims on representations and warranties, including W&I insurance claims.

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Relevant experience

  • Advising the purchaser in a public takeover bid of a large Belgian banking and insurance company
  • IPO, Europe-wide, of financial instruments representing investments in ‘green energy’
  • Restructuring and refinancing (through tolling and securitisation) for the Belgian operations of an international group, (Legal 500 – 2008)
  • Advising international insurers on representations and warranties insurances linked to acquisitions in Belgium
  • Claims management for international insurers on around 60% of all claims involving, since 2007, more than 100 million EUR exposure for insurers in Belgium
  • Cross-border mergers of Belgian and EU banks and insurance companies
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  • 1989 - Katholieke Universiteit Leuven, KUL (Law Degree)
  • 1990 - Katholieke Universiteit Leuven, KUL (Postgraduate degree in Notarial Law)
  • 1990 - Bar admission (Brussels, Belgium)
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  • Head of the firm’s Insurance practice
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Sep 2018
CMS European M&A Out­look
Wel­come to the sixth edi­tion of the CMS European M&A Out­look, pub­lished in as­so­ci­ation with Mer­ger­mar­ket.560340ht­tps://me­dia.cmsleg­al.com/me­dia/em­bed?key=359d53310ff19bdc048fb1438aec07d0&unique_key=40f0ab7fd6ab47cd40a6d4555ce3a7f8&width=720&height=405&auto­play=false&auto­light­soff=false&loop=false&clean1al­wayseznode://499576The op­tim­ism amongst deal­makers we re­por­ted in au­tumn last year was well-foun­ded: the mar­ket has re­mained buoy­ant but the ques­tion now is can this op­tim­ism sur­vive in the cur­rent frac­tious in­ter­na­tion­al polit­ic­al en­vir­on­ment?Our for­ward-look­ing sur­vey paints a more nu­anced pic­ture than 12 months ago. For many, the sunny up­lands of M&A activ­ity are still in sight with cash-rich do­mest­ic and in­ter­na­tion­al ac­quirers, an on­go­ing drive for con­sol­id­a­tion and an ap­pet­ite for large trans­form­a­tion­al deals driv­ing the mar­ket in the year ahead. Oth­ers, how­ever, ques­tion this op­tim­ism and those ex­pect­ing European M&A to slow and fin­an­cial con­di­tions to worsen have mul­ti­plied, re­flect­ing more mod­er­ate GDP growth but per­haps more sig­ni­fic­antly, con­cern around geo­pol­it­ic­al risk and stock mar­ket volat­il­ity.Key find­ings from our re­search in­clude:M&A con­fid­ence rising. Nearly three-quar­ters of re­spond­ents are con­sid­er­ing a deal in the next 12 months and nearly 25% ex­pect European M&A to in­crease sig­ni­fic­antly (both up from last year’s sur­vey) show­ing con­fid­ence in the mar­ket is still ro­bust.Ap­pet­ite high among over­seas buy­ers. Re­spond­ents pre­dict that over­seas buy­ers will show grow­ing in­terest in the European mar­ket with the over­whelm­ing ma­jor­ity (92%) ex­pect­ing an in­crease in the num­ber of in­bound trans­ac­tions and nearly two-thirds an­ti­cip­at­ing a fur­ther up-tick in ag­greg­ate in­bound M&A in value for the year ahead.Fin­an­cing con­di­tions re­main buoy­ant. Fin­an­cing op­tions have mul­ti­plied as bank lend­ing cred­it stand­ards and terms and con­di­tions con­tin­ue to ease. Debt cap­it­al mar­kets are more li­quid and private debt and PE funds con­tin­ue to draw in cap­it­al.Our fea­tures in this year’s re­port in­clude art­icles on “Key trends af­fect­ing the European com­pli­ance and reg­u­lat­ory en­vir­on­ment” and, of par­tic­u­lar in­terest in these cur­rent un­cer­tain times, “The rise of pro­tec­tion­ist meas­ures” with­in the EU and oth­er European jur­is­dic­tions.We hope you find the European M&A Out­look in­ter­est­ing and by all means share the re­port with your col­leagues. Our an­nu­al CMS European M&A Study will be pub­lished in spring 2019 when we will re­port back on how this buoy­ant mar­ket has im­pacted M&A trans­ac­tion terms and con­di­tions.
CMS European M&A Study 2017
In geo­pol­it­ic­al terms, there has been noth­ing to com­pare with 2016 since the end of the Cold War. Neither Brexit nor the elec­tion of Pres­id­ent Trump was ex­pec­ted. The po­ten­tial im­pact of either event, let alone both, could reas­on­ably be an­ti­cip­ated to have giv­en rise to in­er­tia, con­fu­sion and un­cer­tainty. In fact, M&A has been re­mark­ably ro­bust.Al­though glob­al M&A value tumbled by 18% in 2016, the num­ber of deals re­mained con­stant. Over­all, 2016 was sim­il­ar in value and volume to 2014, a good year, but not as frothy as 2015. Re­mark­ably, Europe saw more deals than any oth­er re­gion in­clud­ing North Amer­ica.Des­pite the pre­vail­ing un­cer­tainty, there was a post-Brexit boom in the UK with for­eign ac­quirers tak­ing ad­vant­age of a much weak­er GBP. This in­flated European M&A fig­ures to such an ex­tent that Q4 was the best quarter for 2016. In­bound deals in­to Europe ex­ceeded the pre­vi­ous year by 36% in value terms.2017 presents more is­sues with polit­ic­al un­cer­tainty caused by French, Dutch and Ger­man elec­tions at a time when the UK has giv­en no­tice to leave the European Uni­on. North Amer­ic­an buy­ers may feel more in­clined to stay at home as they sense op­por­tun­it­ies in a newly pro­tec­ted and lower tax US en­vir­on­ment. Asi­an in­vestors, how­ever, re­main highly in­ter­ested in European tar­gets and the private equity in­dustry al­ways has an ex­ist­en­tial reas­on to pur­sue deal flow. Glob­al con­sol­id­a­tion in vari­ous in­dus­tries re­mains likely.European M&A will con­tin­ue to provide op­por­tun­it­ies.Our new CMS European M&A Study 2017 cov­ers over 3,200 deals and we fo­cus on the 443 CMS deals in 2016 and the 2,045 CMS deals in the peri­od 2010 – 2015 by way of com­par­is­on. We trust that the Study will as­sist you in your every­day M&A life.Or­der the com­plete CMS European M&A Study 2017 con­tain­ing 52 pages560340ht­tps://me­dia.cmsleg­al.com/me­dia/em­bed?key=1c7e08f36630e47aa170f773d4d1076c&unique_key=d4e8dff92bb8754995af9a3fa6f0f5b5&width=720&height=405&auto­play=false&auto­light­soff=false&loop=false&cleanal­wayseznode://499478


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CMS re­cog­nised for out­stand­ing M&A ad­vis­ory work
10 April 2020
Im­pact of the Coronavir­us on the or­gan­iz­a­tion of an­nu­al gen­er­al meet­ings...
Bel­gian au­thor­it­ies, like some of their European coun­ter­parts, have taken ex­treme meas­ures to fight the spread of Cov­id-19, in­clud­ing re­stric­tions on so­cial gath­er­ings. If these strong meas­ures con­tin­ue...
European M&A ex­ec­ut­ives cau­tious over deal­mak­ing pro­spects
European M&A Out­look 2019
CMS Bel­gi­um as­sisted Guard­Square and its share­hold­ers with an in­vest­ment...
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Naar re­delijke aans­prakelijkheid bedrijf­sleiders
Art­icle in De Tijd
31 January 2018
Ten things every in­surer should know
24 April 2017
CMS Guide to Man­dat­ory Of­fers and Squeeze-outs
CMS has as­sisted Chaussea in the ac­quis­i­tion of sev­er­al Brantano stores...
CMS European M&A Study: M&A ro­bust in 2016 and con­tinu­ing to provide op­por­tun­it­ies...
Brexit vote dampens deal­mak­ing ex­pect­a­tions, ac­cord­ing to sur­vey by CMS...
CMS European M&A Out­look 2016
CMS launches Glob­al Product Li­ab­il­ity Team in Lifes­ci­ences