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Frankfurt/Main – CMS has announced the findings of the 16th edition of the CMS European M&A Study 2024, offering an in-depth analysis of the mergers and acquisitions landscape based on transactions CMS advised on. The Study analyses a record 559 deals throughout 2023, indicating the resilience and adaptability of the European M&A market amidst challenging global conditions. The high number of completed deals is testament to CMS’s strength in the market, despite the well-documented general downturn in deal activity across the globe. The 2024 Study reveals key trends in the M&A sector, including a notable shift in deal-making strategies, a rise in ESG due diligence and strategic investments outpacing financial investments. Despite a complex macroeconomic environment, the Study identifies a robust pipeline of deals for 2024, underpinned by a gradual stabilisation in the market, with lower interest rates and lower inflation. Key Findings and Takeaways: Sustained Deal Activity: Despite geopolitical tensions and economic challenges, 2023 witnessed a resilient M&A market, with CMS advising on a record number of deals. This resilience signals a robust appetite for strategic acquisitions and a promising outlook for 2024. Pricing Structures Shift: There was a notable decrease in purchase price adjustments (PPAs) and earn-outs, suggesting a move towards more stable and predictable deal structures. This trend suggests increasing confidence in valuation accuracy and financial stability. However, the reduced use of locked box structures in smaller transactions indicates lingering uncertainty regarding pricing. ESG Still Emerging in Deal Considerations: While specific ESG due diligence has seen an uptick, rising to 47% from last year's 33%, the incorporation of ESG factors into deal structures remains modest. This area is expected to grow as regulatory and reputational pressures increase. Rise in Strategic Investments: The study observed a significant presence of strategic investors both as buyers and sellers, indicating a strategic reshaping of business portfolios in response to evolving market conditions. Risk Allocation: The standard limitation period for operational warranties, although reducing, remains between 12 to 24 months across most transactions, with liability caps below 50% of the purchase price being seen in the majority of cases, maintaining consistency with previous years.W&I Insurance Stability: The utilisation of Warranty & Indemnity insurance in European deals, particularly in the larger transactions, has stayed consistent with 2022 levels, with the UK leading in its use. Geopolitical and Economic Factors: The Study acknowledges the ongoing impact of geopolitical tensions and economic uncertainties on deal-making but also points to recovering confidence in the debt markets and potential boosts from election cycles. Louise Wallace, Global Head of the CMS Corporate/M&A Group, said: “The insights from this year's Study not only highlight the resilience of the European M&A market but also point towards interesting and evolving trends that will shape the future of deal-making. Our dedication to providing unparalleled guidance has never been more relevant.”Dr Malte Bruhns, Global Head of the CMS Corporate/M&A Group, added: “Our analysis reveals a market in transformation, adapting to global challenges while identifying new opportunities. This resilience and adaptability underline the strength of our M&A advisory services.” Conclusion: The CMS European M&A Study 2024 underscores an optimistic outlook for M&A activity in Europe in 2024, highlighting resilience amid economic challenges. Key trends indicate a shift towards seller-friendly dynamics and robust deal flow, fuelled by improved market confidence and strategic entry into new markets. Read the full CMS European M&A Study 2024 here. Press Con­tact presse@cms-hs. com

Hong Kong – The international law firm CMS is thrilled to announce the return of Mariel Dimsey as a Partner, effective March 1st, 2024. Mariel will take on the leadership of the Hong Kong Office of CMS Germany, bringing with her a wealth of experience and a stellar reputation in international commercial and investment arbitration. Most recently, Mariel served as the Sec­ret­ary-Gen­er­al of the Hong Kong International Arbitration Centre (HKIAC), where she played a pivotal role in enhancing the center's global prominence. During her tenure, she spearheaded initiatives to promote Hong Kong as a leading arbitration hub and contributed to the development of best practices in international dispute resolution. Prior to her role at HKIAC, Mariel was already Partner at CMS and Co-Head of the global CMS International Arbitration Group. Her more than 15 years of experience as an adviser and advocate in numerous international arbitrations have solidified her standing as a preeminent specialist in both common law and civil law disputes. Mariel's expertise extends to disputes involving Chinese parties, and her full professional fluency in German adds an additional layer of versatility to her practice. Mariel is widely recognized for her contributions to the field and is consistently ranked in both regional and global editions of the leading legal directories. As an arbitrator, she has served under the rules of prominent institutions such as HKIAC, ICC, KCAB, and DIS, and she holds positions on the arbitrator panels of several institutions. In addition to her professional achievements, Mariel has served as the past co-chair of the HK45 Committee and is a respected member of the WILHK Advisory Board. Her dedication to fostering collaboration and advancing the field of international arbitration further exemplifies her commitment to the legal community."I am excited to return to CMS and lead the Hong Kong office. CMS has a dynamic global platform, and I look forward to contributing to the continued growth and success of the firm's international arbitration practice," said Mariel Dimsey."We are excited to welcome Mariel back to CMS, where she will play a key role in leading our Hong Kong office and contributing to the growth of our international arbitration practice. Her extensive experience and global perspective will undoubtedly strengthen our position as a leading law firm," said Dr Nicolas Wiegand, partner at CMS and predecessor as Head of the Hong Kong Office. In the future, Nicolas Wiegand will divide his time between Hong Kong and the USA, collaborating closely with Mariel to further propel the success of the team in Hong Kong. Mariel's return marks a significant milestone for CMS, reinforcing the firm's commitment to providing top-tier legal cross-border legal services, and to its Asian international arbitration practice. Press Con­tact presse@cms-hs. com

AI startup Xayn and international business law firm CMS develop Europe's first sovereign Legal Large Language Model and Legal Copilot Lawyers can use Noxtua to analyze, review, and summarize legal texts  Noxtua specializes in legal texts and meets the high requirements of legal professional secrecy and data protection reg­u­la­tion­sNox­tua is a sovereign and secure European alternative to US AI tools   

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