Inflation, high interest rates, wars, and doubts about Germany's position — 2023 was an incredibly challenging year for transactions. Nevertheless, with the right timing and a bit of luck, unique deals were closed. Six outstanding transactions were recently honoured by Börsen-Zeitung, in partnership with PwC, at the Corporate Finance Awards.

Joachim Englert, Partner at PwC Germany, admitted at the start of the dinner event in Frankfurt that he had been too optimistic in his assessment of the 2023 transaction market. Private equity firms were involved in about 3,600 transactions, around 10% fewer than the previous year, according to a PwC report. However, he emphasised the importance of tipping the hat to the award winners. In 2024, the self-proclaimed „professional optimist“ also assessed the environment as difficult – nonetheless, there is a lot of capital available, there is a significant backlog of investment, and there is pressure for transformation. Above all, the anticipated interest rate cuts lead him to believe in a strong year ahead.

Schott Pharma received the Corporate Finance Award in the IPO category for its stock market debut. The opening price was 30 euros, with an issue price of 27 euros. Today, the stock is hovering around the 40 euro mark. Thomas Schoening, Vice President Finance at Schott, highlighted „timing the IPO correctly“ as a key success factor. Schott Pharma CFO Almuth Steinkühler said that new acquisitions are a possibility.

Dominik Asam, who became SAP CFO a year ago, passed his award in the Large Caps category down to Georg Kniese, Global Head of Corporate Development/M&A, who led the sale of the US subsidiary Qualtrics („Georg, a superb job“). Asam recalled that just before the deal was finalised, Silicon Valley Bank went bankrupt. „I thought that was it," he said. In the end, SAP made a significant net profit of 1.4 billion dollars.

In the M&A Mid & Small Caps category, CFO Steffen Bätjer accepted the award for Fielmann. With the acquisition of two American firms, the company is entering the world's largest optical market. Fast service, affordable glasses – the US market seems to have been waiting for a provider like Fielmann. Business there is growing at double digits, Bätjer said.

„Do not succumb to deal fever“ – that was the warning from Stephan Leithner, designated CEO of Deutsche Börse. The exchanges operator received the award in the Digital category for the acquisition of Danish software provider Simcorp, valued at 3.9 billion euros. M&A makes an important contribution to moving Germany forward, Leithner said, referring to the location debate. Another is Capital Markets Union, which is currently a focus at the highest political level.

Confidence is also a significant success factor. „Absolutely deserved“, said Daniel Pindur, Managing Partner of CVC, about the award in the Private Equity category for forging a global industrial gas corporation together with the Messer family. „Family and PE don't mix, is not true“, Pindur commented, saying that he looks forward to more such deals in the years to come.

Fortunate timing cannot be denied for family-owned Viessmann Group's sale of its heating division to US company Carrier Global for 12 billion euros – a transaction done in the midst of the heat pump hype. Christopher Höfer, Investment Manager at Viessmann, however, also emphasised the importance of „responsibility for climate and future generations“. The two firms won the M&A category award.