Answers / M&A Advisory

What are the key differences between a share deal and an asset deal in the context of German M&A, and how would you advise a client to choose between the two?

A core M&A Advisory interview question — asked in analyst and associate interviews across IB, PE, and the Big 4.

THE SHORT ANSWER

In German M&A, a share deal involves the acquisition of the target company's shares, while an asset deal involves the acquisition of the target's assets. The key differences lie in the tax implications, liability assumptions, and regulatory requirements. I would advise the client to consider the target's tax profile, the level of liability associated with the assets, and the regulatory requirements applicable to the transaction when choosing between a share deal and an asset deal.

WHAT INTERVIEWERS LISTEN FOR

  • ✓Tax implications
  • ✓Liability assumptions
  • ✓Regulatory requirements

COMMON MISTAKES

  • ✗Failing to consider tax implications
  • ✗Ignoring liability assumptions

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