{"id":4400,"date":"2023-06-12T13:17:09","date_gmt":"2023-06-12T11:17:09","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=4400"},"modified":"2023-06-13T10:56:19","modified_gmt":"2023-06-13T08:56:19","slug":"egy-ketarcu-ev-reszben-varatlan-fejlemenyekkel-atfogoan-elemezte-az-ma-piacot-a-dla-piper","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2023\/06\/egy-ketarcu-ev-reszben-varatlan-fejlemenyekkel-atfogoan-elemezte-az-ma-piacot-a-dla-piper\/","title":{"rendered":"Egy k\u00e9tarc\u00fa \u00e9v, r\u00e9szben v\u00e1ratlan fejlem\u00e9nyekkel \u2013 \u00e1tfog\u00f3an elemezte az M&A piacot a DLA Piper"},"content":{"rendered":"\t\t
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A 2021-es rekord\u00e9v ut\u00e1n v\u00e1ltoz\u00f3 aktivit\u00e1s jellemezte a v\u00e1llalatfelv\u00e1s\u00e1rl\u00e1si piacot 2022-ben, \u00f6sszess\u00e9g\u00e9ben azonban pozit\u00edvabban z\u00e1rult az \u00e9v, mint ahogy azt a piaci szerepl\u0151k a balj\u00f3s el\u0151jelek alapj\u00e1n v\u00e1rt\u00e1k \u2013 mutat r\u00e1 a DLA Piper akviz\u00edci\u00f3s piac (M&A) elm\u00falt \u00e9v\u00e9r\u0151l, illetve v\u00e1rhat\u00f3 trendjeir\u0151l k\u00e9sz\u00edtett nemzetk\u00f6zi \u00e9ves jelent\u00e9se. Az id\u00e9n imm\u00e1r kilencedik alkalommal megjelent Global M&A Intelligence Report 2023 a nemzetk\u00f6zi tapasztalatok \u00f6sszehasonl\u00edt\u00e1sa mellett a felv\u00e1s\u00e1rl\u00e1si piacot legink\u00e1bb befoly\u00e1sol\u00f3 t\u00e9nyez\u0151ket is \u00f6sszegzi a 2022-ben a DLA Piper k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel vil\u00e1gszerte megval\u00f3sult t\u00f6bb mint 800 \u00fcgylet alapj\u00e1n, t\u00e1maszkodva egy\u00fattal a tan\u00e1csad\u00f3 c\u00e9g 2018-2021 k\u00f6z\u00f6tt feldolgozott t\u00f6bb mint 2500 \u00fcgylet\u00e9nek tanuls\u00e1gaira.<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Rekord\u00e9v ut\u00e1n normaliz\u00e1l\u00f3d\u00e1s<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Az egyre sz\u0171k\u00fcl\u0151 \u00e9s dr\u00e1gul\u00f3 finansz\u00edroz\u00e1si forr\u00e1sokra tekintettel a 2021-es rekord \u00e9v ut\u00e1n valamennyi M&A piaci szerepl\u0151 visszaes\u00e9st v\u00e1rt a 2022-es \u00e9vre. J\u00f3llehet, ez be is k\u00f6vetkezett, azonban nem eg\u00e9szen a v\u00e1rakoz\u00e1soknak megfelel\u0151en: a megel\u0151z\u0151 rekord \u00e9v lend\u00fclete m\u00e9g 2022 els\u0151 fel\u00e9ben is kitartott, \u00edgy az \u00e9v m\u00e1sodik fel\u00e9ben bek\u00f6vetkez\u0151 visszaes\u00e9s ellen\u00e9re az M&A piac \u00e9ves aktivit\u00e1sa \u00f6sszes\u00e9g\u00e9ben meghaladta a pand\u00e9mia el\u0151tti szintet. A m\u00e1sodik f\u00e9l\u00e9vben m\u00e1r \u00e9rz\u00e9kelhet\u0151 cs\u00f6kken\u0151 piaci aktivit\u00e1s okai k\u00f6zismertek: az Ukrajn\u00e1ban d\u00fal\u00f3 h\u00e1bor\u00fa \u00e9s a fokoz\u00f3d\u00f3 geopoltikai bizonytalans\u00e1gok, az energia\u00e1rak robban\u00e1sa, rekord infl\u00e1ci\u00f3, sz\u0171k\u00fcl\u0151 \u00e9s dr\u00e1gul\u00f3 finansz\u00edroz\u00e1si forr\u00e1sok. Mivel ezen k\u00f6r\u00fclm\u00e9nyek v\u00e1ltozatlanul vel\u00fcnk vannak, el\u0151rel\u00e1that\u00f3lag a 2023-as \u00e9vben is egy oldalaz\u00f3, hull\u00e1mz\u00f3 M&A piacot l\u00e1thatunk, ahol jelent\u0151s k\u00fcl\u00f6nbs\u00e9gek lehetnek az egyes lok\u00e1lis, illetve region\u00e1lis piacok aktivit\u00e1s\u00e1ban.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\tT\u00f6ltse le a riportot!\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\tDLA Piper Global M&A Intelligence Report 2023\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\t\u00c9rdekel a riport\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\u201eA tavalyi \u00e9v sor\u00e1n \u00f6sszes\u00e9g\u00e9ben er\u0151teljes M&A aktivit\u00e1st tapasztaltunk vil\u00e1gszerte. Ez a k\u00f6z\u00e9p-kelet-eur\u00f3pai r\u00e9gi\u00f3ra (CEE) is igaz. Sz\u00e1mos mag\u00e1nt\u0151ke-befektet\u0151 gyors\u00edtotta fel az exitj\u00e9t, ami a nemzetk\u00f6zi strat\u00e9giai befektet\u0151k sz\u00e1m\u00e1ra kiv\u00e1l\u00f3 akviz\u00edci\u00f3s lehet\u0151s\u00e9get teremtett. A kih\u00edv\u00e1sokkal teli k\u00f6rnyezetben a glob\u00e1lis, illetve nagy nemzetk\u00f6zi v\u00e1llalatok m\u00e9g er\u0151teljesebben folytatt\u00e1k m\u0171k\u00f6d\u00e9s\u00fck racionaliz\u00e1l\u00e1s\u00e1t; ez gyakran a f\u0151tev\u00e9kenys\u00e9g\u00fck\u00f6n, illetve a f\u0151 piacaikon k\u00edv\u00fcl es\u0151 \u00e1gazatok \u00e9s t\u00e1rsas\u00e1gok lev\u00e1laszt\u00e1s\u00e1t \u00e9s \u00e9rt\u00e9kes\u00edt\u00e9s\u00e9t eredm\u00e9nyezte. Ezen folyamatok jelent\u0151sen k\u00f6zrej\u00e1tszottak abban, hogy a f\u00e9lt dr\u00e1mai M&A piaci lefullad\u00e1s v\u00e9g\u00fcl nem k\u00f6vetkezett be\u201d \t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u2013 \u00f6sszegezte Moln\u00e1r G\u00e1bor, partner, a DLA Piper Hungary t\u00e1rsas\u00e1gi jogi \u00e9s M&A csoportvezet\u0151je.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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A hazai piacot a k\u00fclf\u00f6ldi befektet\u00e9sek uralj\u00e1k, ugyanakkor egyre t\u00f6bb magyarorsz\u00e1gi befektet\u0151 keres c\u00e9lpontokat a hat\u00e1rokon t\u00fal, m\u00e9gpedig els\u0151sorban a k\u00f6z\u00e9p-kelet-eur\u00f3pai \u00e9s a balk\u00e1ni r\u00e9gi\u00f3n bel\u00fcl. Az ut\u00f3bbi id\u0151ben \u00e9rz\u00e9kelhet\u0151 ugyanakkor a nyugat eur\u00f3pai c\u00e9lpontokra ir\u00e1nyul\u00f3, fokoz\u00f3d\u00f3 hazai befektet\u0151i figyelem. Az \u00e9rdekl\u0151d\u00e9s sz\u00e9lesk\u00f6r\u0171 \u2013 a p\u00e9nz\u00fcgyi \u00e9s a t\u00e1vk\u00f6zl\u00e9si szektort\u00f3l kezdve, az ingatlanbefektet\u00e9seken \u00e1t, a gyorsan forg\u00f3 fogyaszt\u00e1si cikkek (FMCG) piac\u00e1t is fel\u00f6leli.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\u201eA 2022-es \u00e9v a p\u00e9nz\u00fcgyi \u00e9s \u00fczletviteli szolg\u00e1ltat\u00e1sok piaca szempontj\u00e1b\u00f3l is kedvez\u0151en alakult a r\u00e9gi\u00f3ban, els\u0151sorban a szab\u00e1lyozott ipar\u00e1gakban \u2013 mint az eg\u00e9szs\u00e9g\u00fcgy \u00e9s energia szektor \u2013 tapasztalt aktivit\u00e1snak k\u00f6sz\u00f6nhet\u0151en. Az \u00e9v m\u00e1sodik fel\u00e9t\u0151l kezd\u0151d\u0151 tranzakci\u00f3s volumen cs\u00f6kken\u00e9s viszont 2023-ban is folytat\u00f3dni l\u00e1tszik, b\u00e1r az \u00e9ves visszarendez\u0151d\u00e9s m\u00e9rt\u00e9ke els\u0151sorban a gazdas\u00e1gi, p\u00e9nz\u00fcgyi \u00e9s finansz\u00edroz\u00e1si k\u00f6r\u00fclm\u00e9nyek alakul\u00e1s\u00e1t\u00f3l fog f\u00fcggeni\u201d \t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u2013 tette hozz\u00e1 Herodek R\u00f3bert, a DLA Piper Hungary p\u00e9nz\u00fcgyi \u00e9s \u00fczleti tan\u00e1csad\u00e1si szolg\u00e1ltat\u00e1st ny\u00fajt\u00f3 magyar le\u00e1nyv\u00e1llalata, a DLA Piper Business Advisory Kft. szenior igazgat\u00f3ja.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Tranzakci\u00f3s felt\u00e9telek<\/b><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A v\u00e1rakoz\u00e1sokat megc\u00e1fol\u00f3 fejlem\u00e9nyeknek lehett\u00fcnk tan\u00fai a tranzakci\u00f3s felt\u00e9telek kapcs\u00e1n is. M\u00edg egy lassul\u00f3 piacon, ahol kevesebb a vev\u0151, azt lehetne v\u00e1rni, hogy az \u00fcgyletek felt\u00e9telrendszere a vev\u0151k jav\u00e1ra billen el, a tavalyi \u00e9v sor\u00e1n nem tapasztalatunk ebbe az ir\u00e1nyba mutat\u00f3 jelent\u0151s v\u00e1ltoz\u00e1st. A kor\u00e1bbi \u00e9veket jellemz\u0151 olyan “elad\u00f3 bar\u00e1t” megold\u00e1sok, mint a viszonylag r\u00f6vid elad\u00f3i felel\u0151ss\u00e9gv\u00e1llal\u00e1si id\u0151tartamok, a szavatoss\u00e1g biztos\u00edt\u00e1s (W&I insurance) sz\u00e9les k\u00f6r\u0171 alkalmaz\u00e1sa, tov\u00e1bb\u00e1 az el\u0151re r\u00f6gz\u00edtett v\u00e9tel\u00e1rat alkalmaz\u00f3 strukt\u00far\u00e1k (\u00fan. locked box) tov\u00e1bbra is \u00e1ltal\u00e1nos n\u00e9pszer\u0171s\u00e9gnek \u00f6rvendtek, a vev\u0151k \u2013 legal\u00e1bbis egyel\u0151re \u2013 nem ragaszkodtak ezek szigor\u00edt\u00e1s\u00e1hoz.<\/p>

Az akviz\u00edci\u00f3s szerz\u0151d\u00e9sek al\u00e1\u00edr\u00e1s \u00e9s a tranzakci\u00f3 lez\u00e1r\u00e1s\u00e1nak id\u0151beli kett\u00e9v\u00e1l\u00e1sa a nagy \u00e9rt\u00e9k\u0171 \u00fcgyletek eset\u00e9n rendk\u00edv\u00fcl gyakori volt (89%), \u00e9s a kisebb \u00e9rt\u00e9k\u0171 tranzakci\u00f3k t\u00f6bbs\u00e9g\u00e9n\u00e9l is ez volt megfigyelhet\u0151. Ennek az id\u0151beli sz\u00e9tv\u00e1l\u00e1snak egyr\u00e9szt a versenyhat\u00f3s\u00e1gi enged\u00e9lyez\u00e9si k\u00f6telezetts\u00e9g (f\u00fazi\u00f3kontroll) \u00e9s a versenyhat\u00f3s\u00e1gok szigor\u00fabb\u00e1 v\u00e1l\u00f3 ellen\u0151rz\u00e9se volt az oka. Ahol val\u00f3s\u00e1gos robban\u00e1st lehetett tapasztalni, az a k\u00fclf\u00f6ldiek \u00e1ltal v\u00e9grehajtott befektet\u00e9sek hat\u00f3s\u00e1gi enged\u00e9lyez\u00e9sre vonatkoz\u00f3 (\u00fan. FDI screening) k\u00f6telezetts\u00e9g sz\u00e9lesk\u00f6r\u0171v\u00e9 v\u00e1l\u00e1sa. M\u00edg haz\u00e1nkban m\u00e1r \u00e9vek \u00f3ta egy\u00fctt \u00e9l az M&A piac ezzel a rezsimmel, 2022 folyam\u00e1n nagyon sok orsz\u00e1g vezette be ezen hat\u00f3s\u00e1gi sz\u0171r\u00e9st, ide\u00e9rtve t\u00f6bbek k\u00f6z\u00f6tt Rom\u00e1ni\u00e1t, Szlov\u00e1ki\u00e1t, Hollandi\u00e1t \u00e9s Kanad\u00e1t. Ezen hat\u00f3s\u00e1gi enged\u00e9lyez\u00e9si elj\u00e1r\u00e1sok sok esetben \u00f6nmagukban is a tranzakci\u00f3k hosszabb id\u0151beli lefoly\u00e1s\u00e1t eredm\u00e9nyezt\u00e9k, k\u00fcl\u00f6n\u00f6s tekintettel arra, hogy \u2013 mint minden \u00faj szab\u00e1lyoz\u00e1s eset\u00e9n \u2013 a precedensek, kialakult gyakorlatok hi\u00e1nya jellemz\u0151en nem tett lehet\u0151v\u00e9 ezen \u00faj hats\u00e1gi enged\u00e9lyez\u00e9sek gyors lefolytat\u00e1s\u00e1t. A hazai FDI enged\u00e9lyez\u00e9s alkalmaz\u00e1si k\u00f6re k\u00fcl\u00f6n\u00f6sen sz\u00e9les (t\u00f6bbek k\u00f6z\u00f6tt az EU-s befektet\u0151k magyarorsz\u00e1gi befektet\u00e9seire is kiterjed, az enged\u00e9lyez\u00e9si \u00e9rt\u00e9khat\u00e1rok alacsonyak, az enged\u00e9lyez\u00e9s k\u00f6r\u00e9be es\u0151 tev\u00e9kenys\u00e9gi k\u00f6r\u00f6k sz\u00e1mosak), \u00edgy a hat\u00e1ron \u00e1tny\u00fal\u00f3 tranzakci\u00f3k hazai szegmens\u00e9ben nagyon ritka az olyan akviz\u00edci\u00f3, ahol az FDI enged\u00e9lyez\u00e9s ne mer\u00fclne fel.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Bizonytalan k\u00f6rnyezet \u2013 teljes\u00edtm\u00e9nyhez k\u00f6t\u00f6tt v\u00e9tel\u00e1r<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A korai \u00e9letszakaszukban j\u00e1r\u00f3 c\u00e9gek \u00e9rt\u00e9kes\u00edt\u00e9se sor\u00e1n jellemz\u0151en nehezebb a c\u00e9g teljes\u00edtm\u00e9ny\u00e9nek megb\u00edzhat\u00f3 el\u0151rejelz\u00e9se, tov\u00e1bb\u00e1 az alap\u00edt\u00f3k akt\u00edv r\u00e9szv\u00e9tele a c\u00e9g m\u0171k\u00f6d\u00e9s\u00e9ben az \u00e9rt\u00e9kes\u00edt\u00e9st k\u00f6vet\u0151en is jelent\u0151sen befoly\u00e1solhatja a c\u00e9g eredm\u00e9nyeit. Ilyen helyzetekben eddig is gyakran lehetett tal\u00e1lkozni oly m\u00f3don struktur\u00e1lt v\u00e9tel\u00e1rral, amelynek egy r\u00e9sze a c\u00e9g akviz\u00edci\u00f3 ut\u00e1ni teljes\u00edtm\u00e9ny\u00e9t\u0151l f\u00fcgg \u00e9s az elad\u00f3nak a t\u00e1rsas\u00e1g m\u0171k\u00f6d\u00e9s\u00e9ben val\u00f3 tov\u00e1bbi r\u00e9szv\u00e9tel\u00e9n alapul (\u00fan. earn-out). A 2022-es \u00e9vet jellemz\u0151 sz\u00e9lesk\u00f6r\u0171, fokoz\u00f3d\u00f3 bizonytalans\u00e1gok \u00e9s az azzal egy\u00fctt j\u00e1r\u00f3 \u00e9rt\u00e9kel\u00e9si neh\u00e9zs\u00e9gek f\u00e9ny\u00e9ben tal\u00e1n nem is annyira meglep\u0151, hogy a tavalyi \u00e9vben az earn-out alkalmaz\u00e1sa jelent\u0151sen gyakoribb\u00e1 v\u00e1lt. 2021-hez k\u00e9pest tavaly 20%-kal t\u00f6bb tranzakci\u00f3ban haszn\u00e1lt\u00e1k a felek ezen megk\u00f6zel\u00edt\u00e9st, r\u00e1ad\u00e1sul most m\u00e1r nemcsak a kisebb\/korai f\u00e1zis\u00fa (jellemz\u0151en 25 milli\u00f3 EUR \u00e9rt\u00e9k\u0171) t\u00e1rsas\u00e1gokat \u00e9rint\u0151 szegmensben, hanem az \u00e9rettebb f\u00e1zis\u00fa \u00e9s nagyobb \u00e9rt\u00e9k\u0171 (EUR 25-100 milli\u00f3) \u00fcgyeletekben is gyakoriv\u00e1 v\u00e1lt alkalmaz\u00e1suk.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Rivaldaf\u00e9nyben az ESG-megfelel\u00e9s<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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B\u00e1r a tavalyi \u00e9vben megval\u00f3sult \u00fcgyletek kapcs\u00e1n egy\u00e9rtelm\u0171en meg\u00e1llap\u00edthat\u00f3 az ESG szempontok egyre jelent\u0151sebb s\u00falya, \u00f6sszes\u00e9g\u00e9ben elmondhat\u00f3, hogy a ter\u00fclet komplexit\u00e1s\u00e1ra, a dinamikusan v\u00e1ltoz\u00f3 szab\u00e1lyoz\u00e1si k\u00f6zegre tekintettel nemcsak az \u00fcgyfelek, hanem a tan\u00e1csad\u00f3i szektor is jav\u00e1ban a tanul\u00e1si f\u00e1zisn\u00e1l tart \u00e9s pr\u00f3b\u00e1l fog\u00e1st tal\u00e1lni ezen a hatalmas ter\u00fcleten. Az ESG szempontok s\u00falya nagym\u00e9rt\u00e9kben f\u00fcgg att\u00f3l, hogy milyen ipar\u00e1gban, mekkora oper\u00e1ci\u00f3val \u00e9s mely orsz\u00e1gokban m\u0171k\u00f6dik az adott piaci szerepl\u0151. A viszonylag fejlett gazdas\u00e1gokban 2022-ben m\u00e1r gyakoriv\u00e1 v\u00e1lt a dedik\u00e1lt ESG \u00e1tvil\u00e1g\u00edt\u00e1s, ugyanakkor azok jellemz\u0151en szem\u00e9lyre \u00e9s tranzakci\u00f3ra szabott vizsg\u00e1latok voltak, azaz a “szok\u00e1sos” jogi-, p\u00e9nz\u00fcgyi-, ad\u00f3 \u00e1tvil\u00e1g\u00edt\u00e1sokkal ellent\u00e9tben az ESG \u00e1tvil\u00e1g\u00edt\u00e1s m\u00e9g sokkal kev\u00e9sb\u00e9 standardiz\u00e1l\u00f3dott, nem v\u00e1lt “tranzakci\u00f3s t\u00f6megterm\u00e9kk\u00e9”. A tavalyi \u00e9vben tapasztalt trend azonban egy\u00e9rtelm\u0171en az ESG tov\u00e1bbi t\u00e9rnyer\u00e9s\u00e9t vet\u00edti el\u0151re.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\tA tanulm\u00e1nyr\u00f3l<\/b>

A DLA Piper tan\u00e1csad\u00f3 c\u00e9g imm\u00e1r kilencedik alkalommal \u00e1ll\u00edtotta \u00f6ssze a Global M&A Intelligence Reportot, amelynek keret\u00e9ben id\u00e9n k\u00f6zel 800*, 2022-ben megval\u00f3sult tranzakci\u00f3t dolgozott fel. Az elemz\u00e9s meg\u00e1llap\u00edt\u00e1saihoz a tavalyi \u00e9v \u00fcgyletei mellett a kor\u00e1bbi, 2015-2021-es id\u0151szakot fel\u00f6lel\u0151, \u00f6sszesen t\u00f6bb mint 5000 tranzakci\u00f3b\u00f3l \u00e1ll\u00f3 M&A adatb\u00e1zisa is alapul szolg\u00e1lt.\n*Eloszl\u00e1s: Eur\u00f3pa kontinent\u00e1lis orsz\u00e1gai: 170 db, Egyes\u00fclt Kir\u00e1lys\u00e1g: 120 db, Skandin\u00e1via: 200 db, USA: 250 db, \u00c1zsia \u00e9s a Csendes-\u00f3ce\u00e1ni t\u00e9rs\u00e9g: 50 db \t\t\t<\/p>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Szerz\u0151k: Moln\u00e1r G\u00e1bor, Herodek R\u00f3bert<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\"Molnar_Gabor_DLA\"\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\tMoln\u00e1r G\u00e1bor\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tPartner,

T\u00e1rsas\u00e1gi jogi \u00e9s M&A Csoportvezet\u0151\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t

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\n\t\t\t\t\t\t\tMoln\u00e1r G\u00e1bor\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\tG\u00e1bor vezeti a DLA Piper Hungary t\u00e1rsas\u00e1gi jogi \u00e9s M&A csoportj\u00e1t. Sz\u00e9lesk\u00f6r\u0171 jogi tan\u00e1csad\u00e1si tapasztalattal rendelkezik hat\u00e1ron \u00e1tny\u00fal\u00f3 egyes\u00fcl\u00e9si \u00e9s felv\u00e1s\u00e1rl\u00e1si \u00fcgyek, t\u0151kepiaci tranzakci\u00f3k, komplex reorganiz\u00e1ci\u00f3k, valamint nagy \u00e9rt\u00e9k\u0171 t\u00e1rsas\u00e1gi jogvit\u00e1k ter\u00e9n.\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\"Herodek\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\tHerodek R\u00f3bert\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tSzenior igazgat\u00f3,

DLA Piper Business Advisory\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t

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\n\t\t\t\t\t\t\tHerodek R\u00f3bert\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\tR\u00f3bert kor\u00e1bban az Affidea, k\u00e9palkot\u00f3 diagnosztik\u00e1ra \u00e9s j\u00e1r\u00f3beteg-szolg\u00e1ltat\u00e1sra specializ\u00e1l\u00f3dott nemzetk\u00f6zi v\u00e1llalatcsoport M&A csapat\u00e1t vezette, ahol t\u00f6bb mint \u00f6tven sikeres M&A \u00fcgyletben vett r\u00e9szt az EMEA r\u00e9gi\u00f3ban. Ezt megel\u0151z\u0151en az egyik \u201ebig four\u201d szerbiai irod\u00e1j\u00e1ban ir\u00e1ny\u00edtotta a tranzakci\u00f3s tan\u00e1csad\u00e1si \u00fczlet\u00e1gat. 25 \u00e9ves tan\u00e1csad\u00f3i \u00e9s eg\u00e9szs\u00e9g\u00fcgyi ipar\u00e1gi tapasztalattal rendelkezik, szakter\u00fclete t\u00f6bbek k\u00f6z\u00f6tt az end-to-end M&A tan\u00e1csad\u00e1s, \u00fczlet\u00e9rt\u00e9kel\u00e9s \u00e9s egy\u00e9b tranzakci\u00f3s tan\u00e1csad\u00e1s. \n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Legfrissebb cikkeink M&A t\u00e9m\u00e1ban<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\"advocatus-header-ma\"<\/div><\/a>\n\t\t\t\t
Corporate, M&A | T\u00e1rsas\u00e1gi jog<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tMerre \u00e1ramlik a t\u0151ke? Rekordszint\u0171 felv\u00e1s\u00e1rl\u00e1si hull\u00e1m form\u00e1lja az M&A\u2011piacot\t\t\t<\/a>\n\t\t<\/h4>\n\t\t\t\t
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A v\u00e1llalati felv\u00e1s\u00e1rl\u00e1sok \u00e9s egyes\u00fcl\u00e9sek piaca tov\u00e1bbra is \u00e9rz\u00e9kenyen reag\u00e1l a geopolitikai \u00e9s makrogazdas\u00e1gi k\u00f6rnyezet v\u00e1ltoz\u00e1saira. A 2025\u2011\u00f6s \u00e9v a bizonytalans\u00e1gok ellen\u00e9re \u2013 r\u00e9szben \u00e9ppen azok hat\u00e1s\u00e1ra \u2013 az elm\u00falt \u00e9vtized egyik leger\u0151sebb id\u0151szaka volt: a glob\u00e1lis M&A\u2011volumen 41%-kal, 4,81 ezer milli\u00e1rd doll\u00e1rra n\u0151tt, amely minden id\u0151k m\u00e1sodik legmagasabb \u00e9rt\u00e9ke. <\/p>\n\t\t<\/div>\n\t\t\t\t\t

\n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2026-02-24\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\"advocatus_article\"<\/div><\/a>\n\t\t\t\t
Corporate, M&A | T\u00e1rsas\u00e1gi jog<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tRecent Updates on FDI Screening in Hungary\t\t\t<\/a>\n\t\t<\/h4>\n\t\t\t\t
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Read the interview with Andr\u00e1s Posztl, Country Managing Partner at DLA Piper Hungary.<\/p>\n\t\t<\/div>\n\t\t\t\t\t

\n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2025-12-17\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
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\"advocatus\"<\/div><\/a>\n\t\t\t\t
Corporate, M&A | T\u00e1rsas\u00e1gi jog<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tM&A \u00fcgyletek a v\u00e9delmi szektorban I. r\u00e9sz: a haditechnikai tev\u00e9kenys\u00e9gi enged\u00e9ly z\u00e1r\u00e1skori megsz\u0171n\u00e9s\u00e9b\u0151l fakad\u00f3 kock\u00e1zatok kezel\u00e9se\t\t\t<\/a>\n\t\t<\/h4>\n\t\t\t\t
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A cikkben a szab\u00e1lyoz\u00e1si h\u00e1tteret \u00e9s a lehets\u00e9ges tranzakci\u00f3s kezel\u00e9si technik\u00e1kat mutatj\u00e1k be a DLA Piper szak\u00e9rt\u0151 \u00fcgyv\u00e9dei.<\/p>\n\t\t<\/div>\n\t\t\t\t\t

\n\t\t\n\t\t\n\t\t\tTov\u00e1bb >>\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t\n\t\t\t2025-05-06\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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K\u00e9rd\u00e9se van? Keressen minket bizalommal!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tKapcsolatfelv\u00e9tel<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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K\u00f6vesse LinkedIn oldalunkat!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tDLA Piper Hungary<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

A 2021-es rekord\u00e9v ut\u00e1n v\u00e1ltoz\u00f3 aktivit\u00e1s jellemezte a v\u00e1llalatfelv\u00e1s\u00e1rl\u00e1si piacot 2022-ben, \u00f6sszess\u00e9g\u00e9ben azonban pozit\u00edvabban z\u00e1rult az \u00e9v, mint ahogy azt a piaci szerepl\u0151k a balj\u00f3s el\u0151jelek alapj\u00e1n v\u00e1rt\u00e1k \u2013 mutat r\u00e1 a DLA Piper akviz\u00edci\u00f3s piac (M&A) elm\u00falt \u00e9v\u00e9r\u0151l, illetve v\u00e1rhat\u00f3 trendjeir\u0151l k\u00e9sz\u00edtett nemzetk\u00f6zi \u00e9ves jelent\u00e9se. <\/p>\n","protected":false},"author":75,"featured_media":4410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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