In 2007, 2009, 2012, 2016 and 2020, we have organized M&A Surveys regarding the use of certain recurring elements in share purchase agreements that are used for company acquisitions. These M&A Surveys covered transactions concluded in the period 2004-2020. The results of our research were published in this law review.

In order to ensure that the results of the M&A Survey remain current and to identify new trends in the M&A market, we have organized a sixth edition of the M&A Survey in the summer of 2025, covering the period from 2020 until 2025. This sixth edition of the M&A Survey was realized with the support of the investment companies, financial service providers and law firms listed below (*). The Belgian Venture Capital & Private Equity Association (www.privatecapital.be) has again actively supported the M&A Survey.

The sixth edition is the most extensive M&A Survey to date, covering more than 500 deals signed in the period 2020 - 2025 and a total deal value of more than 28 billion euros.

The M&A Survey is based only on transactions whereby a buyer acquires a controlling stake in a non-listed Belgian company following a share deal. The participants provided detailed feedback on well over 500 such deals signed in the reporting period. After elimination of non-qualifying transactions and doubles, the analysis was based on 506 unique deals with a combined deal value of more than EUR 28 billion. The transactions included in this sixth edition of the M&A Survey are now divided into four categories: (i) deals with a transaction value less than EUR 10 million, (ii) transaction values between EUR 10 million and EUR 50 million, (iii) transaction values between EUR 50 million and EUR 250 million and (iv) transaction values higher than EUR 250 million.

All reported transactions were analysed and verified for internal consistency and anomalies. The confidentiality of the reported transactions was at all times guaranteed and fully respected. Participants were not asked to provide names or other details which could prejudice the anonymous character of the inquiry.

The allocation of the reported transactions between the categories is as follows:

Deal category Deal value Percentage

Cat. I < EUR 10 million 45%

Cat. II ≥ 10 million EUR and < 50 million EUR 35%

Cat. III ≥ 50 million EUR and < 250 million EUR 15%

Cat. IV ≥ 250 million EUR 5%

(*) A&O Shearman, Ace Law, Ackermans & van Haaren, Agio Legal, AKD, Altius, Andersen in Belgium, Antaxius Advocaten, Argo Law, Arvesta, Ashurst Perkins Coie, Astrea, Baker McKenzie, BDO Belgium, BDO Legal, Beyond Law Firm, Cadanz, Cambrian, Cazimir, Cleary Gottlieb Steen & Hamilton, Clifford Chance, contrast, ConSenso Advocaten, CoTra Law, Cresco, Crowell & Morning, De Bock & Baluwé, De Groote - De Man, Degroof Petercam Corporate Finance, Deloitte Legal, Dentons, DLPA Advocaten, Dovesco, Dumon Sablon & Vanheeswijck, Elegis, Eubelius, Eversheds Sutherland, EY Law, Fibiz Partners, Fieldfisher Belgium, Forvis Mazars, Four & Five, Freshfields Bruckhaus Deringer, Gimv, Grant Thornton Belgium, GSJ Advocaten, Henc, ING, Integra, Intinya, Intui, Invale, Janson, Jones Day, Oaklins KBC Securities, Korys, K/Partners, KPMG Law, Laurius, Lawtree Advocaten, Liedekerke, Lievens, Linklaters, Litiguard, Loyens & Loeff, LRM, Lydian, Monard Law, Moore Corporate Finance, Moore Law, MVVP, NautaDutilh, Nelissen Grade Advocaten, Noma, Nuans, Obolos, Olislaegers & De Creus, Osborne Clarke, PAQT Advocaten, PMV Participatiemaatschappij Vlaanderen, Portelio, Profinpar Equity Partners, PwC Legal, Quorum Law, Rooryck & Co, Saffelberg Investments, Schoups, Schuermans Advocaten, Simont Braun, Sofindev, Stibbe, Strelia, Tilia Law, Tuerlinckx Tax Lawyers, Van Bael & Bellis, Van Olmen & Wynant, Vandelanotte, VDP, Vendis Capital, Verlinvest, Vervisch Overnamebegeleiding, Vybros Capital Partners, Vobis Advocaten, Waterland Private Equity, White & Case and Willkie Farr & Gallagher with the support of Private Capital Belgium