Transactions & Deals in Germany

Full guide · Source-checked research99% of statements checked against a source109 checked against an official source1 checked against a secondary sourceChecked 2026-10-18Not yet professionally reviewed

• The federal economics ministry may review whether the direct or indirect acquisition of a domestic company, or of a separable business unit or its essential operating assets, by a non-EU acquirer is likely to affect public order or security.

  Cross-sectoral review; acquirers from outside the EU (Unionsfremde).Bundesministerium der Justiz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• Investment review is triggered when a non-EU acquirer reaches 10 percent of the voting rights in companies in the most sensitive listed sectors, 20 percent in the other listed sectors, and 25 percent in any other domestic company.

  10%: companies listed in § 55a Abs. 1 Nr. 1–7 AWV; 20%: Nr. 8–27; 25%: all other domestic companies. Direct or indirect holdings after the acquisition.Bundesministerium der Justiz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• A non-EU acquirer must notify the federal economics ministry without delay after signing a contract to acquire a domestic company in any of the sectors listed in § 55a Abs. 1 Nr. 1–27 AWV.

  Mandatory notification for sector-listed targets; for public takeover offers, notification follows publication of the decision to make the offer.Bundesministerium der Justiz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• Sectors treated as most sensitive for investment screening include operators of critical facilities, makers of critical components and sector-specific software, certain telecoms and surveillance technology firms, large cloud providers, health telematics providers, influential media and providers of government communications infrastructure.

  § 55a Abs. 1 Nr. 1–7 AWV (10 percent review threshold); the list continues to Nr. 27 covering, among others, defence-related goods, artificial intelligence, quantum technology and pharmaceuticals.Bundesministerium der Justiz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• A concentration must be notified to the Bundeskartellamt if, in the last business year, the parties' combined worldwide turnover exceeded EUR 500 million, one party had German turnover above EUR 50 million and another party had German turnover above EUR 17.5 million.

  All three conditions must be met. Concentrations with an EU dimension are reviewed by the European Commission instead.Bundesministerium der Justiz und für Verbraucherschutz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• A transaction-value threshold also requires notification where combined worldwide turnover exceeds EUR 500 million, one party has German turnover above EUR 50 million, the consideration exceeds EUR 400 million and the target has substantial domestic activity, even though the target's German turnover does not exceed EUR 17.5 million.

  Aimed at acquisitions of targets with low turnover but high value (for example digital or pharmaceutical businesses).Bundesministerium der Justiz und für Verbraucherschutz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

• Acquiring at least 25% of the voting rights or capital, or another link giving competitively significant influence, or significant assets such as a production site or business division, can be a notifiable concentration.

  Bundeskartellamt summary of the concentration concept; full definitions in § 37 GWB (not reviewed).Bundeskartellamt · checked 2026-10-18

• The Bundeskartellamt can prohibit a notified merger only if it opens an in-depth (second phase) examination within one month of receiving the complete notification; if it then issues no decision within five months of the complete notification, the merger is deemed cleared.

  The five-month period can be extended or suspended, for example with the parties' agreement or where information requests are not answered.Bundesministerium der Justiz und für Verbraucherschutz / Bundesamt für Justiz (gesetze-im-internet.de) · checked 2026-10-18

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