© Capital IQ, AlixPartners

Acquisitions remain the most popular tool for many companies - especially large ones - to expand their own product portfolio and secure access to expertise. Nevertheless, according to AlixPartners, there has been no overall increase in the number of deals over the past three years. Transaction values even fell continuously to just €38.5 billion - two thirds less than in 2014. One reason for this could be the persistently high valuation multiples, which are indicative of the attractiveness of the market (see chart).