Firm Acquisitions and Technology Strategy: Corporate versus Private Equity Investors


Grimpe, Christoph ; Hussinger, Katrin


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URL: http://ub-madoc.bib.uni-mannheim.de/1786
URN: urn:nbn:de:bsz:180-madoc-17864
Document Type: Working paper
Year of publication: 2007
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G34 L20 O34 ,
Subject headings (SWD): Fusion , Beteiligungsfinanzierung , Wettbewerbsstrategie , Vergleich , Patent
Keywords (English): M&A , technology , patents , corporate and private equity investors
Abstract: Over the last few years, worldwide mergers and acquisitions (M&A) have increased sharply both in terms of value and volume. This development has not only been driven by corporate acquirers but also to an increasing extent by private equity investors. In this paper, we analyze differences in acquisition motives for corporate and private equity investors. We pay particular attention to the importance of technological assets in M&A transactions and distinguish between the technological value of patents and their potential to block competitors in technology markets. Our empirical results for European firm acquisitions in the period from 1999 to 2003 show that both corporate and private equity investors pay a higher price for target firms with valuable patents. However, patents with a potential to block technology competitors seem to be only of interest to corporate investors, especially if these are closely related to the patent portfolio of the acquirer.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Grimpe, Christoph ; Hussinger, Katrin (2007) Firm Acquisitions and Technology Strategy: Corporate versus Private Equity Investors. Open Access [Working paper]
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