M&A Monitor 2023: Takeover prices remain stable on the Belgian market

For the 10th year in a row, Vlerick Business School releases its annual report on the M&A landscape in Belgium. Despite the uncertain economic times, prices on the Belgian takeover market seem to be holding up well.

Below is an overview of multiples based on enterprise value versus EBITDA:


Multiples are significantly linked to sector and deal size.


IIn almost 40% of deals, the selling party is asked for a vendor loan. Earnouts, where part of the acquisition price is paid after meeting future targets, is agreed in 36% of deals. An increase of 20% compared to the previous year.

An average of about four bids are lodged per deal.


Source: M&A Monitor 2023- Vlerick Business School