The Centre for Mergers, Acquisitions & Buyouts researches existing and emerging issues in the M&A market, annually evaluates the Belgian M&A activity and analyses specific deals through case writing and top academic publications.

Research reports
  The M&A Monitor

This monitor provides a comprehensive overview of current trends and challenges in the domain of M&A in Belgium. The findings presented in this report are of great interest to all professionals active in the Belgian M&A market, as well as to decision makers on both the selling and buying sides.

Download the 2017 edition of the M&A Monitor here!

Download the 2016 edition of the M&A Monitor here!


  Download NautaDutilh Belgium's Private Equity & Venture Capital Barometer for 2017 Q3 and 2017 Q4!

The Entrepreneurial Buyout Monitor

Download the 2015 edition of the Entrepreneurial Buyout Monitor here!

Download the 2014 edition of the Entrepreneurial Buyout Monitor here!


Academic research
  • Gulamhussen A. Hennart J. Pinheiro C.  2016. What drives cross-border M&As in commercial banking?. Journal of Banking and Finance, 72 (November 2016 Suppl): S6-S18.
  • Luypaert M. Van Caneghem T. 2017. Exploring the Double-Sided Effect of Information Asymmetry and Uncertainty in Mergers and Acquisitions. Financial Management. Forthcoming.
  • Devigne D. Manigart S. Wright M.  2016. Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3): 253-271.
  • Luypaert M. De Maeseneire W.  2015. Antecedents of Time to Completion in Mergers and Acquisitions. Applied Economics Letters, 22(4): 299-304.
  • Luypaert M. Van Caneghem T.  2014. Can auditors mitigate information asymmetry in M&A's? An empirical analysis of the method of payment in belgian transactions. Auditing: A Journal of Practice and Theory, 33(1): 57-91.
  • Vanacker T. Heughebaert A. Manigart S.  2014. Institutional frameworks, venture capital and the financing of European new technology-based firms. Corporate Governance: an international review, 22(3): 199-215
  • Dai Y. Gryglewicz S. Smit H. De Maeseneire W.  2013. Similar bidders in takeover contests. Games and Economic Behavior, 82(November): 544-561.
  • Devigne D. Vanacker T. Manigart S.  2013. The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553-573.
  • Huyghebaert N. Luypaert M. 2013. Value creation and division of gains in horizontal acquisitions in Europe: the role of industry conditions. Applied Economics, 45(14): 1819-1833.
  • Manigart S. Wright M.  2013. Reassessing the relationships between private equity investors and their portfolio companies. Small Business Economics, 40(3): 479-492.
  • De Maeseneire W.  Brinkhuis S.  2012. What Drives Leverage in Leveraged Buyouts? An Analysis of European LBOs’ Capital Structure. Accounting and Finance, 52(October (supplement)): 155-182.
  • Heughebaert A. Manigart S.  2012. Firm valuation in venture capital financing rounds: the role of investor bargaining power. Journal of Business Finance and Accounting, 39(3/4): 500-530.
  • Luypaert M.  2010. Antecendents of Growth through Mergers and Acquisitions. Empirical Results from Belgium. Journal of Business Research, 63: 392-403.
  • Deloof M. Manigart S.  2012. Private Equity Involvement and Earnings Quality. Journal of Business Finance and Accounting, 36(5/6): 587-615.
  • Meuleman M. Lockett A. Manigart S. Wright M.  2010. Partner selection decisions in interfirm collaborations: The paradox of relational embeddedness. Journal of Management Studies, 47(6): 995-1019.
  • Meuleman M. Wright M. Manigart S. Lockett A.  2009. Private Equity Syndication: Agency Costs, Reputation and Collaboration. Journal of Business Finance and Accounting, 36(5/6): 616-644.
  • Luypaert M.  2009. Value Creation in Mergers and Acquisitions: A Study of European Transactions during the Fifth Wave. Bank- en Financiewezen, 73: 308-316.
  • Manigart S.  2007. Financial reporting quality in private equity backed companies: the impact of ownership concentration. Small Business Economics, 29(3): 261-274.
  • Baeyens K. Vanacker T. Manigart S.  2006. Venture capitalists' selection process: the case of biotechnology proposals. International Journal of Technology Management, 34(1/2): 28-46.
  • Manigart S. Lockett A. Meuleman M. Wright M. Landström H. Bruining H. Desbrières P. Hommel U.  2006. Venture capitalists' decision to syndicate. Entrepreneurship Theory and Practice, 30(2): 131-153.
  • De Maeseneire W. Smit H. van den Berg W.  2005. Private equity: financiering met aanzienlijk risico. Finance & Control, 4(2)
Case writing
  • De Maeseneire W. Luypaert M.  2016. The Hilton hotels buyout by Blackstone: A nightmare or a fairytale?. ECCH Case Study. Reference no. 116-0011-1 (C) + 116-0011-8 (TN).
  • De Maeseneire W. Luypaert M.  2014. Analyzing deal structures in mergers and acquisitions. Can you make the right match?. ECCH Case Study. Reference no. 114-034-1 ( C) + 114-034-8 (TN).
  • De Maeseneire W. Standaert J.  2012. The 2008 Anheuser-Busch Inbev Deal: Successful M&A, Divestment and Financing Strategies in Harsh. ECCH Case Study. Reference no. 112-012-1 (C) + 112-012-8 (TN).
  • Devigne D. Van Daele E. De Maeseneire W.  2012. Autoparts: analysis and valuation of a distressed buy-out by a private equity investor - Case. ECCH Case Study. Reference no. 113-003-1 (C) + 113-003-8 (TN).
  • De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut A: the management buy-out of Pizza Hut Belgium. 
  • De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut B: the exit of the buy out fund. 


& Rankings

Equis Association of MBAs AACSB Financial Times