{"id":7301,"date":"2021-02-11T13:52:19","date_gmt":"2021-02-11T12:52:19","guid":{"rendered":"https:\/\/www.bpe.de\/transaction-types\/"},"modified":"2022-01-12T10:46:26","modified_gmt":"2022-01-12T09:46:26","slug":"transaction-types","status":"publish","type":"page","link":"https:\/\/www.bpe.de\/en\/transaction-types\/","title":{"rendered":"Spin-off and Carve-out"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"7301\" class=\"elementor elementor-7301 elementor-2497\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-7e228bf1 elementor-section-full_width elementor-section-stretched elementor-section-height-default elementor-section-height-default\" data-id=\"7e228bf1\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2e379bba\" data-id=\"2e379bba\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44a8b85f elementor-widget elementor-widget-template\" data-id=\"44a8b85f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"7727\" class=\"elementor elementor-7727 elementor-2591 elementor-2591\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-107208f8 elementor-section-full_width elementor-section-stretched elementor-section-height-default elementor-section-height-default\" data-id=\"107208f8\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;video&quot;,&quot;background_video_link&quot;:&quot;https:\\\/\\\/www.bpe.de\\\/wp-content-329291\\\/uploads\\\/2020\\\/06\\\/bpe_cans_fall_onto_conveyor_belt.mov&quot;,&quot;background_play_on_mobile&quot;:&quot;yes&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;shape_divider_top&quot;:&quot;tilt&quot;,&quot;shape_divider_bottom&quot;:&quot;triangle-asymmetrical&quot;}\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-background-video-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<video class=\"elementor-background-video-hosted\" role=\"presentation\" autoplay muted playsinline loop><\/video>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M738,99l262-93V0H0v5.6L738,99z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2932f33a\" data-id=\"2932f33a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5bf135cc elementor-widget elementor-widget-spacer\" data-id=\"5bf135cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e98692e elementor-widget elementor-widget-spacer\" data-id=\"e98692e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e4d6ab1 eael-tooltip-align-mobile-right eael-tooltip-align-tablet-right eael-tooltip-align-right animated-slow elementor-invisible elementor-widget elementor-widget-eael-tooltip\" data-id=\"7e4d6ab1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;pulse&quot;}\" data-widget_type=\"eael-tooltip.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t<div class=\"eael-tooltip\">\n\t\t\t\t\t<span class=\"eael-tooltip-content\" tabindex=\"0\" aria-describedby=\"tooltip-text-7e4d6ab1\">\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-info-circle\"><\/i>\t\t\t<\/span>\n  \t\t\t<span id=\"tooltip-text-7e4d6ab1\" class=\"eael-tooltip-text eael-tooltip-left\" role=\"tooltip\"><p style=\"text-align: left\">This video was made at SEITZ in Langwedel, a BPE portfolio company acquired as part of an MBI in 2015.<\/p><\/span>\n  \t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-f396df5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f396df5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c7525d\" data-id=\"1c7525d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-283b84d5 elementor-widget elementor-widget-heading\" data-id=\"283b84d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Divesting subsidiary companies<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53e864cb elementor-widget elementor-widget-heading\" data-id=\"53e864cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Spin-off and Carve-out<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-52d2bb9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52d2bb9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5e181cc\" data-id=\"5e181cc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-3532b43e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3532b43e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8325ed9\" data-id=\"8325ed9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-74e22fc5 elementor-widget elementor-widget-spacer\" data-id=\"74e22fc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58191422 elementor-widget elementor-widget-spacer\" data-id=\"58191422\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-191c01d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"191c01d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0ed3fc\" data-id=\"c0ed3fc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-f3e24c9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f3e24c9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-6e092f4\" data-id=\"6e092f4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ce1a26a elementor-drop-cap-yes elementor-drop-cap-view-default elementor-widget elementor-widget-text-editor\" data-id=\"5ce1a26a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span style=\"color: #9f8b5f;\">Independent unit or sub-segment?<\/span><\/h2><p>Both the sale of a conglomerate\u2019s subsidiary as legal entity, a \u201cspin-off\u201d and a conglomerate\u2019s sale of a legally integrated business unit, a \u201ccarve-out\u201d as a sub-segment of the spin-off, still create interesting transaction opportunities for BPE.<\/p><p>This can be of particular interest if the subsidiaries or business units in question are profitable, yet are not able to fully exploit their potential due to internal or external factors, when compared to the industry standard.<\/p><p>The carve-out process is the considerably more complex case, since, depending on the autonomy of the business unit concerned, whole corporate structures and company divisions have to be set up in order to successfully spin it out. This can include, e.g. a separate accounting department, an independent management level wholly focused on company strategy, an IT department, a purchasing division, a new energy supplier or just the canteen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-0749ce7\" data-id=\"0749ce7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-8cd9799 elementor-widget elementor-widget-spacer\" data-id=\"8cd9799\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-5afb74a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5afb74a6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-85f6959\" data-id=\"85f6959\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4259cd28 elementor-widget elementor-widget-template\" data-id=\"4259cd28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"7348\" class=\"elementor elementor-7348 elementor-5839 elementor-5839\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-634c0f08 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"634c0f08\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-16fa1cdb\" data-id=\"16fa1cdb\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;background_motion_fx_motion_fx_mouse&quot;:&quot;yes&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-caa710b elementor-widget elementor-widget-spacer\" data-id=\"caa710b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b97dea elementor-widget elementor-widget-heading\" data-id=\"4b97dea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Divesting subsidiary companies<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-d7e97e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d7e97e9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-0b24f69\" data-id=\"0b24f69\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-617930e elementor-nav-menu__align-justify elementor-nav-menu--dropdown-none elementor-hidden-tablet elementor-hidden-phone elementor-widget elementor-widget-nav-menu\" data-id=\"617930e\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;i class=\\&quot;\\&quot; aria-hidden=\\&quot;true\\&quot;&gt;&lt;\\\/i&gt;&quot;,&quot;library&quot;:&quot;&quot;},&quot;layout&quot;:&quot;horizontal&quot;}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<nav aria-label=\"Menu\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-horizontal e--pointer-background e--animation-fade\">\n\t\t\t\t<ul id=\"menu-1-617930e\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7459\"><a href=\"https:\/\/www.bpe.de\/en\/creating-mittelstand-businesses\/\" class=\"elementor-item\">Creating \u201dMittelstand\u201d businesses<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7460\"><a href=\"https:\/\/www.bpe.de\/en\/transaction-types\/\" class=\"elementor-item\">Spin-off and Carve-out<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7461\"><a href=\"https:\/\/www.bpe.de\/en\/in-safe-hands\/\" class=\"elementor-item\">Into safe hands<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-617930e\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7459\"><a href=\"https:\/\/www.bpe.de\/en\/creating-mittelstand-businesses\/\" class=\"elementor-item\" tabindex=\"-1\">Creating \u201dMittelstand\u201d businesses<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7460\"><a href=\"https:\/\/www.bpe.de\/en\/transaction-types\/\" class=\"elementor-item\" tabindex=\"-1\">Spin-off and Carve-out<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7461\"><a href=\"https:\/\/www.bpe.de\/en\/in-safe-hands\/\" class=\"elementor-item\" tabindex=\"-1\">Into safe hands<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3f8975 elementor-nav-menu__align-center elementor-nav-menu--dropdown-none elementor-hidden-desktop elementor-widget elementor-widget-nav-menu\" data-id=\"b3f8975\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;vertical&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;i class=\\&quot;\\&quot; aria-hidden=\\&quot;true\\&quot;&gt;&lt;\\\/i&gt;&quot;,&quot;library&quot;:&quot;&quot;}}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<nav aria-label=\"Menu\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-vertical e--pointer-background e--animation-fade\">\n\t\t\t\t<ul id=\"menu-1-b3f8975\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7459\"><a href=\"https:\/\/www.bpe.de\/en\/creating-mittelstand-businesses\/\" class=\"elementor-item\">Creating \u201dMittelstand\u201d businesses<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7460\"><a href=\"https:\/\/www.bpe.de\/en\/transaction-types\/\" class=\"elementor-item\">Spin-off and Carve-out<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7461\"><a href=\"https:\/\/www.bpe.de\/en\/in-safe-hands\/\" class=\"elementor-item\">Into safe hands<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-b3f8975\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7459\"><a href=\"https:\/\/www.bpe.de\/en\/creating-mittelstand-businesses\/\" class=\"elementor-item\" tabindex=\"-1\">Creating \u201dMittelstand\u201d businesses<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7460\"><a href=\"https:\/\/www.bpe.de\/en\/transaction-types\/\" class=\"elementor-item\" tabindex=\"-1\">Spin-off and Carve-out<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-7461\"><a href=\"https:\/\/www.bpe.de\/en\/in-safe-hands\/\" class=\"elementor-item\" tabindex=\"-1\">Into safe hands<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65f81fa elementor-widget elementor-widget-spacer\" data-id=\"65f81fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e050caf elementor-widget elementor-widget-spacer\" data-id=\"e050caf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a668807 elementor-widget elementor-widget-heading\" data-id=\"a668807\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Other topics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-223ddd1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"223ddd1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-545d9dc\" data-id=\"545d9dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b11f97 elementor-widget elementor-widget-eael-creative-button\" data-id=\"3b11f97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"eael-creative-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-creative-button-wrapper\">\n\n            <a class=\"eael-creative-button eael-creative-button--default eael-cb-icon-position-\" href=\"https:\/\/www.bpe.de\/en\/succession-solution\/\" data-text=\"Go!\">\n            \t    \n                <div class=\"creative-button-inner\">\n\n                    \n                    <span class=\"cretive-button-text\">Solving succession<\/span>\n\n                                    <\/div>\n\t                        <\/a>\n        <\/div>\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-c9283cf\" data-id=\"c9283cf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6407736 elementor-widget elementor-widget-eael-creative-button\" data-id=\"6407736\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"eael-creative-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-creative-button-wrapper\">\n\n            <a class=\"eael-creative-button eael-creative-button--default eael-cb-icon-position-\" href=\"https:\/\/www.bpe.de\/en\/become-an-entrepreneur\/\" data-text=\"Go!\">\n            \t    \n                <div class=\"creative-button-inner\">\n\n                    \n                    <span class=\"cretive-button-text\">Become an entrepreneur<\/span>\n\n                                    <\/div>\n\t                        <\/a>\n        <\/div>\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-2ff9df7\" data-id=\"2ff9df7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46131e6 elementor-widget elementor-widget-eael-creative-button\" data-id=\"46131e6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"eael-creative-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"eael-creative-button-wrapper\">\n\n            <a class=\"eael-creative-button eael-creative-button--default eael-cb-icon-position-\" href=\"https:\/\/www.bpe.de\/en\/about-bpe\/\" data-text=\"Go!\">\n            \t    \n                <div class=\"creative-button-inner\">\n\n                    \n                    <span class=\"cretive-button-text\">Meet BPE<\/span>\n\n                                    <\/div>\n\t                        <\/a>\n        <\/div>\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-7bdcbe58 elementor-widget elementor-widget-spacer\" data-id=\"7bdcbe58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13686d1 elementor-widget elementor-widget-spacer\" data-id=\"13686d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Independent unit or sub-segment? Both the sale of a conglomerate\u2019s subsidiary as legal entity, a \u201cspin-off\u201d and a conglomerate\u2019s sale of a legally integrated business unit, a \u201ccarve-out\u201d as a sub-segment of the spin-off, still create interesting transaction opportunities for BPE. This can be of particular interest if the subsidiaries or business units in question&hellip;<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7301","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/pages\/7301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/comments?post=7301"}],"version-history":[{"count":5,"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/pages\/7301\/revisions"}],"predecessor-version":[{"id":9255,"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/pages\/7301\/revisions\/9255"}],"wp:attachment":[{"href":"https:\/\/www.bpe.de\/en\/wp-json\/wp\/v2\/media?parent=7301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}