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Merck KGaA (MRKGR: A3/A): Acquisition History

HEALTHCARE

Merck KGaA are a serial acquirer: they pursue M&A every 4-5yrs.

Merck are proud of their deleveraging track record following acquisitions.

  • Serono 2007 4.0x -> 0.2x 2009
  • Millipore 2010 1.8x -> 0.1x 2013
  • AZ Electronic 2014 0.7x->0.2x 2014
  • Sigma-Aldrich 2015 3.5x -> 1.8x 2018
  • Versum 2019 2.8x -> 1.3x 2023

Given that debt post-Versum is now under control and that it has been 5 years since an acquisition, it pays to be vigilant.

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