Frankfurt Partner Max Birke and associate Gustavo Minati co-authored the Germany: Trends and Developments chapter of the 2026 edition of Chambers’ Acquisition Finance guide, examining developments in the German acquisition finance market during 2025 and the outlook for 2026.
The chapter discusses key trends and challenges across the Germany’s acquisition finance market, noting the continued prevalence of borrower-friendly terms in leveraged finance and the growing focus on liability management exercises (LMEs) and related LME blockers in financing documentation.
Looking ahead, the authors note that 2026 began with several structural catalysts pointing toward a recovery in deal activity. However, market sentiment has become more uncertain amid concerns about the impact of AI on software-sector revenues, broader questions around private capital markets and ongoing geopolitical tensions. The chapter concludes that the near- and medium-term outlook will depend on how these developments evolve.
Read the chapter: Acquisition Finance 2026 – Germany – Trends and Developments (Chambers)