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Transaction Advisory Services (TAS)

TAS can look back on an overall solid performance. On balance, TAS’s revenue was €2 million (7%) higher at €39 million. The merger and acquisition market picked up in response to the economic recovery in Western Europe, continued low interest rates, high valuations, and the strong interest shown by private equity firms. The market was negatively impacted during the year, however, by weaker oil prices and market uncertainties.

In addition, investments made in recent years to strengthen and widen the quality of the services and to attract and retain talent, in combination with a sharper market focus, are bearing fruit. Companies are using M&A and capital allocation strategies to secure competitive advantage. In this context, TAS helps its clients develop and implement growth, portfolio and transaction strategies. By taking a more integrated approach to our services in accordance with our capital agenda, we have further strengthened our position in the market. The capital agenda played a key part in this improvement by helping clients take more balanced and betterreasoned decisions on capital management and transactions in a changing world.

The private equity market will boost TAS’s revenue in the current year as a consequence of the acquisition of OC&C Strategy Consultants Benelux, which was completed on September 1, 2016.

The average workforce increased by 9% from 146 FTEs to 159.