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If you are selling your business, there are various ways to structure the transaction. The most common options are the so-called "Share Deal" and "Asset Deal." But what is the difference between the two, and what are the advantages and disadvantages for the German market?
A Share Deal refers to the acquisition of a company by purchasing its equity shares. The transaction is governed by a Share Purchase Agreement (SPA) or Equity Purchase Agreement. This means the business is acquired in its entirety, including all assets and liabilities. The buyer assumes full risk and responsibility for the company.
An Asset Deal, on the other hand, involves acquiring specific business assets rather than the entire company. These assets may include brand rights, inventory, machinery, patents, real estate, online stores, customer databases, or supplier contracts. This type of transaction is regulated through an Asset Purchase Agreement (APA) or a Contract for the Sale of Assets.
In an Asset Deal, the buyer selectively purchases only the assets they are interested in, without taking over the entire legal entity of the company. This means that debts and liabilities generally remain with the seller.
For successful business owners, a Share Deal is often the simpler and more advantageous option.
One key benefit is that the transfer process is less complex. In an Asset Deal, customer and supplier approvals are often required for the transfer of contracts to the new owner. This can lead to uncertainty and disruptions in relationships with customers, employees, and suppliers. If the sale process falls through, these premature discussions could cause damage.
In contrast, a Share Deal typically does not require these approvals, making the process more controlled by the seller. The main exception is “Change of Control” clauses, which may require renegotiation of contracts with a new owner.
Another advantage is that the business is sold as a single economic unit, making it easier to track performance-based earn-out agreements and deferred payments linked to revenue or profit targets.
Additionally, a Share Deal may offer tax advantages for the seller. In some cases, capital gains tax may be as low as 1.5% on the sale of shares, while distributions at a later stage might be taxed at a higher 25% capital gains rate. If the business is sold through a holding structure, special tax benefits for partial income taxation may apply.
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Asset Deals sind in der Regel für den Käufer vorteilhafter. Beim Asset Deal werden durch den Käufer nur ausgewählte Vermögensgegenstände akquiriert. Hierdurch erhält der Käufer die Möglichkeit, die Assets in die eigene Bilanz zu integrieren, dabei neuzubewerten und sie steuerlich vorteilhaft abzuschreiben. Während der Käufer steuern spart, entstehen dem Verkäufer i.d.R. durch die Besteuerung im Rahmen von Gewerbesteuer, Körperschaftssteuer und ggf. Abgeltungssteuer Mehrkosten.
Des Weiteren bleiben Haftungs- und Gewährleistungsrisiken oftmals beim Verkäufer, der nun lediglich die “leere” Gesellschaft besitzt. Diese sollten zumindest Teilweise im Kaufpreis reflektiert werden.
Ein Vorteil für Verkäufer bei einem Asset Deal ist in manchen Fällen ein schlankerer Due Diligence Prozess. Durch die klare Abgrenzung der übergehenden Assets kann sich der Käufer vollständig auf die Prüfung dieser Vermögensgegenstände konzentrieren, während er beim Share Deal alle möglichen Risiken einer kompletten Gesellschaftsübernahme berücksichtigen muss.
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