The hidden value of deal structure in consolidating markets
By BHB Dullemond | July 16, 2026
Smart sellers do not merely ask what the buyer will pay. They ask which structure preserves the most value, post-tax, after the deal is done. For both buyers and sellers in Germany and the Netherlands, the choice of deal structure can be critical.
A close look at recent MGA and broker transactions in the Netherlands reveals an interesting and – for sellers – potentially worrisome pattern. We found that private limited companies with holding structures still often end up selling through an asset liability transaction rather than through a share sale, even though a share sale can preserve materially more after-tax value for the seller.