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  "documentTitle": "Transport & Logistics Barometer",
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  "notes": "The chart shows a clear trend of financial investors pulling back from large deals, with strategic investors taking a larger share of deal value in 2023.",
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      "text": "The current debt financing conditions and high-level interest rates continue to make things difficult for investors, particularly financial investors, to conclude large takeovers.",
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      "text": "Number and total value of deals involving financial investors",
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      "text": "Deal value: 65%",
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      "text": "The current debt financing conditions and high-level interest rates continue to make things difficult for investors, particularly financial investors, to conclude large takeovers. The reluctance of the latter is evident in the deal value: while financial investors still accounted for almost two-thirds of the total T&L deal value in 2022, they were responsible for a low of 35% in 2023. In terms of the number of deals, the share of strategic investors (54%) also increased slightly compared to financial investors (46%). This reflects the focus of financial investors on smaller and medium-sized deals.\n\nRegarding the median sales multiple, strategic investors paid higher prices (1.8x) compared to financial investors (1.3x). Overall, the median sales multiple reached 1.8x for full-year 2023 – in line with the ten-year average (2022: 1.7x). The sales multiples for passenger-related deals (2.1x) were higher than for freight-related deals (1.5x).",
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      "text": "Source: PwC analysis, based on Refinitiv",
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