M&A Advisory Group AG Where trust and values meet, growth follows. Discretion. Clarity. Success.

Sell-side advisory

Sell-side means we work exclusively for the seller-whether you are divesting a platform company, a project stake, or a regulated asset. Our job is to prepare the story, run a disciplined process, and help you choose the right buyer and terms-not to split loyalties with the other side of the table.

What a proper sell-side delivers

A serious sell-side is not “finding someone who might pay.” It is a controlled project: clarifying what is for sale (equity, assets, concessions, contracts), fixing inconsistencies before buyers see them, mapping who can actually fund and close in your sector, and then negotiating from a position where multiple credible parties compete for the mandate-without losing control of timing or confidentiality.

Why infrastructure sell-sides differ

Infrastructure deals sit at the intersection of long-term cash flows, regulation, and capital structure. Buyers are often pension funds, insurers, infrastructure funds, or strategics with strict investment committees. They read concessions, offtake, O&M contracts, and capex plans as carefully as they read financial statements. That means the data room, model, and Q&A discipline must be as tight as the legal documentation-otherwise diligence drifts, price leaks, or the process collapses late.

• Asset clarity: what exactly transfers-SPV shares, asset bundles, licences, and how change-of-control and step-in clauses interact.
• Regulatory path: sector-specific approvals, tariff or toll mechanisms, and how buyers underwrite them across jurisdictions (especially across DACH).
• Funding reality: who can underwrite long-dated, often project-finance-style cash flows-and on what timeline.

How we run the process

1. Prepare: vendor-side diligence, equity story, “one version of the truth” model, and a defensible base case with transparent sensitivities (traffic, power price, inflation, lifecycle capex).
2. Target: a focused long list of buyers with real mandate and capital-not a scattershot broadcast. We align outreach with your confidentiality needs and regulatory constraints.
3. Execute: structured data room, disciplined Q&A, management sessions that stay on-message, and parallel workstreams (technical, legal, tax, insurance) so bottlenecks do not become price discounts.
4. Negotiate & close: IOI → binding offer comparison on a like-for-like basis, SPA negotiation with clear remedies and conditionality, and support through signing and closing deliverables.

Confidentiality, trust, and speed

Many sellers worry about leaks to employees, customers, or regulators. We design processes with staged disclosure, clean-room materials where needed, and legal protocols that match your risk appetite. At the same time, we avoid unnecessary theatre: every buyer question should earn an answer that moves the deal forward-otherwise you burn management time and lose momentum.

What “good” looks like at the end

A strong sell-side outcome is not only headline price. It is the right buyer with a high probability of completion, terms that survive scrutiny (warranties, conditionality, earn-outs if any), and a timeline that protects your business during the transition. We stay focused on that full picture-so you can sign with confidence, not relief alone.

Buy-side advisory

Buy-side means we represent the acquirer: helping you screen targets, test value under conservative assumptions, run diligence with discipline, and negotiate from a position where you understand the asset better than the seller expects, while keeping your IC, lenders, and integration stakeholders aligned.

What a proper buy-side delivers

A serious buy-side is not “winning the auction at any price.” It is a controlled investment process: clarifying what you are actually buying (contracts, capex, regulatory optionality, people), mapping what must be true for the deal to clear your hurdle rate, and building a negotiation plan that converts findings into price, risk allocation, and conditionality, without losing momentum or credibility with the seller.

Why infrastructure buy-sides differ

Infrastructure acquisitions are long-duration bets. Small errors in traffic, production, tariff indexation, or lifecycle capex compound over decades. Sellers often present an “investment case” that is plausible but not yet diligence-grade, so the buyer must run an independent technical, commercial, and legal read that matches how lenders and regulators will stress the same facts.

• Technical reality: asset condition, redundancy, obsolescence risk, and what capex is truly discretionary vs. mandated.
• Commercial reality: contract mechanics, counterparty quality, volume risk, and how revenue converts to cash after maintenance and insurance.
• Funding and execution: debt capacity, covenant headroom, timeline to close, and what must be true for a seamless handover on day one.

How we run the process

1. Screen & shape: mandate definition, universe scan, and early red-flag review so you do not waste management on unlikely targets.
2. Diligence: coordinated workstreams (commercial, technical, tax, legal, insurance) with a single issues log, clear materiality thresholds, and weekly decision hygiene.
3. Value & terms: bridging vendor narrative to your underwriting case; translating findings into SPA mechanics (caps, baskets, MAC definitions, earn-outs, escrow).
4. Close & transition: integration planning inputs, lender deliverables, and operational readiness so closing does not become the day the surprises start.

Price discipline, reputation, and speed

Boards and investment committees hate avoidable surprises after signing. We bias early toward “bad news first”: if the asset is not what it was marketed to be, you should know before you are emotionally committed to a headline number. Where the process is competitive, we help you stay disciplined while still offering credibility to sellers and protecting your walk-away economics.

What “good” looks like at the end

A strong buy-side outcome is not only paying the lowest price. It is buying the right risk bundle (what you can live with under stress), securing terms that match how you will operate the asset, and closing with a plan that turns the thesis into cash flows on day one and day one thousand.

Capital advisory

Capital advisory means we help owners and sponsors raise, refinance, or reshape funding for infrastructure assets and platforms: aligning the economic story with how lenders and institutional investors actually underwrite, then running a process that is credible in IC rooms and executable in legal documentation.

What strong capital advisory delivers

It is not “a prettier deck.” It is a coherent package: a cash flow and risk narrative that matches the asset, a capital structure that fits the business plan, a comparables and rating logic that stands up to challenge, and a timeline that coordinates sponsors, advisers, and counterparties so momentum does not die in the gap between term sheet and close.

Why infrastructure capital is different

Infrastructure cash flows are often long-dated, regulated, or contractually shaped, with capex cycles that do not map neatly to generic corporate templates. Debt investors care about covenant headroom, DSRA sizing, step-in mechanics, and what happens under stress. Equity partners care about governance, downside cases, and exit windows. A capital process must speak both languages at once, without contradicting the sponsor’s operating reality.

• Debt paths: bank club vs. bond vs. institutional private placements, and how covenants interact with concession renewals, tariffs, or offtake.
• Equity paths: control vs. minority, co-invest structures, and terms that survive long-term partnership (veto rights, drag/tag, information rights, reserved matters).
• Cross-border reality: DACH and adjacent markets often mean multiple currencies, tax angles, and investor bases that must be sequenced cleanly.

How we run the process

1. Diagnose: baseline capital stack, constraints, and what “success” means (cheapest cost of capital vs. flexibility vs. speed to close).
2. Design: structure options with transparent trade-offs, model bridges lenders can replicate, and a disclosure plan that does not create surprises in week six of diligence.
3. Execute: targeted outreach, disciplined data room and Q&A, parallel workstreams for ratings, legal opinions, and technical advisers where needed.
4. Close: alignment on conditions precedent, funding mechanics, and post-close reporting so the asset can operate without the finance workstream becoming a second job.

Credibility, confidentiality, and discipline

Markets punish inconsistency. We keep messaging tight across sponsor teams, boards, and investors, and we treat confidentiality as operational hygiene, not a slogan. Where a process is sensitive, we stage disclosure and keep a single controlled narrative so price discovery does not become rumor discovery.

What “good” looks like at the end

A strong capital outcome is not only the tightest spread or the highest headline valuation. It is a structure you can live with under stress, documentation that matches what you promised in the room, and a closing path that preserves optionality for the next phase of the asset’s life.

Strategic & special situations

This is where the mandate is not “standard M&A.” We support clients when the situation is time-pressured, politically visible, or balance-sheet constrained: carve-outs, accelerated processes, defence preparation, stakeholder alignments, recapitalisations paired with corporate action, or paths that require creativity because the obvious playbook does not fit the asset or the owners.

What we mean by “special situations”

Special situations are defined less by sector label and more by constraints: liquidity pressure, covenant tightness, regulatory deadlines, shareholder conflicts, or a need to transact without losing operational control. The work is often a blend of M&A judgement, capital structure thinking, and communications discipline, executed with legal and technical precision so you do not trade speed for avoidable regret.

Why infrastructure adds complexity

Infrastructure assets are rarely “turn off and sell.” They sit inside concessions, public frameworks, long-term contracts, and often public expectations. A special situation may need to reconcile lenders, regulators, municipalities, and strategic partners at the same time. That means sequencing matters as much as valuation: the wrong disclosure at the wrong moment can freeze a process or trigger outcomes you cannot reverse.

• Regulatory and political optics: what can be said, when, and to whom, without harming permits, tariffs, or concession stability.
• Capital structure cross-currents: covenant resets, waivers, bridge solutions, and how a transaction interacts with existing lenders and security packages.
• Operational continuity: keeping service delivery stable while ownership, control, or funding changes are negotiated in parallel.

How we run the work

1. Stabilise: clarify facts, stakeholders, and decision rights; define what must not break while options are explored.
2. Option-build: a small set of credible paths (not an endless menu), each with clear trade-offs, timing, and execution risk.
3. Align: board, sponsor, management, and advisers on one narrative and one set of non-negotiables so counterparties hear consistency.
4. Execute: tight project management across legal, technical, and financing tracks, with explicit escalation rules when surprises appear.

Judgement under pressure

Special situations reward calm mechanics and honest advice. We bias toward decisions you can defend later: what to disclose, what to fix before it becomes diligence bait, when to narrow the option set, and when speed is an advantage versus when it creates completion risk. If the best outcome is “do not transact yet,” we will say so clearly, with a plan that still improves your position.

What “good” looks like at the end

A strong outcome is not only “a deal got signed.” It is a path that fits the facts, terms that match the risk you accepted, and an organisation that can operate the asset credibly the day after the headlines fade.

Our Specialisation

We organise our work around physical-economic platforms: the networks and built environments where long-term contracts, regulation, and capex cycles drive value. That lens keeps diligence, buyer conversations, and capital solutions grounded in how assets actually run, not only how they look in a slide deck.

Why a platform view matters

The same spreadsheet skills do not transfer blindly across sectors. Traffic risk is not water tariff risk; underground construction exposure is not the same as environmental compliance economics. A platform view helps management teams and investors compare opportunities consistently while still respecting sector-specific underwriting habits.

What sits underneath each chapter below

• Scope: typical asset types, contracts, and operating realities we encounter.
• Deal focus: what buyers and sellers argue about most in processes.
• How we help: where advisory work typically shows up across M&A and capital.

Transport Infrastructure

Motorways and toll systems, rail corridors, airports, ports, and urban transport schemes: assets where demand, pricing power, and maintenance intensity interact with long concession or lease structures and visible public accountability.

Where we focus

Concession resets, tariff and indexation mechanics, lifecycle capex plans, traffic and throughput modelling bridges, handback provisions, and interfaces between operators, authorities, and lenders.

Deal focus

• Quality of traffic or volume data and how conservatively it supports debt sizing.
• Major renewal events, widening projects, and who funds incremental capex.
• Change-of-control, step-in, and continuity planning around operations.

How we help

Vendor-side preparation for competitive processes, buy-side underwriting discipline, and capital advisory where refinancing or hybrid structures must align with concession economics and rating logic.

Energy Infrastructure (Civil)

The civil and structural envelope around energy networks and generation sites: corridors, foundations, roads, yards, flood protection, and balance-of-plant works that determine whether schedules, budgets, and contractor interfaces survive contact with reality.

Where we focus

EPC interfaces, ground risk, permitting milestones, productivity assumptions, claims history, and how civil scope connects to commissioning and long-term O&M responsibilities.

Deal focus

• Construction completion risk and liquidated damages vs. sponsor liquidity.
• Warranty and defect regimes tied to supplier and subcontractor chains.
• Residual flexibility for expansion modules (storage, repowering, grid upgrades).

How we help

Bridging technical advisers and financial models, tightening diligence questions into SPA mechanics, and supporting capital raises where lenders stress-test execution as much as revenue.

Water & Wastewater

Capture, treatment, distribution, and discharge systems governed by public health logic, tariff rules, and long asset lives: where reliability, environmental compliance, and municipal politics meet private finance.

Where we focus

Service contracts, availability mechanisms, performance regimes, network leakage and energy intensity, upgrade cycles, and regulatory treatment of capex pass-through.

Deal focus

• Quality of asset condition data and buried network risk.
• Customer consolidation, boundary changes, and political cycle exposure.
• Financing structures that survive rating and treasury scrutiny in the public sector.

How we help

Processes involving mixed public-private ownership, refinancing and extension of concessions, and M&A where operational KPIs must translate cleanly into equity and debt stories.

Environmental Infrastructure

Waste treatment, recycling, remediation-linked services, and environmental systems where permitting, emissions, and gate fee economics drive cash flow stability and where reputational risk can move as fast as financial risk.

Where we focus

Feedstock security, residue markets, integration with municipal programmes, environmental liabilities, and the operational complexity of running assets close to communities.

Deal focus

• Historical compliance archives and ongoing permit conditions.
• CapEx tied to tightening standards (emissions, leachate, odour, noise).
• Contracted offtake vs. merchant-like exposure in recycling value chains.

How we help

Carve-outs and combinations where environmental warranties and indemnities matter, plus capital processes where lenders test downside cases on volumes and regulatory shocks.

Utility & Underground Infrastructure

Buried networks for power, heat, water, telecoms, and combined utilities: assets where route rights, construction productivity, and interference risk dominate diligence once you leave the headline revenue story.

Where we focus

Wayleaves, easements, crossing agreements, construction staging, traffic management, interface risk with third-party networks, and long-run maintenance access.

Deal focus

• As-built documentation quality and unknowns in dense urban corridors.
• Contractor liquidity and performance security across multi-year rollouts.
• Revenue linkage to take-up, anchor tenants, or wholesale lease models.

How we help

Buy-side technical and commercial cross-reads, sell-side data room discipline for “long tail” construction claims, and financing support where drawdown schedules track delivery milestones.

Urban & Industrial Development

Logistics hubs, business parks, regeneration sites, and industrial platforms where land, planning, tenancy mix, and phased delivery create value and where the path from land bank to stabilised income is rarely linear.

Where we focus

Planning conditions, infrastructure contributions, anchor leases, spec vs. pre-let risk, servicing strategies, and the interface between development company economics and long-hold infrastructure ownership.

Deal focus

• Letting velocity, tenant credit quality, and break options.
• Land contamination and remediation timing vs. construction start.
• Phasing under funding constraints and partner governance.

How we help

Platform acquisitions, joint ventures, and recapitalisations where development risk must be allocated explicitly between parties, lenders, and future operators.

Specialized Civil Engineering

Heavy civil disciplines such as tunnels, bridges, marine works, geotechnically complex sites, and major earthworks: projects where method-driven cost and schedule risk can dominate enterprise value if it is not bounded early.

Where we focus

Ground models, baseline surveys, design responsibility splits, geotechnical uncertainty, insurance programmes, and the realism of contingency and interface schedules across joint ventures.

Deal focus

• Claims, variations, and completion risk allocation between sponsors and contractors.
• Performance testing regimes and acceptance criteria tied to payments.
• Long-tail liability and warranty exposure after handover.

How we help

M&A and special situations where engineering risk must be translated into price, escrow, and conditionality, and capital processes where lenders require independent technical assurance.

Transactions & case studies

We advise on infrastructure M&A and capital situations across DACH where discretion, technical depth, and process discipline matter. Public references are the exception; most work is confidential. What we can share here is structured as illustrative case studies so you can see how we think, scope, and run mandates without disclosing live positions.

Representative mandates on this page

The Representative mandates carousel above walks through anonymised examples across transport, energy, water, and related infrastructure—sell-side and buy-side, with emphasis on how we frame risk, sequence diligence, and align stakeholders through signing.

What we typically cover in a case study

• Mandate scope, asset class, and regulatory or contractual constraints that shaped the process.
• How we structured data rooms, Q&A, and technical workstreams so buyers or lenders stayed aligned.
• Outcome patterns (valuation logic, conditionality, capital structure) without identifying transactions.

Confidentiality

Past or illustrative mandates are not indicative of future results. Where we discuss processes or metrics, figures are rounded or anonymised. For references under NDA, use the Engage routes on this site or your usual MAAG contact.

Live mandates & deal flow

Active infrastructure processes move quickly: long lists shorten, diligence windows compress, and capital providers need clarity on risk allocation. We maintain a controlled pipeline of live and near-live situations across our platform focus areas, shared only with parties who fit mandate criteria and pass our conflict and confidentiality checks.

How we share deal flow

We do not broadcast open mandates on the open web. Qualified investors, sponsors, and corporates can receive teasers or process letters under NDA where the situation allows. Fit is assessed on sector, cheque size, geography, and regulatory capacity—not on volume of inbound email alone.

What “live” means here

• Processes where we act as sell-side or buy-side adviser, or in a defined capital-advisory role.
• Select co-investment or syndication tracks where we support the sponsor on investor sequencing.
• Early-stage situations under exclusivity or soft circle where disclosure is still limited.

Get access

To submit an opportunity or request access to relevant flow, use Submit an Opportunity or Access Opportunities in Engage, or reach us via the Offices section.

Investors & capital partners

Infrastructure transactions depend on capital that can underwrite complexity: pension and sovereign wealth anchors, core and core-plus funds, specialist lenders, and strategic balance sheets. We work alongside sponsors to map the right capital stack and to keep institutional partners aligned from first conversation through close.

Who we engage with

• Institutional LPs and asset managers with long-hold infrastructure mandates in DACH and adjacent markets.
• Bank and non-bank lenders on senior, unitranche, and hybrid structures for regulated and project-style assets.
• Strategic investors where industrial logic, offtake, or network synergies support the thesis.

How we work with capital partners

We help sponsors prepare materials and models that survive investment committee scrutiny, coordinate technical and legal advisers so questions land once, and run outreach with discipline so price discovery does not come at the cost of confidentiality. Our Capital advisory section describes the full toolkit; here the emphasis is on institutional-grade process and repeat relationships with providers who finance infrastructure for decades, not quarters.

Join the network

If you represent an allocator or lender and wish to receive relevant opportunities subject to mandate fit, use Join Investor Network or contact us through the Offices section.

DACH infrastructure M&A

Germany, Austria, and Switzerland sit at the centre of a dense network of regulated assets, concession economics, and cross-border capital. Infrastructure M&A here is rarely “generic”: tariffs, planning law, subsidy regimes, and lender technical standards differ by jurisdiction, yet sponsors and investors often need one coherent story across borders.

What makes the region distinctive

• Switzerland: stable currency and contract culture, cantonal interfaces, and sophisticated institutional capital alongside mid-market sponsors.
• Germany: scale in energy transition, transport, and municipal utilities; complex federalism and EU regulatory overlays on many processes.
• Austria: strong hydro and municipal DNA, PPP experience, and frequent DACH-wide sponsor footprints.

How we work across DACH

We run mandates with one team logic: German, Swiss, and Austrian angles are integrated in diligence and documentation from day one, not patched in at signing. That includes language of negotiation, parallel regulatory tracks, and investor bases that span pension, insurance, and fund capital.

Where this shows up in our practice

You will see it in our platform pages (transport, energy, water, and adjacent sectors) and in the Transactions & case studies section—always with the same discipline on confidentiality and anonymisation.

Press & announcements

Most of our work is confidential and will never appear as a headline. Where a transaction is public or a mandate permits disclosure, we coordinate messaging with clients and counsel so the market hears one accurate story—not fragments.

What we publish here

Over time, this section will carry approved announcements, selected thought pieces, and speaking engagements. Until a formal archive is live, the best way to follow MAAG is via our LinkedIn presence and direct contact through Offices.

Media enquiries

Journalists and conference organisers should route requests through your usual MAAG contact or via the Offices section. We do not comment on rumours or live processes.

Overview

M&A Advisory Group AG is an independent infrastructure M&A advisory firm serving sponsors, investors, and corporates across DACH. Our mandate is simple on paper and demanding in practice: discretion, clarity, and outcomes—from strategy through signing and, where needed, capital alignment.

What we do

We advise on sell-side and buy-side processes, capital raises and refinancings, and strategic and special situations—with deep sector focus on regulated and long-life infrastructure described under Our Specialisation.

How we are organised

We operate as a partnership-style advisory boutique at institutional standards: small senior teams, direct access to decision-makers, and no conflicts from balance-sheet lending or prop trading. Our hub is in Switzerland with reach into Germany and Liechtenstein; see Offices for locations and contact routes.

Engage with us

Whether you are preparing a sale, building a buy-side thesis, or shaping capital for the next phase of an asset, the Engage section lists concrete entry points—or use Offices to reach the right desk directly.

Offices · Zug · Düsseldorf · Liechtenstein

MAAG is built for cross-border work with a Swiss core. Use the addresses and channels below for correspondence, meeting requests, and compliance-related notices.

Zug (headquarters)

M&A Advisory Group AG
Bahnhofstrasse 7
6300 Zug
Switzerland

Düsseldorf

Our Germany-facing team supports sponsors and investors on Rhineland and national mandates. For postal address and switchboard in Germany, route enquiries through Zug or your MAAG relationship contact.

Liechtenstein

The Vaduz presence supports select clients and structures with a Liechtenstein nexus. Route enquiries through Zug or your MAAG relationship contact.

General contact

For new mandates, press, or careers, use the contact routes in the Zug headquarters block above, or use Start a Transaction and the other Engage routes on this site.

Careers

We hire people who combine financial and technical literacy with stamina for long-cycle infrastructure work. You will spend time in data rooms, on site visits, and in IC-style conversations—not only in slide workshops.

Profiles we look for

• M&A and corporate finance backgrounds with genuine interest in infrastructure economics.
• Engineers, project financiers, or lawyers who want to sit closer to transaction dynamics.
• Experienced associates and VPs who value small teams, direct partner exposure, and high ownership.

Open positions

Six active searches across advisory and capital teams. Roles are based in Zug with travel across DACH; hybrid patterns are agreed per team.

• Senior Director, Infrastructure M&A Zug · sell-side & buy-side · German & English Apply
• Senior Vice President, Strategic & special situations Zug / Düsseldorf · board-facing workstreams Apply
• Senior Principal, Capital advisory Zug · debt & equity · institutional investor dialogue Apply
• Junior Associate, Transport & regulated assets Zug · 3–5 yrs · modelling & diligence coordination Apply
• Junior Analyst, M&A & valuation Zug · graduate or 1–2 yrs · Excel / corporate finance core Apply
• Junior Junior associate, Market intelligence & research Zug · sector screens · data room & comps hygiene Apply

Culture

Confidentiality is non-negotiable. We invest in training, fair pacing around live processes, and a direct feedback culture. We are an equal opportunity employer; hiring decisions are merit-based and aligned with Swiss and applicable local law.

How to apply

Send a CV and short cover letter through the contact routes in the Offices section, or reach out through a partner introduction. We read every application and aim to reply within two weeks; where timelines overlap with live processes, acknowledgements may take slightly longer. With consent, we may retain strong profiles for future searches.