2026并购展望报告：并购、分拆、合资中的品牌价值创造 (英文版)

Creatinglastingvaluethrough

Mergers,Acquisitions,Spin-offs&JointVentures

In1988,Interbrandpioneeredthe

processofassigningamonetary

valuationtothepreviouslyintangible

assetofbrand–aprogramofwork

thatfundamentallytransformedhow

companieswereappraisedbyfinancial

markets,transformingthemergerand

acquisitionlandscape.

2

©INTERBRANDM&AForecast2026

©INTERBRANDM&AForecast20263

Weknowwhatittakes

toaccomplishM&Aactivitythatstandsthetestoftime

Whethereconomicconditionsare

turbulentorfavorable,topbrandsareconstantlyseekingexpansionand

increasedequity—andwehavearich

historyofpartnershipsthatturntargetsintotangiblebusinessresults.

Ifyou’requestioningorpreparingfora

MergerorAcquisition,Interbrandisheretosupportwiththeinsightsandclarity

neededtomakeyournextmoveasuccess.

口ameritrade

JPMorganchase导4er

NET-A-PORTERHAL三ON

C"AtkinsR⃞alis

⃞THMSONREUTERS

2026isshapingupto

beabumperyearfor

M&AActivity,

Buildingonincreasedmomentumin2025,expertanalystsisare

predictingamuch-neededbumpinMerger&Acquisitionactivity.

Asweclosedout2025,therewasasharpincreaseinM&AandSpin-offActivity.Acrossthe4th

quarter,dealvolumeincreasedc.36%andtotalvalueincreasingc.159%-drivenbymajor

transactionsandhighvaluestrategicdeals,

includingsignificantannouncementsaroundWarnerBros.Discovery,Solstice,Kenvue,andHeinzKraft.

©INTERBRAND

Recoveryislongoverdue.Overthelastthreeyears,globalM&AasapercentageofGDPhassatata

near30-yearlow1.However,ongoingglobal

concernsaroundU.S.-basedtariffsandtheirimpacthasresultedinafallinbothdealquantityand

volume,withApril2025YOYdealvolumedecliningbynearly25%2.

Thissignificantglobalvolatilityhasforced

businessestoreassesstheirstructure,often

resultinginstreamliningportfoliosanddivesting

nonessentialbusinesses.Whilethismayseemanunfortunateeffectofadifficultmarket,thisactivityresultsinaplethoraofspin-offsandacquisitions

M&AForecast2026

alike—creatingamarketripewithopportunityto

createoutsizedgrowth.Infact,dealsdoneina

recessionareoftenthemostsuccessfullong-term3.Spin-offsinparticularcreateopportunityfor

companiestouniquelyaddressnewproblemsandaudiencesbyexcellinginoneindustry,asopposedtoremainingpartofadiversifiedportfolio.

Inthisreport,weexplorehowbrandscanuseM&Aactivitytobuildbrandequity,resultinginboth

immediateandlong-termgains.Opportunityisstillaboundforthosewhoknowhowtouncoverit.

1(Bain&Co)2(EY-Parthenon)3(PwC)

4

©INTERBRANDM&AForecast20265

Withrenewedoptimismcomesincreasedrisk:

Itisestimated75%ofM&Adealsfail.

40,000

M&Adealsacrosstheglobeoverthelast40years,approximatelythreeineveryfourfail.Publishedfindingsof

BaruchLevandFengGu.June2024

©INTERBRANDM&AForecast20266

Whyisabusinessactivitythatiswidelyconsideredtobeagrowthmechanisminsteadresultingin

financiallosses

andwastedtime?

Afewwidelyobservedcauses:

→Anunclearbusinessandbrand

strategy

→Lackofaclear,strategicplanforbecomingmarket-ready

→Notconsideringtheriskstocurrentkeyrevenuestreams

→Overlookinginternalculturalintegrationthatcouldleadtolowtalentretention

→Failuretoidentifybrandequitiesandsourcesofgrowth

→Limitedevaluationand

considerationofcustomer

alignmentwiththebrandpromise

Thesecommonfailures,however,shouldnotbeviewedasa

deterrenttoexploringamergeroracquisition—rather,creatingsolutionsandmitigation

strategiesintheearlydaysofadealcanhelpbuildtheroadmaptoamergeroracquisitionthatmakeswaves.

©INTERBRANDM&AForecast20267

1

Mergers

Mergersoccurwhentwocompanies,

oftensimilarinsizeandscale,combinetoformanentirelynewoperatingentity.

Inamerger,bothcompanieslegallydissolve,andassetsandliabilitiesoftheformercompaniesarecombined.

Shareholdersexchangesharesoftheexistingentities

forsharesinthenewcombinedentity,inturnresultinginchangestoownershipandcontrol.Mergersare

typicallyseentobemutuallybeneficialforbothparties.

Whatdoesthismeanforthebrand?

Amergercanbuildbrandequityintwoways:either

throughanew,distinctbrand(NewEquity),orby

bringingtogethertwobrands’existingvalue

(ConsolidatedEquity).Whethertwocompaniesmergetocreateonestronger,unifiedbrandorchooseto

leverageexistingbrandequity,companyculturesandworkstreamsmustbealignedaccordingly.Whendonewell,thiscreatesanewbrandandculturealignedwiththebrand’snewambition.

©INTERBRANDM&AForecast20268

2

Acquisitions

Anacquisitionoccurswhenonecompanypurchasesacontrollinginterestinanother–assumingcontrolofoperations.

Typically,thishappenswhenalargercompany

purchasesasmallerentity.Theownershipandcontrolofthetargetfirmpassestotheacquiringfirm,withtheshareholdersofthetargetfirmbeingcompensatedin

cash,stockoracombinationofthetwo.Oftenan

acquiringfirmimposesitsoperatingmodelandsystemsonthetargetbusiness.

Whatdoesthismeanforthebrand?

Whenanacquisitionoccurs,thegoalisalwaysto

createnewbrandequity.Thiscanbeaccomplishedinseveralways,relyingoneitherthebrandacquiringanotherorthebrandbeingacquired.Theacquiring

brandmaydeterminethatitsownbrandequityis

superiorwhenacquiringanotherorganizationforitsofferingsorgeographicalreach(DominantEquity),

orthetwobrandsmaybeleveraginglong-heldequityoneitherside(LegacyEquity).Abrandmayalsobebroughtintoalargerorganizationwithsignificant

brandequity,butstayamarket-facingbrand(PortfolioEquity).

©INTERBRANDM&AForecast20269

3

Spin-offs

Aspin-offoccurswhenaparentcompanyseparatesapartofitsbusinessinto

aseparateentity,allowingincreasedagilityandautonomy.

Typically,adivision,productlineorsubsidiaryisspun

outoftheparentcompanytoformanindependentor

standalonecommercialentity.Thisnewcompanyhasitsownmanagement,operationsandfinancialstatements.Theprocessallowsbothentitiestofocusonacore

strategy–withadesiretoincreasetotalshareholdervalue.

Whatdoesthismeanforthebrand?

Spin-offsareuniqueinthesensethatthegoal

istocreateequityforoneormoreentirelynew

organizations(NewEquity).However,inmanycases,theneworganizationretainssomeelementsofthecompanyitspunofffrom,benefittingfromlong-heldequitythatcanhelpestablishitsownreputation

(LegacyEquity).Thisissimilarlytrueforspunoffentitiesthatremainpartiallyorwhollyowned

bytheremainco(PortfolioEquity).

©INTERBRANDM&AForecast202610

4

JointVentures

Ajointventure(JV)isabusiness

arrangementinwhichtwoormore

independententitiescollaborateona

specificbusinessactivity,sharing

resources,risksandreturnswhilst

remainingseparatelegalentitiesoutsideofthescopeofthespecificventure.

Partnerscontributecapital,assets,technologyorexpertisetoaddressaspecificobjectiveormarketopportunity(likedevelopingaproduct,building

infrastructureorenteringanewmarket).

Whatdoesthismeanforthebrand?

TherolethatbrandplaysinaJointVenturecanvarysignificantlydependingonthestructureofthe

arrangementandperceivedreturn.Allformsofequityareonthetable,withspecificbenefitsforeachparty(includingemployeesandcustomers).

Wehavemorethanthree

decadesofexperience

deliveringthebrand

strategyandexecutionof

theworld’smostsuccessful

Mergers,Acquisitionsand

Spin-offsthatstandthe

testoftimeandproduce

outsizedresults.

©INTERBRANDM&AForecast202612

Mergers&Acquisitions

JPMorganchase

学LATAM

Spin-Offs

Honeywell

HAL三ONSANDOZ

JointVentures

T八T八STEEL

传LufthansaTOSHIBA

©INTERBRANDM&AForecast202613

#1LENSESFORSUCCESS

©INTERBRANDM&AForecast202614

Interbrand’sapproachto

Mergers&Acquisitionsutilizes

threelensesthatgiveusan

understandingofpeople,

organizationsandtheirinteractions.

Thiscomprehensiveviewempowers

ustoguidebrandsthrougheven

themostcomplexMergersand

Acquisitionsandoptimizesthe

outcomeforsuccess.

#1

MakeItProfitable:

BrandEconomics

#2

MakeItEquitable:

HumanTruths

#3

MakeItReal:

Experience

©INTERBRAND15

#1

Make

itprofitable:Brand

Economics

Interbrandusescategory-definingBrandEconomicscapabilitiestoassessthe

currentvalueandfutureearningpotential

ofabrand.

DuringtheAcquisitionprocess,anaccuratebrand

valuationallowstargetorganizationstomaximizethevalueoftheirintangibleassets,inturnincreasing

potentialsalesvalue.

InthecaseofMergersandSpin-Offs,wecanforecastthefuturepotentialbrandandsubsequentbusiness

value–creatingcompellingevidencetohelpsupportinraisingcapitalinvestmentandprovidingadditional

clarityandsecurityforshareholders.

Wealsosupportacquiringcompanies,toestablish

existingandfutureearningpotentialofthetarget–

enablingamoreaccuratesizingofthetotaldeal,basedoffthereturnonbrand.

©INTERBRANDM&AForecast202616

#2

Make

itequitable:Human

Truths

MergerandAcquisitionactivityinvolvesthousandsofindividualsacross

employee,consumerandstakeholder

groups.Whilereworkingbrandscertainlyisn’tsimple,functionalaspectsofa

mergeroracquisitionareeasierthanthepersonaloremotionalaspectsofsuchareformation.

OurHumanTruthspracticeworkswithbrandstoidentifythecoretruthsthatmust

beconsideredwhenaddressingquestionsaMergerorAcquisition.

Bydiggingintowhatthebrandmeanstoallaudiences,wecanmitigatethecriticalstickingpointsthatimpactbrandtrust,identifyingthe“why”behindgroup

sentimentstothemergeroracquisition.

Weusetheseinsightstofostertrust,supportandconnectionwiththebrand,whetherthat’swithyourbiggestinvestororwiththenewestmemberoftheteam.

andchallengesthatarisein

©INTERBRAND17

#3

Makeitreal:

Experience

AcrosstheMergerandAcquisition

landscape,weworkwithseniorbusinessleaderstoestablishlucrativebrand

architectureanddefinethemost

profitablebrandstrategymovingthecompanynotonlythroughtheMergerorAcquisition,buttowardfuture

sustainedgrowth.

Ourbrandstrategyteamsoftendefinethemission,vision,valuesandpurposeofthenewlyformedorconsolidatedentity.

OurteamsofVerbalIdentityConsultantssupportonnamingandonnavigatinginternationaltrademarklaw.

Andourglobalcreativeteamsworktodevelopevolvedidentitiesacrossalltouchpoints–frombrandmarks

andlogos,totypedesign,product&environmentaldesignsandliveries,tonamejustafew.

©INTERBRANDM&AForecast202618

Knowing

what’s

onthetable

Itgoeswithoutsaying,it’svitalthat

companiesdotheirduediligenceto

determineifthedealwillbeinthebest

interestoftheirconsumers,employeesandshareholders.Alargepartofthisis

knowingwhat’sonthetable—andwhat

valuemaybehiddeninthecompany’s

intangibleassets.Interbrandemploys

BrandEconomicsvaluationpracticestodeterminethevaluethatthebrandwillbringtothedeal,potentiallyunlockingadditionalvalue.

Bydeterminingabrand’svalueandbringingthatnumbertothebalancesheet,all

companiesinvolvedhaveaclearideaofthevalueathand,andtheequitythatmayneedtobeprotectedduringapossibledeal.Thisthenprovidesacaseformovingforward,

revisingorhaltingtheproposeddeal.

©INTERBRANDM&AForecast202619

TheCriticalFirstStep:

What’sa

brandworth?

In1988,Interbrandpioneeredtheprocessofassigningamonetary

valuationtothepreviouslyintangible

assetofbrand–aprogramofworkthatfundamentallytransformedhow

companieswereappraisedbyfinancialmarketsandtransformedthemergerandacquisitionlandscape.Thissame

valuationmodelcontinuestobeusedtodaytodeterminebrandvaluewhenitmattersmost.

©INTERBRANDM&AForecast202620

CaseStudy:

Itallbeganwithabrandvaluation,

TensionswerehighwhenInterbrandwasbroughtinbyprominentUKfood

manufacturingcompanyRankHovis

McDougall–ownersofthequintessentiallyBritishbrandsHovis,MrKipling,Bisto,Atora&Mother’sPride.Whilstthebusinesshadastrongmixedportfolioofhousehold-namefoodbrands,RHMwasfacingahostile

takeoverbycompetitorGoodmanFielderWattie,whoalreadyhelda29%stakeinthecompany.

WhilethetangibleassetsacrosstheRankHovisMcDougallbalancesheet

weren’thighlyvaluable,thevalueofthesubsidiarybrandswassubstantial.

WesoughttoprovethatRankHovis

McDougall’sbrandswerevaluable—sovaluable,infact,thatsuchatakeoverwouldbeimpossible.Atthetime,

therewasn’tasetmodelforbrand

valuation.So,aroundakitchentableintheBritishcountryside,we

pioneeredthebasicprocessofbrandvaluation–thefoundationofamodelstillusedtovaluebrandstoday.

Incollaborationwiththecompany’sauditors,ourbrandvaluationresultedinamarketupratingRankHovis

McDougall.withthebrand’svaluewasaddedtothebalancesheet.

Whenthecompanywaseventually

acquired,acquirerTompkinsPLCpaidapricethatcoveredthefullbrand

value,affirmingabrand’sworthinbusiness.

©INTERBRAND21

Makeit

Profitable:

CreatingorProvingValue

Creatingvalueinamergeroracquisitionstartswithaclearunderstandingofthevaluecreationlogicbehindthedeal.

TherearethreekeyprinciplestomaximizingvaluecreationandminimizingriskduringanM&A:

Focusonvaluecreationlogic.Definewhythedealisbeingexecutedandhowitwillgeneratevalueforall.

2Trustyourstakeholders—notyourgut.Brandleadersshouldgroundtheirdecisionsininsights,listeningtoemployees,customersandshareholderswhenmakingdecisions.

3Evolvethemodelratherthanperfectit.AnM&A

israrelyalinearprocess.Evolvingamodelasnew

informationandupdatesemergeratherthan

attemptingtoperfectitfromthestartisoftenmoreeffective.Pairedwitha“donoharm”mindset,thiscancreateoutsizedgrowthforthebusinesswithout

threateningexistingvalue.

Usetheseprincipleswhenconsideringeachstep

intheM&Aprocess.Whilethisprocessisoftenvaried,thereareafewcommonleversofvaluecreationthatcanbepulled,includingaccesstonewmarkets,cost

synergies,intellectualpropertyandtheexpanded

capabilitiesofanewteam.Utilizingthesekeyprinciples,companiescanlowercommonrisks

intheirM&Aandincreasetheirvaluecreation.

©INTERBRANDM&AForecast202622

CASESTUDY:

NEt-A-PORTER

In2014,luxuryretailerNet-a-Porterwas

settomergewithretailerYoox.However,astheagreementwassigned,shareholders

hadconcernsaboutthevaluationof

Net-a-Porter,suspectingthebrandwasundervalued.

Net-a-Portersoughtanindependent

valuationfromInterbrand,andthroughacombinationofqualitativebrandstrengthanalysis,brandandenterprisevaluationandavaluationsensitivityanalysis,we

demonstratedthatthebrandhadgrowninrecentyears.

Theresult?TheNet-a-Porterbusinesswasvaluedatapproximately£1.5billion—

nearly40%higherthantheinitialproposedacquisitionvalue.

©INTERBRAND23

MakeitEquitable:

People

attheheart

Asuccessfulmergeroracquisitionisnotonlyafinancialtransaction—it'sastrategicopportunitytounlockvalue.

Attheheartofthisvaluecreationisthoughtful

integration.Successfulintegrationreliesonthreekey

ingredients:aligningpeoplearoundasharedvisionfor

change,establishingcommonprioritiesanddevelopingunifiedwaysofworking.Whentheseelementsareclearlyandintentionallyexecuted,thecombinedorinsome

casesseparatedorganizationcanoperatemorecohesively.

CulturealsoplaysapivotalroleinM&Asuccess.Iconicbrandsarebuiltfromtheinsideout,andamerger,

acquisitionorspin-offshouldhonortheoriginalbrands’equitywhilesimultaneouslycreatinganewplatformforgrowth.Astrongbrandservesasanorthstarduring

transition,providingclarityandpurposeacrossthe

organization,helpingteamsseetheirplaceinthelargerstory.

Peopleareoneofacompany’sgreatestassets,and

bringingthemtogetherisboththechallengeandthe

opportunityofM&A.Throughclear,consistent

communication,reinforcingasharedpurposeandcraftingasimplenarrativethateveryonecanrallyaround,

companiescancreatestakeholderbuy-in,generating

excitementandalignmentasopposedtoconfusion.Whenpeoplefeelseen,alignedandinspired,theybecomethedrivingforcebehindasuccessfulmerger.

©INTERBRAND24

Make

itReal:Identitysignifiers

M&Aactivitiesoftenbringgreatamountsofuncertainty,assignificantchangeoccursforemployees,customersandother

stakeholdersalike.

Onepowerfultoolforeasingthistransitionistheuseofidentitysymbols:logos,language,creativeassets,

storytellingandmorethathelppeoplefeellikethey

belong.Theseidentifiersprovideasenseofshared

purpose,reinforcingalignmentwhilebringingthenewormodifiedbrandintotherealworld.

Whenthoughtfullycrafted,theyserveasanchorsthatmakethechangeofamerger,acquisitionorspin-offfeelmorelikeapersonalinvestmentandlessadisruptive

intrusion.Attheheartoftheseidentitysymbolsisthebrandpromise.InthecontextofM&A,developinganewandmorerelevantbrandpromise—orsetofpromises—iscritical.Thesepromisesshouldreflecttheunique

strengthsofthecombinedorspun-offorganizationandsignalafresh,forward-lookingvision.Whendonewell,thissetsclearexpectations,invitestrust,andgivesallaudiencessomethingtobelievein.

Overtime,asolidbrandpromisebecomesthefoundationoflong-termgrowth,sowhenthenewentitycomesto

market,it’smetwithcelebration.

©INTERBRANDM&AForecast202625

CASESTUDY:

InNovember2021,GEannouncedplanstosplitupitsportfoliointothree

separatebusinesses—healthcare,energyandaviation,leavingbehinditslong-heldcorporateconglomeratestructureinfavorofamoreflexibleandfocusedapproach.Thedecisionimmediatelyraisedapivotalquestion:whatroleshouldtheGEbrandplayinsettingeachnewcompanyona

trajectoryforfuturesuccess?

WeworkedwithGEtodeterminetheoptimalbrandingsolutionforeachnewcompany.Theteamdevelopedhypothesesofhowtocreateoptimalvalueforeachindependentbrandbyemployingtheprinciplesofbrand

economics.

Theresultsofourresearchmadeclearthatthedecades-longlegacyoftrustandinnovationbuiltintotheGEbrandmadeboththenameandthe

monograminvaluableassets.

Incorporatingtheseintothenew

brandidentitiesbuildsuponthis

powerfulsharedequitywhileallowingeachcompanytoleverageitsheritageindistinctwaysforfuturegrowth.

SincethelaunchofGEHealthCarein

January2023,withGEAerospaceandGEVernovafollowinginApril2024,

eachindependentbrandhasseen

drasticgrowth.Injustoverayear,wehelpedGEHealthCare,GEAerospaceandGEVernovagrowtheircumulative

marketcap339%from$92Bto$404B(April2024–May2025).

©INTERBRANDM&AForecast202626

TheRoleofBrandinM&A

InM&A,brandisoftenthemostmisunderstood—andundervalued—asset.Our2024HowBrandImpactsSharePricereportfoundthat67%ofS&P500brandsareincorrectlyvalued,withtheprimary

disconnectstemmingfromalackofbrandliteracyamongfinancialanalystsanddecision-makers.Yet,brandisthesecondmost

importantdriverofcompanyvaluation,aftercorefinancials.

WarrenBuffettconsidersEBITDAtobeamisleadingand"pernicious"metric.HeandCharlieMungerurgedinvestorstoignoreit,arguingthatitdoesnotreflectabusiness'struefinancialhealth.Hesaidhepreferredmetricsthatprovideinsightonacompany’smoreintrinsicvalue.

AtInterbrand,webelieveBrandValueisabettermetricbecauseitaccountsforthefollowing:

#1.

Ituseseconomicprofittothebrandwhichisthekeydifferentiatorinanindustryovertimeespeciallywhensupplychainadvantagesareeroded.

#2.

Itaccountsforallcostsandthecostofcapitalwhilealsoisolatingtheeconomicprofittiedtobrandthroughroleofbrand.

#3.

ItvalueswithariskcomponentattachedtofutureearningsareareflectionofbrandstrengthanditsriskandnotjustthecurrentrisksimpliedthroughWACCestimates.

#4.

Itishardertomanipulatecostsforshort-termfinancialresultsbecauseBrandValuationincludesfive-yearforecastsandaperpetuityestimateoffuturevalue.

©INTERBRANDM&AForecast202627

TheThreeComponentsof

BrandValuation

#1.

RoleofBrand

(ROB)

RoleofBrandmeasuresthebrand’s

influenceonpurchasedecisions.It

capturesthebrand’sintangi