{"id":116505,"date":"2026-10-28T10:58:15","date_gmt":"2026-10-28T14:58:15","guid":{"rendered":"https:\/\/livingstonepartners.com\/?post_type=insights&#038;p=116505"},"modified":"2026-10-29T05:17:55","modified_gmt":"2026-10-29T09:17:55","slug":"industrie-aerospatiale-2026-pourquoi-lappetit-des-acquereurs-revient-et-pour-quels-actifs-on-paie-une-prime","status":"publish","type":"insights","link":"https:\/\/livingstonepartners.com\/fr\/insights\/industrie-aerospatiale-2026-pourquoi-lappetit-des-acquereurs-revient-et-pour-quels-actifs-on-paie-une-prime\/","title":{"rendered":"Industrie a\u00e9rospatiale 2026 : pourquoi l\u2019app\u00e9tit des acqu\u00e9reurs revient (et pour quels actifs on paie une prime)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><strong>Dans un article publi\u00e9 par le magazine\u00a0<\/strong><em><strong>Avion Revue<\/strong><\/em><strong>\u00a0(num\u00e9ro sp\u00e9cial\u00a0<\/strong><em><strong>Industria Aeron\u00e1utica 2026<\/strong><\/em><strong>, mai 2026), <a href=\"https:\/\/livingstonepartners.com\/fr\/team-member\/juan-romero\/\">Juan Romero Turel<\/a>, partner chez Livingstone Partners, analyse le changement de cycle du M&amp;A a\u00e9ronautique en Espagne. En 2025, le march\u00e9 espagnol des fusions-acquisitions a enregistr\u00e9 moins d\u2019op\u00e9rations que l\u2019ann\u00e9e pr\u00e9c\u00e9dente, mais l\u2019a\u00e9rospatial a fait partie des secteurs dont les indicateurs se sont am\u00e9lior\u00e9s.<\/strong><\/strong><\/p>\n\n\n\n<h4 id=\"h-le-m-amp-a-aeronautique-renoue-avec-un-cycle-acheteur\" class=\"wp-block-heading\">Le M&amp;A a\u00e9ronautique renoue avec un cycle acheteur<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Les chiffres du secteur expliquent en partie cet int\u00e9r\u00eat : Airbus a termin\u00e9 l\u2019ann\u00e9e 2025 avec un carnet de commandes record de 8 754 appareils, et Boeing a r\u00e9alis\u00e9 sa meilleure ann\u00e9e en mati\u00e8re de livraisons depuis 2018. S\u2019y ajoutent la hausse des d\u00e9penses de d\u00e9fense et la p\u00e9nurie de capacit\u00e9s industrielles qualifi\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Toutefois, comme le souligne&nbsp;<strong>Juan Romero<\/strong>, le retour de l\u2019app\u00e9tit des acqu\u00e9reurs ne signifie pas que le march\u00e9 paie une prime \u00e0 l\u2019aveugle :&nbsp;<em>\u00ab La prime ne se paie pas pour le simple fait de porter l\u2019\u00e9tiquette a\u00e9rospatiale ou d\u00e9fense (m\u00eame si cela aide), mais parce qu\u2019on est difficile \u00e0 reproduire. \u00bb<\/em><\/p>\n\n\n\n<h4 id=\"h-ce-qu-aborde-l-article\" class=\"wp-block-heading\">Ce qu\u2019aborde l\u2019article<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les trois facteurs qui expliquent le retour des investisseurs dans l\u2019a\u00e9rospatial et la d\u00e9fense.<\/li>\n\n\n\n<li>Les types d\u2019entreprises qui obtiennent des valorisations assorties d\u2019une prime, de la MRO et de l\u2019aftermarket aux fournisseurs de rang 2 et 3 (Tier-2 et Tier-3), et pourquoi.<\/li>\n\n\n\n<li>Ce qu\u2019exigent les acqu\u00e9reurs en mati\u00e8re de d\u00e9fense et de technologies \u00e0 double usage.<\/li>\n\n\n\n<li>L\u2019\u00e9l\u00e9ment qui, en 2026, p\u00e8se plus qu\u2019auparavant dans la valorisation d\u2019une entreprise.<\/li>\n\n\n\n<li>Les points cl\u00e9s pour les dirigeants et les actionnaires qui envisagent de c\u00e9der une entreprise du secteur a\u00e9rospatial, et pourquoi\u00a0<em>\u00ab la prime ne se n\u00e9gocie pas : elle se construit \u00bb<\/em>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Article publi\u00e9 dans<\/em>\u00a0Avion Revue,\u00a0<em>num\u00e9ro sp\u00e9cial<\/em>\u00a0\u00ab Industrie a\u00e9ronautique 2026 \u00bb,\u00a0<em>mai 2026.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Livingstone Partner Juan Romero analyses in Avion Revue why buyer appetite is returning to aerospace and which assets command a premium.<\/p>\n","protected":false},"author":12,"featured_media":116504,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3398,3395],"tags":[],"sector":[3298,3297],"service":[],"class_list":["post-116505","insights","type-insights","status-publish","has-post-thumbnail","hentry","category-thought-leadership","category-in-the-press","sector-aerospace-defense","sector-industrial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Industrie a\u00e9rospatiale 2026 : pourquoi l\u2019app\u00e9tit des acqu\u00e9reurs revient (et pour quels actifs on paie une prime) - Livingstone Partners<\/title>\n<meta name=\"description\" content=\"In Avion Revue, Livingstone Partner Juan Romero analyses the rebound in aerospace M&amp;A in Spain and which companies command a premium.\" \/>\n<meta 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