Deal Announcement 03/21: Engineering & Construction

PwC acted as exclusive financial advisor to TÜV SÜD AG on the sale of SIGNON Deutschland GmbH, a leading German engineering service provider for the railway sector, to DB Netz AG

The Deal

The PwC M&A team is pleased to announce the successful sale of SIGNON Deutschland GmbH (“SIGNON”) to Deutsche Bahn AG. SIGNON is a leading provider of safety-, systems- and software engineering services to the rail industry. The company has its origins in a carve-out from Siemens and was successively acquired in 2007 by TÜV SÜD. Since the takeover by TÜV SÜD, SIGNON has grown organically and through the acquisition of several engineering offices. As part of the portfolio evaluation, TÜV SÜD has decided to examine strategic options regarding the disposal of the shares held in SIGNON and initiated a structured, international sale process which was led by PwC M&A. In the course of the investor process all shares of SIGNON have been acquired by Deutsche Bahn AG.

The share purchase agreement was signed in December 2020.

SIGNON Deutschland AG

Founded in 1993, SIGNON is an integrated provider of comprehensive safety-, systems- and software engineering services to the rail industry. The business is divided into two segments: Design and Engineering. The service offering is focused on design and engineering of rail infrastructure, for controlling and signaling applications. In 2020, the Company employed c. 230 people at five locations in Germany.


TÜV SÜD is a leading technical service corporation catering to the industry, mobility, and certification segments. Its range of services embraces consultancy, inspection, tests, and expert reports as well as certification and training.

DB Netz AG

DB Netz AG operates large parts of the German railway infrastructure and thus the largest rail network in Europe. DB Netz AG is a 100% subsidiary of Deutsche Bahn AG, which is the second-largest transportation company in the world.


The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 284,000 people in 155 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A Germany acted as exclusive financial advisor to TÜV SÜD on this transaction. The transaction was led by Martin Schwarzer (Partner) and Christian Gieger (Manager).

Contact us

Martin Schwarzer

Martin Schwarzer

Partner, Corporate Finance | M&A Automotive & Industrial Products, PwC Germany

Tel: +49 160 97228977

Dr. Alexander von Friesen

Dr. Alexander von Friesen

Partner, Corporate Finance | M&A Healthcare & Consumer, PwC Germany

Tel: +49 151 11714398

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