Mergers & Acquisitions in the Energy Sector: Dynamics, Drivers, Financing, and Performance Outcomes – The E.ON–Innogy Case Study

This thesis, "Mergers & Acquisitions in the Energy Sector: Dynamics, Drivers, Financing, and Performance Outcomes – The E.ON–Innogy Case Study", examines whether energy-sector M&A transactions create value, advance decarbonisation, and reflect strategic choice or forced adaptation to regulatory, financial, and sustainability pressures. The study argues that in today’s capital-intensive and sustainability-driven environment, M&A is increasingly guided by a “survival logic” centred on resilience and ESG integration rather than purely profit maximisation. Using the E.ON–Innogy acquisition as a case study, the thesis analyses regulatory constraints, strategic realignment, and post-merger outcomes between 2016 and 2024. Findings indicate that while the transaction initially expanded assets and leverage, subsequent financial stabilisation and operational improvements demonstrate the primacy of long-term resilience over short-term efficiency. The research also highlights the volatility of ESG-linked financing as both a driver and a risk factor. By proposing a composite performance measure that integrates financial and ESG indicators, the thesis contributes to closing a gap in the M&A literature and concludes that the E.ON–Innogy deal exemplifies survival-driven consolidation in the transforming energy sector.