Santiago Ruiz de Vargas, Dipl.-Kfm., CVA

German certified public accountant
Co-Head Advisory Services
Board Member NOERR AG WPG StBG

Santiago Ruiz de Vargas has worked in the corporate finance sector for almost 30 years. He focuses on the valuation of companies and intangible assets in disputes both in and out of court. Santiago has also authored comprehensive expert opinions on accounting law issues and has extensive experience in transaction-related advice (in particular financial due diligence and contract drafting) and in the restructuring of distressed companies. He also has expertise in many industrial and service sectors. Santiago's sector focus lies on energy, financial services and media.


  • M&A transactions
  • Expert opinions regarding business matters in legal disputes
  • Valuation of companies and intangible assets (especially trademark, patent and film valuations)
  • Corporate finance
  • Financial due diligences (buy side/vendor side)
  • Industrial and competition economy in pool legal disputes
  • External valuation expert for corporate investments recognised by the Federal Financial Supervisory Authority (BaFin) in accordance with the German Investment Code (KAGB)


  • Training in industrial management at the German Chamber of Commerce for Spain (Barcelona) and Nobel Industries (Sweden)
  • Studied business management and economics at the Universities of Nuremberg, Freiburg and Hagen
  • Assistant at Price Waterhouse, London
  • Senior Manager of medium-sized businesses (auditing of consolidated financial statements and annual reports, business valuation) at Arthur Andersen, Munich
  • Head of Strategic Planning at Kirch Group, Munich
  • General Manager of Financial Advisory Services at KPMG Deutsche Treuhand AG, Munich
  • Partner of Advisory Services at Noerr LLP and Member of the Board at NOERR AG WPG StBG, Munich


  • Berlin Chamber of Auditors
  • Institute of Public Auditors in Germany (IDW)
  • European Association of Certified Valuators and Analysts (EACVA)
  • European Finance Association (EFA)
  • Southern Finance Association (SFA)
  • Eastern Finance Association (EFA)
  • Financial Management Association (FMA)
  • Licensing Executives Society (LES)

Selected Publications

  • Heidelberger Kommentar zum Aktiengesetz, Konzernvertragsrecht, Anhang zu § 305 – Unternehmensbewertung, Bürgers/Körber (eds.), Aktiengesetz, 5th edition, 2021 (forthcoming)
  • ­Barwert der Ausgleichszahlungen als weitere Wertunter-grenze im Squeeze-out-Fall (with Dr. Philipp Göz), Neue Zeitschrift für Gesellschaftsrecht, 1/2021, p. 21 et seq.
  • Local, Global, and International CAPM: For Which Countries Does Model Choice Matter? (with Prof. Thomas O'Brien, Prof. Demissew Ejara and Prof. Alain Krapl), Journal of Investment Management, Vol. 18, No. 2, 2020, p. 73 et seq.
  • Unternehmensbewertung im internationalen Kontext, Peemöller (ed.), Praxishandbuch der Unternehmensbewertung, 7th edition, 2019, p. 1635 et seq.
  • Absicherungsstrategien gegen Risiken des Unternehmenskaufs (with Thomas Zollner), Peemöller (ed.), Praxishandbuch der Unternehmensbewertung, 7th edition, 2019, p. 281 et seq.
  • Globale vs. lokale Betafaktoren bei international zusammengesetzten Peergroups (with Prof. Wolfgang Breuer), Tönnes (ed.), Unternehmensbewertung. Festschrift für Bernhard Großfeld zum 85. Geburtstag, 2019, p. 355 et seq.
  • Currency Indexes and Consistent Currency Misvaluation: Illustrations using Big Mac Data (with Prof. Thomas O’Brien), Research in International Business and Finance, Vol. 48, 4/2019, p. 464 et seq.
  • Prognosemethoden für marktdeterminierte Wechselkurse bei rechtlich geprägten Unternehmensbewertungen – Replik zu Müller/Schultheiß, BWP 2018 S. 98-111 –, BewertungsPraktiker, 4/2018, p. 112 et seq.
  • Prognosemethoden für marktdeterminierte Wechselkurse bei rechtlich geprägten Unternehmensbewertungen, BewertungsPraktiker, 2/2018, p. 34 et seq.
  • Corporate Valuation in an International Context with the Global CAPM from a German Perspective (with Prof. Wolfgang Breuer), SSRN, February 2018
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