MAGAZINE
June 2016 Issue
Financier Worldwide Magazine
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COVER STORY
PE in Africa: confidence with caveats
As a global opportunity destination, the continent of Africa is as compelling as they come – a magnet for transaction-hungry investors and dealmakers, including private equity (PE) funds hunting high-growth yields...
FEATURES
Pharma M&A on the up as R&D slides
M&A activity in the pharmaceutical sector has enjoyed a bumper last few years, with many companies embarking upon dealmaking splurges, including mega-mergers. In total, between the beginning of 2014 and...
Amid the carnage: M&A opportunities in Brazil
As a general rule, a moribund economy can expect the corporate vultures to begin circling its carcass fairly quickly, with the tastiest assets at risk of being soundly cherry-picked. This makes for an apt description of the...
During the strains and stresses of the financial crisis, the world’s undeveloped nations proved a safe haven for investors. Flush with resources and opportunities, emerging markets such as Brazil, Russia, India, China...
Bribery and corruption in 2016
It is a pessimistic view for sure, but these days it can often seem that we live in a world mired in bribery and corruption – a global society in which the name of the game is to get ahead, at any cost. In its latest...
Global energy & utilities outlook
Transformation has been the watchword for the energy & utilities space in recent years. Though the sector has long been viewed as a relatively safe investment destination, in reality things have changed...
ROUNDTABLE
ROUNDTABLE: International arbitration
MODERATOR: Olivia Staines, CIArb. THE PANELLISTS: Robert J. C. Deane, Borden Ladner Gervais LLP; Tom Sikora, ExxonMobil Corporation; Elie Kleiman, Freshfields Bruckhaus Deringer LLP; Pontus Ewerlöf, MAQS Advokatbyrå Stockholm AB; Cameron Ford, Rio Tinto; Melis Acuner, Skadden, Arps, Slate, Meagher & Flom (UK) LLP; Marco Tulio Venegas, Von Wobeser y Sierra.
International arbitration is extremely advantageous in that parties can select a neutral forum, choose the law applicable to their proceedings, designate highly specialised arbitrators specific to their dispute, ensure...
SPECIAL REPORT
The global mergers & acquisitions (M&A) landscape has been a hotbed of activity over the past few years, with companies around the world having spent $5 trillion on acquisitions during 2015. Analysts have put the record levels...
FORUM: M&A in the healthcare & pharma sector
FW moderates a discussion on M&A in the healthcare & pharma sector between Adam Bellack at Hogan Lovells, Jeremy D. London at Skadden, Arps, Slate, Meagher & Flom LLP, Catherine Wigmore at Stevens & Bolton LLP, and Fred Hassan at Warburg Pincus.
Due diligence is the mother of good luck
The Brattle Group Mergers & acquisitions (M&A) can be expensive. While M&A may make sense for strategic, competitive or growth reasons in the long term, transaction costs, including numerous fees to outside parties such as...
Security risks in mergers and acquisitions
Cigital Mergers and acquisitions (M&A) between two companies bring a unique synergy that cannot be obtained by one company alone. Along with synergy, M&A brings a whole host of benefits to the table...
Life after closing: who’s afraid of post-deal integration?
Hogan Lovells Once the deal is closed and celebrations are over, the investor starts a new life with its acquired target. We hear from our clients all the time how concerned they feel about future integration. Nearly half of them...
CMS Despite 2015 representing a record year for global M&A in terms of value, early signs in 2016 indicate an uncertain and potentially risky European M&A environment. The recently published results by...
M&A activity in the Czech Republic and CEE/SEE
Wolf Theiss The goal of this article is to provide an analysis of the main drivers and challenges for M&A transactions in the Czech Republic and Central, Eastern and South Eastern Europe (CEE/SEE). First, we will introduce the...
Transformational times in Brazilian infrastructure M&A
Demarest Advogados It is time to do business in Brazil. Indeed, it seems to be the right time to buy in Brazil, given that it is unlikely that an opportunity of the same magnitude will arise in the next decade. The entire country is struggling due to...
Argentina M&A: light at the end of the tunnel
Marval, O’Farrell & Mairal Last year, the Argentine M&A landscape was at a standstill, waiting for the outcome of the most important election in 12 years. At that time, no investment boom would take place unless the country...
Schemes of Arrangement: the new black in the New Zealand takeovers world
Minter Ellison Rudd Watts In August 2015, Scott Technology Limited, an NZX listed company, announced that JBS Australia Pty Ltd would be acquiring a 50.1 percent stake in Scott. The acquisition would be structured as a scheme of...
The American printing industry M&A environment
Graphic Arts Advisors, LLC According to a research report published by IBISWorld in April 2016, the American commercial printing industry generated approximately $83bn in revenue with total reported profits of less than $3bn during...
DEALfront
mergers & acquisitions
Lexmark bought by Chinese group for $3.6bn
Following an “exhaustive” review of alternatives, US printer manufacturer Lexmark International Inc. has announced that it is to be sold to a Chinese consortium led by Apex Technology and PAG Asia Capital in a deal...
Abbott and St. Jude agree $25bn deal
In late April, Abbott Laboratories announced that it had agreed to acquire St. Jude Medical Inc in a $25bn cash and stock deal which will substantially expand the company’s heart device offering. According...
private equity & venture capital
Vista Equity to buy Cvent for $1.65bn
In a move designed to expand its technology portfolio, private equity firm Vista Equity Partners is to enter into a definitive agreement to acquire all the outstanding stock of Cvent Inc. Under the terms of...
Ardian raises largest ever secondaries fund
French private equity firm Ardian has announced the closure of its largest ever fund of funds, having attracted investment from a number of global institutional investors. According to a statement released by Ardian...
bankruptcy & corporate restructuring
Renewable energy firm SunEdison Inc, the former darling of Wall Street, has enjoyed a meteoric rise in the world of renewables. Following the decision to change MEMC Electronic Materials’ name to SunEdison in 2013...
Peabody Energy files for Chapter 11
Due to a prolonged downturn in the global coal industry, Peabody Energy Corporation has taken action to strengthen liquidity and reduce debt by filing for voluntary Chapter 11 protection in the United States...
PROFESSIONALinsight
Risk Management
Cyber security and the board of directors
DLA Piper Cyber security has become an increasingly prominent issue of legal, reputational and financial risk for companies and thus for their boards of directors. According to one 2015 study, more than two-thirds (69...
Incorporating your company’s incident response plan into its cloud computing contract
Miller & Chevalier Chartered Nearly every board of directors now understands that their company will suffer a cyber attack and, in some way, the company will need to respond to the attack and its public and private consequences. Accordingly, all...
Spear phishing – don’t get caught
Gardere We’ve all seen it before – a Nigerian prince wishes to relocate because of the deplorable conditions in his country, but he is afraid that the government will seize his assets. He wants a trustworthy source (that’s you) to...
Cyber security counsel for the board: good business and self-protection
Barton LLP Risk is a primary cause of loss of sleep for directors. In 2016, cyber security is at, or near the top, of the list for corporate risk. But cyber breaches also raise the potential for personal exposure to directors. In the wake...
SPOTlight
Key parameters of fundraising by startups in India
ARA LAW Fundraising is critical to provide a boost to any startup. Most startups cannot rely on traditional methods of financing due to their limited liability and risk aversion approach. Startups require long-term and high-risk...
New listing and reporting requirements for SOCIMIs on the Spanish Alternative Equity Market (MAB)
Cuatrecasas On 10 February 2016, the Alternative Equity Market (Mercado Alternativo Bursátil or MAB) published the revised text of its general regulations and a series of new circulars providing a comprehensive review of the...
Company directors must remain diligent in changing times
Higgs & Johnson Company director roles and responsibilities have been enhanced over the years. This is especially the case in offshore jurisdictions like the Cayman Islands. Such changes were necessary, not because of faults in the...
Competition law disputes – new threats and opportunities
Shoosmiths The past few years have seen a significant growth in competition law disputes in the UK (and, indeed, elsewhere in the EU). Cases range from civil damages litigation by businesses following on from competition...
Financial services sector implications of ‘Brexit’
Morgan Lewis Should Britain decide to leave the EU and not to join the European Economic Area (EEA) as a result of a ‘Brexit’ vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London...
CONTRIBUTORS
ARA LAW
Barton LLP
Borden Ladner Gervais LLP
CIArb
Cigital
CMS
Cuatrecasas
Demarest Advogados
DLA Piper
ExxonMobil Corporation
Freshfields Bruckhaus Deringer LLP
Gardere
Graphic Arts Advisors, LLC
Higgs & Johnson
Hogan Lovells
MAQS Advokatbyrå Stockholm AB
Marval, O’Farrell & Mairal
Miller & Chevalier Chartered
Minter Ellison Rudd Watts
Morgan Lewis
Rio Tinto
Shoosmiths
Skadden, Arps, Slate, Meagher & Flom LLP
Stevens & Bolton LLP
The Brattle Group
Von Wobeser y Sierra
Warburg Pincus
Wolf Theiss