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COVER STORY

Deal trends in energy, utilities and natural resources

New energy sources are needed to meet shifting energy needs. As governments introduce regulations and incentives to attract investment, dealmaking in the energy, utilities and natural resources space should flourish in the energy transition era.

FEATURES

Make or break: cogitating culture in M&A

To ensure a successful integration of cultures, companies must focus on their workforce and get them on board with the scope of the transaction and the future direction of the company.

Mutual recognition in FS: UK and Switzerland agree terms

The agreement creates a solid framework, building on both countries’ shared belief in open and resilient financial markets and cementing the relationship between two of the world’s leading financial centres.

Exploring DORA

Digitalisation is playing an increasingly important role in banking and financial services, but this comes with greater risk. Under the Digital Operational Resilience Act, FIs must prioritise risk management processes and conduct regular testing.

Digital ethics: the road to RAI

Organisations are increasingly recognising the need to introduce greater fairness, interpretability, privacy and safety into their AI systems, with responsible AI the key to doing so.

Bold ambition: EU sets out new approach to AML and CFT

New measures not only broaden the scope of obligations for entities but also enhance due diligence, transparency and cooperation across borders.

ROUNDTABLE

Private equity

As a result of macroeconomic and geopolitical uncertainty, dealmaking in the private equity market notably slowed in the last 18 months. But with the factors destabilising deals improving, the market anticipates an increased appetite for acquisitions in the months to come, heightening competition for assets. FW moderates a discussion between Christy Howard at Accuracy, Romain Dambre at Allen & Overy, Bob Bartell at Kroll Financial Advisory, Amit Nayyar at Shoosmiths, and George Gray at Skadden, Arps, Slate, Meagher & Flom (UK) LLP.

SPECIAL REPORT

Financial services

Q&A: ESG risks in financial services

Establishing a comprehensive environmental, social and governance (ESG) strategy is essential for financial services firms to effectively manage associated risks and seize opportunities for long-term value creation. FW discusses ESG risks in financial services with Anthea Bowater at Freshfields Bruckhaus Deringer and Myron Mallia-Dare at Miller Thomson LLP.

Net performance metrics of private equity firms in the spotlight

Ropes & Gray LLP Investment advisers registered with the US Securities and Exchange Commission, including private equity firms, now have to comply with prescriptive rules when calculating and reporting their net performance returns.

How the regulatory climate in the UK, US and EU affects where cryptoasset firms operate

Orrick Cryptoasset firms weigh many factors in decisions on location, including tax and market size, but they and their investors increasingly prefer areas where they can conduct business without the threat of shifting regulatory focus and regulatory crackdowns.

Non-financial misconduct in the financial sector: regulatory risks for firms

Macfarlanes LLP Firms should be thinking now about changes and enhancements they might need to make to their policies, processes and practices to ensure that they are aligned with the Financial Conduct Authority’s expectations in this area.

The evolving enforcement landscape of UK and EU sanctions against Russia

Brown Rudnick LLP The UK and the EU will be keen to deter operators from undermining the effectiveness of sanctions, so it is also very likely that prosecutions against those that circumvent sanctions will increase.

Emission allowances trading: some financial services regulatory considerations

Watson Farley & Williams LLP The regulated emission allowances market under the UK and European trading schemes is very involved and its complexity is enhanced by the overlay of financial services regulatory requirements where they apply.

TALKINGpoint

Managing risk and liabilities arising from PFAS

The science investigating per- and polyfluorinated substances (PFAS) exposure and disease is evolving rapidly, implying a forward-looking approach is needed to identify and quantify the impact of novel causes of action. FW discusses how to manage the risk and liabilities arising from PFAS with Drew Groth and Travis Grulkowski at Millman, David Loughran and Graham Tibbets at Praedicat, and Matthew B. Anderson at Mendes & Mount LLP.

DEALfront

mergers & acquisitions

Chord Energy creates $11bn firm with Enerplus deal

Continuing a surge in oil and gas dealmaking, Chord Energy Corporation is to combine with Enerplus Corporation in a stock and cash transaction valued at approximately $11bn.

Disney and Reliance agree Indian asset merger

Following a great deal of speculation, in late February Reliance Industries and the Walt Disney Company announced the merger of their India TV and streaming media assets, creating an $8.5bn entertainment group.

private equity & venture capital

Everbridge taken private in $1.8bn deal

In a deal that takes the enterprise software company private, Everbridge, Inc. is to be acquired by private equity firm Thoma Bravo in an all-cash transaction that values Everbridge at approximately $1.8bn.

BC Partners exits Forno d’Asolo for €1.1bn

British investment firm BC Partners has announced it is to exit Italian baked goods chain Forno d’Asolo Group after agreeing to sell the company to a consortium backed by Investindustrial and the Bagnoli family owned Sammontana, the first Italian gelato company, for around €1.1bn.

bankruptcy & corporate restructuring

Thrasio files for Chapter 11

A result of the post-pandemic slump in online spending, next-generation consumer goods company Thrasio Holdings, Inc. has filed for Chapter 11 bankruptcy protection.

Instant Brands wins Chapter 11 plan approval

The US Bankruptcy Court for the Southern District of Texas has approved a Chapter 11 restructuring plan for Instant Brands, the company announced in late February.

SPOTlight

Canadian government to enhance scrutiny of foreign investments in the interactive digital media sector

Davies Ward Phillips & Vineberg LLP Canada remains open to foreign investment in the interactive digital media sector, albeit with a preference for investments from states that are not considered hostile to Canadian interests.

The reformed Belgian Restructuring Law: new tools for distressed M&A in Belgium

CMS DeBacker The reformed legislation provides companies in distress with a broader range of tailored restructuring tools to safeguard their business and some much needed tweaks that facilitate distressed transfers of businesses.

Establishing clear ethical guidelines is fundamental to delivering GenAI in financial services

Standard Chartered Americas Many financial institutions are ready to adopt generative artificial intelligence extensively but first there are several hurdles to overcome, including establishing ethical guidelines.

Compassion, sustainability and social justice: advice for good governance

Yiesia By promoting ethical and sustainable practices, good governance can build trust between businesses, governments and society, leading to more inclusive and sustainable development.

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CONTRIBUTORS

Accuracy

Allen & Overy

Brown Rudnick LLP

CMS DeBacker

Davies Ward Phillips & Vineberg LLP

Freshfields Bruckhaus Deringer

Kroll Financial Advisory

Macfarlanes LLP

Mendes & Mount LLP

Miller Thomson LLP

Millman

Orrick

Praedicat

Ropes & Gray LLP

Shoosmiths

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

Standard Chartered Americas

Watson Farley & Williams LLP

Yiesia