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COVER STORY

Fractious world: navigating global risks in 2024

In a fast-fragmenting world, determining the best strategic response to high-impact risks is a key consideration for organisational leaders.

FEATURES

Tech M&A in 2024 and beyond

Buyers and sellers of technology companies are still seeking common ground on valuations, which was a major obstacle to dealmaking in 2023.

Unlocking innovation: GenAI across financial services

Striking the right balance between innovation and risk mitigation will be key to unlocking the full potential of GenAI in financial services.

FinTech frontiers: evaluating emerging markets

While a significant area of opportunity and innovation for FinTech companies, expanding into emerging markets is not without its challenges, funding and regulatory in particular.

Integrating ESG into risk management

The range and scope of ESG regulation already in force and on the horizon can be dizzying.

Altered states: sanctions and international arbitration

Currently, there are 14 UN sanctions regimes in place, 11 of which include arms embargoes, travel bans and asset-freeze measures.

ROUNDTABLE

International arbitration

An ever-evolving economic, political and financial climate is leading to a wide range of disputes, with many resolved by international arbitration. Feeding disputes are the ongoing repercussions of the Russia-Ukraine war, while new legislation coming into force in several important jurisdictions is also having an impact in the arbitration space. FW moderates a discussion between Sarah Vasani at CMS, Ceyda Knoebel at Gibson, Dunn & Crutcher UK LLP, Steven Andersen at ICDR, Amanda Raymond Kalantirsky at Skadden, Arps, Slate, Meagher & Flom LLP, and Steven Finizio at WilmerHale.

SPECIAL REPORT

Infrastructure & project finance

Q&A: Infrastructure M&A

Digitalisation and the energy transition are the two most important drivers in the infrastructure M&A market right now, and funds are increasingly targeting assets in those areas. FW discusses infrastructure M&A with Seth Miller Gabriel at BDO, Clint Vince at Dentons, Emma Stones at Herbert Smith Freehills and Fritz Lark at McDermott Will & Emery LLP.

Keeping pace with change: sustained investment in clean energy infrastructure requires streamlined regulations

Dentons While the energy transition has the potential to revolutionise the American economy and save the planet, without a legislative solution to state-federal regulatory obstacles and jurisdictional questions, it will be difficult to execute the transition at the necessary pace and scale.

Developments in US federal infrastructure policy and funding

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates Each infrastructure segment faces challenges and potentially conflicting policy goals, all against a backdrop of uncertainty ahead of US political elections in 2024.

Opportunities in Brazil’s free power market

Campos Mello Advogados From an investor’s point of view, the sector is booming and full of opportunities. New business models may drive greater development and maturity for the power sector.

Concessional financing to encourage small scale renewable power initiatives

Trinity International LLP Securing sufficient financing for necessary public infrastructure has always been a challenge for emerging markets, where attracting private sector development and funding requires significant government and external support.

An emerging tipping point for government incentives and private investment

Quinn Emanuel Urquhart & Sullivan UK LLP  Understanding the recent past, current trends and legal and financial stand-ins for longstanding considered policy is critical for any private international investor.

Regulation of carbon dioxide transportation and storage infrastructure in the UK

CMS To deliver the government’s ambition to capture 20 to 30 million tonnes of CO2 per year by 2030, private sector investment will be needed as the onshore equipment costs alone are estimated to total over £3bn.

Safeguarding critical infrastructure – the regulatory framework for protection across the EU

Hogan Lovells International LLP Companies operating in affected sectors must familiarise themselves with the new legislation at an early stage and analyse whether and, if so, to what extent they are affected.

JETPs in Indonesia: reaction to the CIPP and the future under a Prabowo government

Norton Rose Fulbright (Asia) LLP It seems clear that the implementation of a just energy transition in Indonesia will be complex, with multiple challenges.

A new frontier for public-private partnerships in the Philippines

Cruz Marcelo & Tenefrancia Perhaps the most significant innovation under the PPP Code is the ‘deemed approved’ provision, which ensures the speedy review and approval of PPP projects.

Update on Oman’s Public-Private Partnership Law

Trowers & Hamlins The introduction of the PPP Law and its regulations in 2019 indicated Oman’s appetite for PPP projects as a way of improving infrastructure without increasing sovereign debt and also attracting private investment and promoting economic growth.

Q&A: Climate resilience in infrastructure finance

Infrastructure networks are already being adversely affected by the physical impacts of extreme weather, climate variability and climate change. So, resilience becomes ever more critical. FW discusses climate resilience in infrastructure finance with Rizwaan Z. Sahib at BDO and Allan Marks at Milbank LLP.

TALKINGpoint

Data centre M&A in 2024

It is more likely than not that the data centre M&A landscape will continue to be active over the next five to six years. Creative ways to bring capital into the sector will create win-win opportunities for sources of capital and operators. FW discusses data centre M&A in 2024 with Robert M. Jackson at CyrusOne, Ismail H. Alsheik at Vantage Data Centers, Joshua Pang at The Carlyle Group, Sam Southall at Macquarie Group and Kemal Hawa at Greenberg Traurig.

Shareholder activism and hostile M&A in Japan

Shareholder activism in Japan has historically been less prominent than in the US and UK, but has gradually gained momentum in recent years. FW discusses shareholder activism and hostile M&A in Japan with Ryuichi Shiomi, Masatsugu Nakajima, Risa Fukumoto and Yoichiro Goto at Anderson Mōri & Tomotsune.

DEALfront

mergers & acquisitions

HCSC agrees to acquire Medicare businesses from Cigna

Health insurance company Health Care Service Corp has agreed to acquire Cigna’s Medicare business in an all cash $3.3bn deal.

MITER in $3.1bn deal for PGT

Following its rejection of an offer from Masonite International, windows and doors manufacturer PGT Innovations Inc. has agreed to be acquired by rival window manufacturer MITER Brands in a transaction valued at approximately $3.1bn.

private equity & venture capital

BlackRock agrees $12.5bn GIP acquisition

In what is a significant push into private market investments as well as its largest acquisition in 15 years, US multinational investment company BlackRock, Inc. is to acquire private equity firm Global Infrastructure Partners in a transaction valued at $12.5bn.

Kaman taken private in $1.8bn deal

Private equity firm Arcline Investment Management has agreed to acquire aviation technology company Kaman Corp. in an all-cash deal worth around $1.8bn.

bankruptcy & corporate restructuring

Evergrande ordered to liquidate

In a landmark ruling, the High Court in Hong Kong ordered the liquidation of debt-laden Chinese property giant China Evergrande Group, after the developer repeatedly failed to come up with a plan to restructure its debts.

Cryptocurrency platform Celsius emerges from Chapter 11

Global cryptocurrency platform Celsius Network LLC has successfully emerged from Chapter 11 bankruptcy by completing the transactions under its confirmed plan of reorganisation, which has been overwhelmingly approved by approximately 98 percent of the company’s account holders.

SPOTlight

Breakeven: zeroing in on a much-neglected concept in finance

National Association of Corporate Directors Breakeven points can be calculated differently for identical projects, depending on the financier’s goal. Those ‘breakeven points’ can be used as strategic key performance indicators for business unit managers.

Global focus on corporate governance

Kroll Advisory (Ireland) Limited Good corporate governance contributes to sustainable economic development by enhancing the performance of companies, increasing access to external capital and improving confidence in the market, which leads to stability.

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CONTRIBUTORS

Anderson Mōri & Tomotsune.

BDO

Campos Mello Advogados

CMS

Cruz Marcelo & Tenefrancia

CyrusOne

Dentons

Gibson, Dunn & Crutcher UK LLP

Greenberg Traurig

Herbert Smith Freehills

Hogan Lovells International LLP

ICDR

Kroll Advisory (Ireland) Limited

Macquarie Group

McDermott Will & Emery LLP

Milbank LLP

National Association of Corporate Directors

Norton Rose Fulbright (Asia) LLP

Quinn Emanuel Urquhart & Sullivan UK LLP

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates

The Carlyle Group

Trinity International LLP

Trowers & Hamlins

Vantage Data Centers

WilmerHale