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COVER STORY

The new CFO: transformation, strategy and geopolitics

CFOs are increasingly expected to act as integrators – bridging financial performance with operational execution, and aligning fiscal discipline with innovation. Their ability to interpret complex data and translate it into actionable strategy is now central to organisational success.

FEATURES

Japan: Asia’s private equity powerhouse

Despite challenges, Japan remains an attractive destination for investment, particularly for limited partners, due to its consistent delivery of high global returns.

Project purgatory: avoiding AI failures in financial services

In financial services, while the volume of AI projects approved is substantial – driven by executives optimistic about the potential impact on profitability – successful implementation remains elusive.

Global IPO market finding its footing

Emerging from persistent economic and geopolitical challenges over the past five years, the global IPO market fared reasonably well in 2025.

Carbon counts: tackling emissions challenges

By aligning incentives with sustainability outcomes, companies can ensure that carbon accounting is not only adopted but actively championed across all levels of leadership.

Best defence: navigating FOCI

In the US, managing foreign ownership, control or influence is a critical aspect of foreign direct investment regulation. Its primary objective is to ensure that foreign entities cannot compromise national security or gain unauthorised access to classified information.

WORLDWATCH

Bankruptcy & restructuring

In a challenging and unpredictable business environment, organisations that identify early warning signs, communicate openly with financial stakeholders, and take timely action to protect value are more likely to manage bankruptcy and restructuring processes with confidence and control. FW moderates a discussion between Cristina Gomez-Clark at Alvarez & Marsal, Carole Nerguararian at Linklaters LLP, Mark Meili at Prager Dreifuss Ltd, Emma Whalley-Hands at PwC, Kon Asimacopoulos at Sullivan & Cromwell LLP, and Joost Volkers at Van Doorne.

SPECIAL REPORT

Private equity

Q&A: Accelerating value in PE carve-outs: strategy and execution

An adequate carve-out is one where there are no surprises and separation risks do not derail growth. A successful carve-out goes further – it accelerates into the growth plan from day one. FW discusses strategy and execution for accelerating value in private equity carve-outs with Phil Dunne and Peter Rodrigues-Renon at Stax, a Grant Thornton company, and Gerard Nichol at Grant Thornton.

Private equity’s new liquidity playbook: creativity now rivals capital

Foley & Lardner LLP As the initial public offering window remained largely closed and with M&A activity tepid over the past several years, fund managers have increasingly turned to secondary transactions and distributions to paid-in capital-driven structures to return cash faster.

Achieving private equity exits in today’s market

A&O Shearman For firms looking to sell, setting an asset up for a successful exit requires a pragmatic playbook. Sellers should focus on exit preparedness to support a disciplined process, valuation gaps and tools to address them, and maintaining a flexible mindset, particularly when it comes to navigating larger exits.

Document management best practices for private equity sponsors in the evolving HSR landscape

Squire Patton Boggs Adapting to the new Hart-Scott-Rodino rules is not just a matter of compliance and risk management for PE sponsors, it is a critical component of successful deal execution. This means taking a proactive and disciplined approach to how documents are drafted, retained and shared before considerations for a potential transaction begin.

Driving value in Italian PE portfolio companies

Legance Italian portfolio companies have shown over time strong potential but often face inefficiencies in processes and strategic direction, which impair their ability to fully capitalise on global opportunities. With lower reliance on financial engineering to build value over time, except in distressed scenarios, the focus has increasingly moved toward operational improvement and innovation.

Analysis of Spain’s private equity market

Cuatrecasas The past 12 months have tested the resilience and adaptability of the private equity industry in Spain and across Europe. While deal activity has moderated and fundraising has become more selective, the sector remains well-capitalised and poised for future growth.

TALKINGpoint

Equity compensation plans: shaping a successful proposal

Make sure your proxy statement tells your story as to why you are asking shareholders to approve shares for your equity plan. FW discusses equity compensation plans with Donald Cioffi, Stephen Freyman, Etelvina Martinez, Reid Pearson and Michael Vogele at Alliance Advisors.

Cross-border investigations and asset recovery strategies

International cooperation frameworks have evolved significantly to address the complexity and urgency of recovering illicit assets. FW discusses cross-border investigations and asset recovery strategies with Edgars Volskis, Pei Li Wong, Jonathan Graessle and Barry Robinson at BDO.

MARKETpulse

M&A activity outlook

As companies recalibrate their strategies in response to global pressures and technological acceleration, dealmaking is becoming more nuanced, more deliberate and more transformative. With Mark Wilson at Headpoint Advisors.

DEALfront

mergers & acquisitions

Genmab agrees $8bn Merus deal

Danish biotechnology company Genmab has agreed to acquire Dutch clinical-stage oncology firm Merus in an all-cash transaction valued at $8bn.

Pfizer acquires Metsera’s obesity portfolio in $4.9bn deal

Seeking to establish a stronger presence in the rapidly expanding obesity treatment market, multinational pharmaceutical and biotechnology corporation Pfizer has agreed to acquire clinical-stage biopharmaceutical company Metsera in a transaction valued at $4.9bn.

private equity & venture capital

EA agrees $55bn consortium buyout

Electronic Arts, the video game publisher behind multimillion-dollar franchises such as Madden NFL, Battlefield and EA Sports FC, has agreed to be taken private in a leveraged buyout valued at $55bn. The consortium leading the acquisition comprises private equity firm Silver Lake, Saudi Arabia’s Public Investment Fund and Jared Kushner’s Affinity Partners.

Premier acquired by Patient Square Capital in $2.6bn deal

Premier Inc., a technology-driven healthcare improvement company, is set to be acquired by an affiliate of private equity firm Patient Square Capital in a transaction valued at $2.6bn. The deal, which will take Premier private, was announced on 22 September 2025 and has been unanimously approved by Premier’s board of directors.

bankruptcy & corporate restructuring

First Brands enters Chapter 11

In late September, US automotive parts manufacturer First Brands Group filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas, disclosing liabilities exceeding $10bn.

Omnicare initiates voluntary Chapter 11 process

Omnicare, a US-based healthcare company and subsidiary of CVS Health, has filed for Chapter 11 bankruptcy protection, alongside 110 affiliated entities. The filing follows a nearly $1bn civil judgment related to the fraudulent dispensing of prescription drugs.

SPOTlight

Petrofac tests cross-class cram downs

Cadwalader, Wickersham & Taft LLP While some companies have successfully adapted to the Petrofac judgement, securing court sanction through enhanced creditor engagement and robust valuations, the ruling introduces significant uncertainty and complexity for companies and stakeholders navigating the path to court sanction.

Navigating privacy compliance: the Gulf and beyond

Trowers & Hamlins LLP Entities (in particular those with a GCC or European Union nexus) processing personal data under the Malaysian Personal Data Protection Act 2010 are advised to reassess their compliance processes, procedures and agreements to ensure alignment with all relevant data privacy requirements, while remaining vigilant of any future regulatory changes.

The importance of IP in transaction valuations – what to look for during due diligence

Baker Botts LLP IP and other intangible assets now comprise 90 percent of the value of companies in the S&P 500, and often a larger share for smaller players. Diligence on those IP assets has become a critical component before making any related investment.

Impact of the US most favoured nation pricing on Europe

King & Spalding Overall, ‘most favoured nation’ pricing, combined with trade tariffs, will create tensions between European and American markets and a new challenge for Europe, as the American market is the largest pharmaceutical market.

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CONTRIBUTORS

A&O Shearman

Alliance Advisors

Alvarez & Marsal

Baker Botts LLP

BDO

Cadwalader, Wickersham & Taft LLP

Cuatrecasas

Foley & Lardner LLP

Grant Thornton

Headpoint Advisors

King & Spalding

Legance

Linklaters LLP

Prager Dreifuss Ltd

PwC

Squire Patton Boggs

Stax

Sullivan & Cromwell LLP

Trowers & Hamlins LLP

Van Doorne