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COVER STORY

Orphans of the storm: the rise of ‘mega bankruptcies’

At the outset of 2026, monitoring interest rates, consumer sentiment and credit availability will be key to determining whether the pace of bankruptcy filings will persist or give way to a period of stabilisation.

FEATURES

Optimism emerging: outlook for media M&A in 2026

Consolidation is likely to continue in the media space throughout 2026, particularly among content producers, streaming platforms and firms seeking scale, data capabilities and diversified revenue streams.

Private equity’s strategic pivot

Going forward, PE will continue to adapt and evolve amid changing and challenging economic conditions. Driven by a focus on AI and infrastructure, cautious optimism is emerging in the PE space.

The great portfolio rebalancing: a shift in diversification

The inverse relationship between stocks and bonds has broken down and, as a result, investors have begun searching for new anchors in a world defined by almost perpetual volatility.

Simplify to comply: FCA clarifies Consumer Duty

If these changes deliver as intended, the Consumer Duty could evolve from a compliance challenge into a catalyst for better outcomes and stronger trust across the financial services landscape.

Targeting foreign fraud: SEC forms cross-border task force

The SEC’s Cross-Border Task Force to Combat Fraud is the latest incarnation of the current administration’s America First Investment Policy, targeting foreign actors and prioritising enforcement against cross-border fraud.

WORLDWATCH

Private equity

Private equity is undergoing a significant transformation worldwide, driven by structural and regulatory reforms alongside ambitious government strategies. The market is also being shaped by a growing emphasis on artificial intelligence, as investors evaluate how the adoption of new technologies influences operational performance and valuations. FW moderates a discussion between Romain Dambre at A&O Shearman, Daniel Mathias at Cohen & Gresser (UK) LLP, Nishesh Dalal at Deloitte, Salmaan Khawaja at Grant Thornton UAE, and Vanessa Grant at Norton Rose Fulbright Canada LLP. 

SPECIAL REPORT

Corporate fraud & corruption

Q&A: New FCPA landscape: implications of the DOJ’s enforcement reset

Companies should expect to walk through their investigative timeline, methodology, custodial decisions, and remediation steps in a clear and defensible manner. The DOJ does not reward performance or optics. FW discusses the implications of the DOJ’s enforcement reset on the FCPA landscape with Didier Lavion and Jonathan T. Marks at BDO.

The DOJ’s shifting focus on trade-related crimes

Venable LLP The DOJ has devoted substantial resources to trade enforcement, and those efforts have already borne fruit. Even if some tariffs are pared by the Supreme Court, or otherwise lost in a logistical morass, market participants should not take such developments as a green light to flout trade laws

Recalibrating FCPA enforcement to focus on direct US interests

Bryn Law Group By recalibrating enforcement so that the focus is on conduct that undermines US firms or US employment, enforcement resources could be more tightly aligned with protecting US interests.

The FCPA enforcement landscape facing life sciences companies doing business abroad

Steptoe Under the second Trump administration, although FCPA enforcement in the pharmaceutical and device sector will likely remain active, its focus will most likely pivot so that it is more strategically aligned with the newly proclaimed economic and national security priorities.

Finalising the EU Anti-Corruption Directive to harmonise member state laws

DLA Piper The Directive is not limited to corruption offences in the strict sense, but also introduces regulations in the area of abuse of office and classic property criminal law. Its impact should not be underestimated.

TALKINGpoint

Carve-outs in a challenging economy: what smart sellers are doing differently

It is important to be flexible in the process, both in terms of the carve-out approach and the deal structure, to achieve the best outcome. FW discusses carve-outs in a challenging economy with Mala Shah, Tom Morris, Amy Bishop and Gurjit Garcha at KPMG in the UK.

DEALfront

mergers & acquisitions

IBM agrees $11bn Confluent deal

In a move that strengthens its artificial intelligence strategy, IBM has agreed to acquire data infrastructure company Confluent in a transaction valued at $11bn. The agreement covers all issued and outstanding common shares at $31 per share and is aimed at expanding IBM’s cloud and AI capabilities.

Adobe to acquire Semrush in $1.9bn deal

In a move that expands its artificial intelligence marketing capabilities, US software company Adobe has agreed to acquire brand visibility platform Semrush Holdings, Inc. in an all-cash transaction valued at about $1.9bn.

private equity & venture capital

CVC to acquire baggage unit for $2.65bn

Smiths Group has agreed to sell its Smiths Detection division, known for baggage screening in airports and explosive detection systems, to CVC Capital Partners in a transaction valuing the business at £2bn.

Montagu and Kohlberg acquire Teleflex in $1.5bn carve out

In a carve‑out transaction valued at $1.5bn, middle‑market private equity firms Montagu and Kohlberg are to acquire medical device manufacturer Teleflex Incorporated’s Teleflex Medical OEM business.

bankruptcy & corporate restructuring

American Signature files for Chapter 11

American Signature Inc., a longstanding home‑furniture retailer, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. The move initiates a court‑supervised restructuring and sale process under section 363 of the US Bankruptcy Code, aimed at preserving value for stakeholders through a competitive auction.

iRobot files for Chapter 11 bankruptcy

The firm behind the Roomba smart vacuum cleaner, iRobot, has filed for Chapter 11 bankruptcy protection in the US. The company has commenced a pre-packaged Chapter 11 process in the District of Delaware and expects to complete it by February 2026.

SPOTlight

The new dealmaking dynamics: what 2025 taught executives about winning the next M&A cycle

Sullivan & Cromwell LLP The winners in 2026 will not be the companies that do the most deals, rather they will be the ones that can do the right deals quickly, credibly and that will pass regulatory scrutiny.

Carbon border adjustment mechanisms – climate and trade policy issues

Squire Patton Boggs CBAMs are furthering international trade frictions and have potential to reshape global trade, supply chains and investment flows.

Life sciences antitrust: recent European Commission enforcement and trends

Skadden, Arps, Slate, Meagher & Flom LLP The EC is using its entire toolbox to regulate competition in the pharmaceutical industry, including through merger control, investigations and settlements.

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CONTRIBUTORS

A&O Shearman

BDO

Bryn Law Group

Cohen & Gresser (UK) LLP

Deloitte

DLA Piper

Grant Thornton UAE

KPMG in the UK

Norton Rose Fulbright Canada LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Squire Patton Boggs

Steptoe

Sullivan & Cromwell LLP

Venable LLP