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COVER STORY

Best practices – preparing against activist attack

Companies with underperforming stock, non-core business units, excess cash, weak management teams or entrenched directors will continue to face significant pressure.

FEATURES

Refreshed: distilling beverage sector M&A

Despite the headwinds enveloping the sector in recent years, transaction activity in both the alcohol segment and low-alcohol or non-alcoholic alternatives remains robust.

Recovery beckons: unpacking India’s VC market

The surge underscores growing investor confidence in India’s dynamic, innovation-driven start-up environment.

Taming the beast: reacting to a cyber attack

Without proactivity, a bleakest future is potentially on the horizon: a cyber threat landscape shaped by increasingly sophisticated attacks, with ransomware, social engineering and AI-powered cyber crime remaining top concerns.

Fraud fighters: trilateral taskforce unveiled

On 20 March 2025, a new trilateral anti-bribery taskforce – ‘The International Anti-Corruption Prosecutorial Taskforce’ – was unveiled by the UK, France and Switzerland.

Understanding the UK Arbitration Act 2025

While the reforms introduced by the Arbitration Act 2025 are relatively modest in scope, they carry significant practical implications.

WORLDWATCH

Cyber security

As malicious actors proliferate, companies need to establish a resilient security programme – reinforcing their efforts through policies and procedures, and training and awareness that cultivate a culture of compliance. FW moderates a discussion between Edward Taelman at Crowell & Moring LLP, Guillermo Larrea at Hogan Lovells, Donald DePass at Hogan Lovells US LLP, Marissa Caldwell at McCarthy Tetrualt, Alex van der Wolk at Morrison & Foerster, and Christoph Ritzer at Norton Rose Fulbright LLP.

SPECIAL REPORT

Financial services

Q&A: Current trends in the derivatives market

There is increased appetite for foreign exchange and commodity hedging because of worldwide supply chain issues. FW discusses current trends in the derivatives market with Jonathan Gilmour, Elinor Samuel, Tom Purkiss and Jamie Errington at Travers Smith.

The shifting landscape for US financial regulatory enforcement

Orrick, Herrington & Sutcliffe LLP With a fractured and evolving enforcement landscape, those already conducting business in the US and those looking to operate here should invest time developing a plan to address regulatory supervision and respond to enforcement actions if they arise.

Diverging paths: the UK and EU commodity derivatives rules reforms

Katten Muchin Rosenman UK LLP The regulatory regimes in both jurisdictions are undergoing reform with the aim of improving market transparency, reducing systemic risk and preventing market abuse, while also reflecting the UK and EU’s different market structures, policy objectives and global ambitions.

Green banking as a tool to reduce risk, boost returns and align engagement

SidePorch To the extent that green banking policies and practices reduce risk to banks directly or indirectly, they serve to preserve capital, enhance valuations and increase profits.

Q&A: Impact of the UK FCA’s five-year plan

It is an optimistic and ambitious strategy that, in part, relies on the FCA’s own ability to leverage data and technology quickly.  FW discusses the impact of the UK FCA’s five-year plan with Richard Barnwell at BDO London.

TALKINGpoint

Transforming the global food system for a sustainable future

Companies that use the full suite of data, tools and processes available to them to design transparent, sustainable food supply chains that are resilient to a changing climate will be best positioned for sustained success. FW discusses sustainable transformation of the global food system with Enda Buckley at the Carbery Group, Steve Bochanski at PwC US, Sabine Durand-Hayes at PwC France and Harald Dutzler at PwC Strategy& Austria GmbH.

DEALfront

mergers & acquisitions

Japan’s NTT takes NTT Data private in $16.4bn deal

In a strategic transaction designed to deliver scalable, AI-ready infrastructure, Japanese telecommunications firm Nippon Telegraph and Telephone is to acquire its subsidiary NTT Data for $16.4bn.

Sunoco acquires Parkland for $9bn

US fuels distributor Sunoco has moved to expand its reach with a deal to acquire Canada’s Parkland Corporation for $9.1bn, including assumed debt.

private equity & venture capital

CVC to acquire $5bn majority stake in Dream Games

In a $5bn deal designed to support its next chapter of growth and continued global leadership in mobile games, Istanbul-based mobile gaming company Dream Games is to be acquired by Jersey-based private equity and investment advisory firm CVC Capital Partners.

KKR strikes $3.1bn OSTTRA deal

Private equity giant KKR has agreed to acquire OSTTRA, a leading provider of post-trade solutions for the global over the counter market, from CME Group and S&P Global in a deal worth $3.1bn.

bankruptcy & corporate restructuring

WeightWatchers files for Chapter 11 to reduce $1.15bn debt

In a bid to cut its debt after popular obesity drugs overturned its business model, WW International, Inc., formerly known as WeightWatchers, along with certain of its affiliates, has filed for Chapter 11 bankruptcy protection.

Rite Aid files for second bankruptcy

For the second time in two years, pharmaceutical chain Rite Aid has filed for Chapter 11 bankruptcy protection.

SPOTlight

Managing uncertainty in cross-border M&A

Seyfarth Shaw LLP In an environment of geopolitical volatility and regulatory fragmentation, successful cross-border dealmakers rely less on institutional memory or deal instinct, and more on structured, formalised processes that directly confront jurisdictional complexity.

Comparing the popularity of standalone moratoria for individuals and corporates in England & Wales

Trowers & Hamlins LLP A standalone moratorium, designed to allow a company to have some breathing space to take advice and assess restructuring options free from creditor pressure, was considered by government to be a useful addition to the restructuring landscape.

Strategic value of the EU AI Act

CMS Although UK companies are not directly subject to EU law post-Brexit, aligning with the framework of the Act offers strategic advantages.

Shareholder and boardroom disputes in the GCC – evolving risks for foreign investors

Herbert Smith Freehills Kramer Structural and region-specific issues remain which increase the risk of disputes arising and which may catch foreign investors unaware, while new threats emerge.

The rise and fall of beneficial ownership information reporting

Sullivan & Cromwell LLP It remains to be seen what shape the Beneficial Ownership Information Reporting Rule will take to manage or limit the burden of the system as originally devised and navigate the legal issues raised in litigation regarding its constitutionality.

How IP can power the AI-driven cleantech revolution

Baker Botts LLP The rapid pace of innovation at the nexus of AI and cleantech demands a proactive and strategic approach to IP management – one that enables companies to capitalise on emerging market opportunities while mitigating potential risks.

Trends in technology disputes: a holistic view

Norton Rose Fulbright Litigation and arbitration between technology suppliers and their corporate customers seem to be on the rise, particularly in circumstances where customers trying to utilise existing IT assets in new operating environments are replacing legacy systems and contracting cloud solutions.

Further developments to the scope of arbitral confidentiality in arbitrations governed by English law

Joseph Hage Aaronson & Bremen LLP Parties that choose arbitration under the assumption that documents and information will be protected by an obligation of confidentiality may later be surprised to find out that there are exceptions to this rule.

The next frontier: offshore wind development in Asia

Norton Rose Fulbright So far, project finance with limited sponsor support, limited completion support and an unwrapped, multi-contracting procurement model has been a fundamental feature of offshore wind farm financing packages.

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CONTRIBUTORS

Baker Botts LLP

BDO London

Carbery Group

CMS

Crowell & Moring LLP

Herbert Smith Freehills Kramer

Hogan Lovells

Joseph Hage Aaronson & Bremen LLP

Katten Muchin Rosenman UK LLP

McCarthy Tetrualt

Morrison & Foerster

Norton Rose Fulbright

Orrick, Herrington & Sutcliffe LLP

PwC

Seyfarth Shaw LLP

SidePorch

Sullivan & Cromwell LLP

Travers Smith

Trowers & Hamlins LLP