MAGAZINE
June 2020 Issue
Financier Worldwide Magazine
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COVER STORY
Cyber crime and FS: blocking the path of least resistance
Virtually every company – from small-scale enterprise to multinational – is a potential victim of cyber crime. The financial services (FS) sector in particular is an obvious target, given the sensitive data and the trillions of dollars routinely handled by…
FEATURES
More than a health crisis: leadership amid coronavirus
As 2020 began, the novel coronavirus, or COVID-19, was thought of mostly as a China-specific issue. If an organisation did not have any China-based operations or relationships, then from a business perspective, leaders had little to worry about. Yet as we have seen…
Creating change through corporate social responsibility
Corporate social responsibility (CSR) is a broad, self-regulating mechanism. There is no industry-standard definition for CSR, and it can take many forms, depending on company and sector. Generally, CSR aims to ensure that companies, at the very least…
The future of environmental insurance
The environmental insurance industry is booming. In the US, there are over 100 different environment insurance policies on offer today, with many new entrants joining the market over the last few years. According to…
Protecting innovation: cracking down on IP crime
Intellectual property (IP) is often the most valuable of a company’s assets – making it a natural target for threat actors bent on appropriating the fruits of others’ labours. By way of definition, an IP crime is committed when someone manufactures, sells or distributes…
Fixing the ‘broken rung’: gender diversity in the workplace
Gender diversity is one of the key workplace issues of our age. Today, women remain largely underrepresented at many organisational levels – particularly in the upper echelons – despite there being a compelling business case for a more gender-diverse workforce…
ROUNDTABLE
Shareholder activism & engagement
THE PANELLISTS: Patrick Ryan, Edelman; Elizabeth K. Bieber, Freshfields Bruckhaus Deringer LLP; and Kim L. Mehrbrey, Hogan Lovells International LLP.
Although historically a topic of interest in the US, shareholder activism is continuing its outward spread, with the number of activist campaigns steadily increasing across the globe. While there has been a shift toward engagement between issuers and activists…
SPECIAL REPORT
FW discusses distressed M&A with Jerry C. Dentinger, Mark H. Malooly, James J. Loughlin, Jr, Anthony I. Alfonso and Bob Snape at BDO.
The impact of COVID-19 on domestic and cross-border M&A
Brown Rudnick LLP The ongoing coronavirus (COVID-19) pandemic has undoubtedly had a significant impact on both domestic and cross-border deal activity, with many potential buyers focused on saving cash and keeping their own portfolio companies in order. On the flip side…
M&A, merger control and COVID-19
Baker Botts LLP The COVID-19 pandemic is presenting businesses with unprecedented commercial, financial and legal challenges. Many businesses that signed contracts prior to the outbreak are now finding themselves either unable or unwilling to comply with…
Private equity activity in the COVID-19 environment
Sullivan & Cromwell LLP Despite recent volatility in the capital markets caused by the outbreak of the novel coronavirus (COVID-19), financial sponsors and other private equity (PE) investors, including large family offices and sovereign wealth and pension funds, remain in active pursuit of…
What has been and what will be: recent and emerging trends in the UK public M&A market
Ashurst This article examines some of the key recent trends in the UK public M&A market, in particular the return of 'public-to-private' (P2P) takeovers, various themes in debt financing of takeovers and the continuing rise of consortium deals. We then look at some emerging trends…
Technology deals in the UK – the lawyer’s perspective
Penningtons Manches Cooper LLP The pause button has largely been pressed on M&A activity in the UK due to the COVID-19 pandemic and its consequent economic impact. Some sectors of the economy, such as travel, aviation, sport and hospitality, have been hit particularly hard. However, the technology…
FW discusses MAC clauses in M&A with Monica Macheng at Bevan Brittan LLP and Hannah Cordwell at Kemp Little LLP.
TALKINGpoint
FW discusses AML in Romania with Irina Petrila and Frederica Taccogna at FTI Consulting and Alexandru Ambrozie at Popovici Nițu Stoica & Asociații.
Tax departments: response to COVID-19 changes and challenges
FW discusses how tax departments are responding to the changes and challenges presented by COVID-19 with Emily VanVleet and David Landers at Deloitte.
DEALfront
mergers & acquisitions
After nearly a decade of growth, the value of global M&A activity dropped markedly in Q1 2020 as the COVID-19 crisis caused dealmakers to pause, according to Mergermarket’s ‘Global & Regional M&A Report 1Q20’ report. Compared to Q1 2019…
SoFi acquires Galileo in $1.2bn deal
In a deal designed to further establish itself as a leader in the FinTech sector, online personal finance company SoFi is to acquire payment processing solutions platform Galileo Financial Technologies for $1.2bn, comprising cash and stock. The definitive agreement…
private equity & venture capital
In one of the first large acquisitions to be agreed since the coronavirus pandemic hit global markets, water utility and waste management company Pennon Group Plc has agreed to sell its recycling and residual waste business Viridor to investment firm Planets UK Bidco…
Macquarie to pay $2.9bn for Cincinnati Bell
Regional telecoms provider Cincinnati Bell has agreed to be acquired by Macquarie Infrastructure Partners (MIP) for $2.9bn. Cincinnati Bell had been the subject of a bidding war which began in December 2019 when Brookfield Infrastructure Partners agreed…
bankruptcy & corporate restructuring
Hornbeck Offshore files for Chapter 11 bankruptcy
As a part of a plan with creditors to ease its $1.2bn debt load, offshore transport services provider Hornbeck Offshore Services, Inc., and certain of its subsidiaries, has filed for Chapter 11 bankruptcy. According to a filing with the Securities and Exchange Commission…
Debenhams enters administration
British retailer Debenhams has filed for administration for the second time in a year. On 6 April 2020, the company announced it had appointed administrators in an effort to save itself from going out of business amid the chaos caused by the global COVID-19 outbreak…
SPOTlight
IP issues for private equity & venture capital
Baker Botts LLP Intellectual property (IP) and other intangible assets now account for over 80 percent of company value in the S&P 500, by some estimates. Established and emerging companies use patents, trademarks, trade secrets and other forms of IP to protect a range of…
Impact of COVID-19 on the DIP financing market in the US
Cleary Gottlieb Steen & Hamilton In a Chapter 11 bankruptcy, debtor-in-possession (DIP) financing is often an essential component of the debtor’s ability to maintain sufficient liquidity to complete a successful reorganisation. DIP lending has typically been viewed as extremely safe credit, with low…
Boards need to carefully navigate a wild ocean because of COVID-19 – will ESG still matter now?
Houthoff Corporate boards around the world are under unprecedented pressure. Many of their members have the right experience and have lived through a previous economic downturn or two (or three) during their corporate or entrepreneurial lives. In fact, some directors…
Big Data and the financial industry
WilmerHale Global privacy law has never been more unsettled. Even though the law of privacy in connection with personal information of consumers and employees is a relatively new field, we are currently in a time of enormous upheaval around the world. The General Data…
Direct lending in Spain: insights and promising trends
Uría Menéndez Bank lending remains the most popular source of financing for Spanish companies. However, the number of direct lending deals led by private debt funds has substantially increased over the past few years. This has been fuelled by greater regulation for credit entities…
Engaging with the UK sanctions regulator
Mayer Brown International LLP The UK Office of Financial Sanctions Implementation (OFSI) announced on 31 March 2020 that it had levied a £20.47m penalty on Standard Chartered Bank for violations of UK financial sanctions. The penalty is by far the largest of its kind since the OFSI was given…
CONTRIBUTORS
Ashurst
Baker Botts LLP
BDO
Bevan Brittan LLP
Brown Rudnick LLP
Cleary Gottlieb Steen & Hamilton
Deloitte
Edelman
Freshfields Bruckhaus Deringer LLP
FTI Consulting
Hogan Lovells International LLP
Houthoff
Kemp Little LLP
Mayer Brown International LLP
Penningtons Manches Cooper LLP
Popovici Nițu Stoica & Asociații
Sullivan & Cromwell LLP
Uría Menéndez
WilmerHale