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COVER STORY

Beyond the handshake: mastering M&A integration

Integrating systems, cultures and leadership structures is often more complex than anticipated, and misalignment can quickly erode projected value. Effective integration requires disciplined planning, clear governance and sensitivity to organisational dynamics.

FEATURES

Tech M&A: an arms race for compute and power

While speed is often necessary in a fast-moving market, innovation alone does not justify inflated valuations, particularly in a sector such as AI where business models, regulatory frameworks and monetisation pathways are still developing.

The exit overhang: PE’s liquidity challenge

An increasing supply of sponsor-owned assets is competing for a buyer pool that remains disciplined on price, financing terms and operational resilience. This dynamic is particularly challenging for sponsors that acquired assets at peak valuations during periods of intense competition.

People, planet and profit: exploring sustainable investment

Investors have long pursued a range of approaches – both active and passive – to express their sustainability objectives, including thematic investing, ESG integration, exclusions and engagement.

Entrepreneurial grief: the anatomy of start-up failure

Understanding why start-ups fail is essential for anyone involved in entrepreneurship. This requires careful analysis of common failure patterns and the strategies that may prevent them.

Innovation vs privacy: can AI have both?

The stakes for data privacy compliance are high, with significant risks including financial penalties, reputational damage and loss of trust.

WORLDWATCH

Data privacy and protection

As artificial intelligence systems continue to proliferate, organisations will require a robust and practical approach to data privacy and protection, grounded in operational readiness rather than reliance on paper-based compliance. FW moderates a discussion between Popi Papantoniou at Bahas, Gramatidis & Partners, Matia Campo at CMS Adonnino Ascoli & Cavasola Scamoni, Ahmed Baladi at Gibson, Dunn & Crutcher LLP, Lore Leitner at Gibson, Dunn & Crutcher LLP, Bastiaan Bruyndonckx at Lydian, and Cael Hibbert at McCarthy Tetrault.

SPECIAL REPORT

Healthcare & life sciences sector

Q&A: Biotech and life sciences M&A in 2026

As genuinely novel targets become harder to find, differentiated science will continue to command premium valuations. FW discusses biotech and life sciences M&A in 2026 with Lain Anderson at L.E.K. Consulting, Marie L. Gibson at Skadden, Arps, Slate, Meagher & Flom LLP, and Frank Aquila at Sullivan & Cromwell LLP.

The European Commission’s Draft Merger Guidelines: implications for life sciences

Skadden, Arps, Slate, Meagher & Flom LLP The most important changes proposed in the DMG are the expansion of dynamic theories of harm, the formal integration of innovation competition into the substantive assessment, the introduction of the ‘innovation shield’ and a broader recognition of efficiencies.

Patent strategy and regulation: key considerations for life sciences in 2026 and beyond

Loeb & Loeb LLP The US patent landscape for life sciences, and particularly for biologics, diagnostics and platform technologies, continues to evolve in ways that raise the bar for early-stage innovators.

IP strategy and how to best prepare for upcoming litigation

Kirkland & Ellis LLP Patent litigation is one of the most powerful tools available to protect a company’s market position, but it is also expensive, disruptive and highly fact intensive.

Rethinking AI governance in the age of agentic systems

Paul Hastings LLP Life science companies should build upon their existing compliance infrastructure, GxP validation requirements, data integrity frameworks and quality management systems while adding layers that address the unique risk profile of autonomous systems.

TALKINGpoint

Maximising value in divestitures

Many organisations lose value because they go to market before they fully understand and can explain how the business will actually operate as a standalone entity. FW discusses maximising value in divestitures with J. Henning Buchholz, Brenda Ciampolillo, Lucy Julian, Ryan J. Stecz and Vinayak Viswanathan at Deloitte.

MARKETpulse

The expanding role of economic evidence in climate and environmental disputes

Claimants and defendants alike are being asked not simply whether climate harm exists, but how costs, risks and burdens should be quantified, allocated and compared. With Sahar Shamsi, Nicole Rosenboom and Kimela Shah at Oxera Consulting LLP.

DEALfront

mergers & acquisitions

Sun Pharma agrees $11.75bn acquisition of Organon

In the largest overseas acquisition by an Indian pharmaceutical company, Sun Pharmaceutical Industries Limited has agreed to acquire US drugmaker Organon & Co in an all-cash transaction valued at $11.75bn.

Eli Lilly to acquire Kelonia Therapeutics for $7bn

US drug manufacturer Eli Lilly has agreed to acquire privately held biotech firm Kelonia Therapeutics in a deal valued at up to $7bn.

private equity & venture capital

Kone to acquire PE-backed TK Elevator in $34bn deal

Finnish lift manufacturer Kone has agreed to acquire its German rival TK Elevator in a cash and share deal worth $34.4bn, a transaction that will create the world’s largest elevator company, overtaking rivals such as US-based Otis and Switzerland’s Schindler.

AIP agrees $1.27bn takeover of Avanos Medical in major medtech buyout

American Industrial Partners has agreed to acquire medical technology company Avanos Medical in an all-cash transaction valued at approximately $1.272bn, marking another significant private equity move in the medtech sector.

bankruptcy & corporate restructuring

The Lycra Company files for Chapter 11 and completes restructuring

The Lycra Company, one of the world’s leading producers of spandex and fibre technologies used in apparel and personal care products, along with certain affiliates, filed for Chapter 11 bankruptcy protection in March 2026 to implement a restructuring support agreement.

Freedom Forever files for bankruptcy protection

Major US residential solar installer Freedom Forever has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware.

SPOTlight

Minimising antitrust whistleblower risk in the M&A context

Steptoe LLP Companies always face the risk of whistleblowers going directly to the government to report what they perceive as violations of law. Those risks, however, are heightened for companies engaged in an M&A transaction, particularly in the context of pre-close diligence and post-close integration.

Continuation vehicles: when an exit is not the answer

Uría Menéndez Abogados Continuation funds have firmly established themselves as one of the most consequential structural innovations in contemporary PE by offering meaningful advantages to sponsors, legacy limited partners, incoming investors and portfolio companies.

Yellow card: the IRS flags US subsidiaries for transfer pricing

Gibson, Dunn & Crutcher LLP The IRS has identified two intercompany transactions as focus areas of IRS scrutiny – transfer prices paid by US distribution entities for the importation of goods and the interest rate paid on intercompany loans from foreign parents.

Costs and conflicts: taking stock on energy supply

Baker Botts Countries endowed with their own renewable resources are now increasingly incentivised to prioritise renewable development as part of energy resilience.

CONTRIBUTORS

Bahas, Gramatidis & Partners

Baker Botts

CMS Adonnino Ascoli & Cavasola Scamoni

Deloitte

Gibson, Dunn & Crutcher LLP

Kirkland & Ellis LLP

L.E.K. Consulting

Loeb & Loeb LLP

Lydian

McCarthy Tetrault

Oxera Consulting LLP

Paul Hastings LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Steptoe LLP

Sullivan & Cromwell LLP

Uría Menéndez Abogados