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COVER STORY

How W&I insurance is reshaping deal dynamics

From a broader market perspective, W&I has become a key facilitator of dealmaking across Europe, supporting transaction flow in increasingly competitive environments.

FEATURES

Digital tools redefine dealmaking

Digital tools have transformed dealmaking by making it faster, more data-driven and more global.

Investor pressure mounts: shareholder activism in Europe

Across Europe, dissatisfied investors have in recent years launched a series of campaigns pressing companies for greater transparency, accountability and alignment with shareholder interests.

Safeguarding integrity: ethics and compliance in global business

An effective E&C programme brings together a broad range of aims and requirements, with policies and processes designed to secure leadership support and embed a strong ethical culture.

Landmark reform: the UK Cyber Security and Resilience Bill

As with other pieces of legislation that create significant compliance obligations, organisations must engage proactively and use the bill as a catalyst for strengthening their cyber security posture, rather than waiting until compliance becomes unavoidable.

European competitiveness: developing AI skills at scale

Developing, attracting and retaining AI talent – and scaling AI literacy more widely – is a defining challenge for Europe’s long‑term competitiveness.

WORLDWATCH

Transfer pricing

Multinational enterprises are reviewing and, in some cases, restructuring their distribution models to align with anticipated parameters – to ensure compliance with evolving international standards and promote greater transparency. FW moderates a discussion between Oliver R. Hoor at ATOZ Tax Advisers S.A., Trevor Glavey at A&L Goodbody LLP, J. Clark Armitage at Caplin & Drysdale, Alessia-Maureen Dickler at EY Tax GmbH Steuerberatungsgesellschaft, Anuj Kapoor at Grant Thornton, Amit Chadha at KPMG Services (Proprietary) Limited, Sarah Howarth at Price Bailey LLP, and Ankur Javalekar at Segal GCSE LLP.

SPECIAL REPORT

Data privacy & cyber security

Q&A: Data centre cyber resilience

As data centres become the backbone of global artificial intelligence and digital transformation, cyber incidents are top of mind. While data centre potential seems limitless, rapid expansion significantly broadens the attack surface. FW discusses data centre cyber resilience with Jon Critelli and Luke Tenery at StoneTurn.

How AI powers cyber crime – and protects against it

Troutman Pepper Locke With the spread of AI-related attacks, security professionals are beginning to implement AI-aid security controls and defences of their own, and organisations are taking advantage of AI in many forms.

Evolving ransomware tactics with AI-enhanced attacks and ransomware as a service

Trowers & Hamlins LLP RaaS operators are targeting a range of industries and organisations – both large and small – and are making the most of developing technologies to do so.

Breaking down NIS2: the five main requirements of the updated NIS Directive

Information Security Forum NIS2 offers a strategy to turn that concern into concrete action, by setting a clear minimum bar for controls, accountability and resilience across sectors.

Regulating AI and enforcing privacy laws through landmark cases and regulatory practice

Haleon Across jurisdictions, regulators have consistently emphasised that AI systems remain fully subject to existing privacy and data protection obligations. Neither technical complexity nor automation reduces legal responsibility.

US state privacy landscape complicates global privacy compliance

WilmerHale The evolving landscape of US state privacy laws presents both challenges and opportunities for organisations navigating data protection requirements. As federal efforts continue to stall, the patchwork of state regulations will remain the primary framework for privacy compliance.

GDPR enforcement: how EU regulators are shaping AI governance

Gibson Dunn Differences in resources, technical expertise and national priorities have produced varying levels of scrutiny and intervention, contributing to a fragmented application of the GDPR in AI-related contexts.

Peru’s new data protection officer: obligations and practical issues

Garrigues Although the DPO has become a common standard in several jurisdictions, for Peruvian companies it represents a recent and complex obligation.

DEALfront

mergers & acquisitions

Allegiant agrees $1.5bn Sun Country deal

Allegiant Air has entered into an agreement to acquire fellow low cost carrier Sun Country Airlines in a transaction valued at approximately $1.5bn in cash and stock.

Eli Lilly acquires Ventyx Biosciences in $1.2bn deal

Eli Lilly and Company has agreed to acquire Ventyx Biosciences in a transaction valued at approximately $1.2bn dollars, marking an expansion of its portfolio in immunology, diabetes and weight management.

private equity & venture capital

Stonepeak buys stake in Castrol from BP for $10.1bn

Stonepeak has agreed to acquire a majority controlling interest in Castrol from BP in a transaction valued at approximately $10.1bn.

SoftBank to acquire DigitalBridge in $4bn buyout

Japanese investment group SoftBank has agreed to acquire digital infrastructure investor DigitalBridge Group in a transaction valued at $4bn.

bankruptcy & corporate restructuring

Saks files for Chapter 11

Following months of speculation, Saks Global filed for Chapter 11 bankruptcy protection in mid January 2026.

STG Logistics files for Chapter 11

Amid what has been described as one of the most severe freight recessions in history, STG Logistics, one of the US’ largest providers of integrated port to door services and supply chain solutions for cargo owners and logistics providers, has filed for Chapter 11 protection.

SPOTlight

M&A in the Trump 2.0 metaverse

Wachtell, Lipton, Rosen & Katz Geopolitical concerns are driving strategic M&A as companies are forced to adjust supply chains to increase resilience, reduce dependency risks and relocate operations into the US.

Inheriting the wind: trends in US criminal enforcement based on successor liability

Steptoe LLP As a matter of statutory and enforcement law, successor liability doctrines can subject acquiring entities to criminal and civil enforcement liability for pre-acquisition misconduct of an acquired entity, irrespective of contractual risk allocation.

The new realities of funded patent litigation

Holland & Knight Litigation funding has matured into a durable and sophisticated feature of US patent litigation. The story is not only that more money is entering the space, but that it is increasingly smart money applied to cases with credible liability theories and realistic recovery paths.

When tariffs and transfer pricing collide

Gibson, Dunn & Crutcher, LLP Multinational enterprises are struggling to manage the transfer pricing and customs-valuation regimes at a time when the US government is aggressively seeking revenue under both the income tax and tariff systems with respect to the same transactions.

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CONTRIBUTORS

A&L Goodbody LLP

ATOZ Tax Advisers S.A.

Caplin & Drysdale

EY Tax GmbH Steuerberatungsgesellschaft

Garrigues

Gibson Dunn

Grant Thornton

Haleon

Holland & Knight

Information Security Forum

KPMG Services (Proprietary) Limited

Price Bailey LLP

Segal GCSE LLP

Steptoe LLP

StoneTurn

Troutman Pepper Locke

Trowers & Hamlins LLP

Wachtell, Lipton, Rosen & Katz

WilmerHale