Click cover to download

(Subscriber-only password access)

Not a subscriber?

Click here to join the FREE mailing list and receive password access

COVER STORY

Managing sanctions exposure across global supply chains

In a period of escalating geopolitical tensions and rapidly changing trade restrictions, supply chain visibility has become far more than an operational efficiency tool.

FEATURES

Quality over quantity: UK M&A in 2026

UK M&A activity in 2026 is steadily regaining momentum as investors pursue higher quality opportunities with renewed confidence.

The ESOP effect on US mid-market deals

As the employee benefits landscape continues to evolve, a growing number of organisations have come to recognise the value of ESOPs in supporting long‑term growth and resilience.

Innovation and compliance: the future of digital banking authentication

The future of digital banking authentication is expected to centre on a shift from passwords and one-time codes to intelligent, low-friction, risk-based identity systems.

New era for chemical risk: UK unveils first-ever PFAS plan

Essentially, by combining transparency, scientific evidence and partnership, the UK government is aiming to minimise the risks posed by PFAS.

The agentic workforce arrives: AI and the HR transformation

While proponents highlight its advantages, HR teams adopting agentic AI must remain aware of risks linked to the blurring of lines between human and digital labour.

WORLDWATCH

Fintech

Fintech is transforming financial services. From incumbents to start-ups, the market is flourishing amid increasing demand for faster and cheaper transaction processing, with artificial intelligence tools at the apex. FW moderates a discussion between Elena Muñoz at Cases Lacambra, Ahmed Baladi at Gibson Dunn, Chee Hian Kwah at Herbert Smith Freehills Kramer Prolegis LLC, and Timothy Chan at Norton Rose Fulbright Australia.

SPECIAL REPORT

Mergers & acquisitions

Q&A: Data centre M&A in 2026

Appetite for data centre M&A remains strong, underpinned by sustained demand for compute, storage and connectivity, but it is increasingly selective. FW discusses data centre M&A in 2026 with Elena Rubinov, David Martin, Vinita Sithapathy, Alaister Johnson and Yelena Nersesyan at Linklaters LLP.

The resilience of transatlantic M&A in a more demanding market

Sullivan & Cromwell LLP The past five years have demonstrated the resilience of the transatlantic corridor. The next phase is likely to be shaped as much by sector momentum and geopolitical calibration as by broader macroeconomic conditions.

India’s acquisition financing reform and the future of leveraged M&A

Rising Pharmaceuticals The reform does not create an American-style buyout market overnight. Instead, it introduces a calibrated instrument into a system that has spent a decade repairing balance sheets and strengthening creditor rights.

Closing the deal: the South African M&A playbook

KPMG South Africa The outlook for M&A in South Africa is best characterised by calibrated opportunity. The deals that will define the next cycle are those that embrace the country’s policy-driven framework and tax compliance into the core of transaction design.

Q&A: Japanese M&A in 2026

Competition among bidders in Japan is intensifying as global PE firms expand their local presence. International sponsors bring sector specialisation, operational expertise and capacity to execute large and complex transactions. FW discusses Japanese M&A in 2026 with Ryuichi Shiomi at Anderson Mōri & Tomotsune, Hideyuki Ishii at KPMG FAS, and Dominic Henderson at Sodali & Co.

TALKINGpoint

Hostile M&A and shareholder activism

Coalition building has always been a cornerstone of activism, but is becoming more critical in the current environment. FW discusses hostile M&A and shareholder activism with Etelvina Martinez, Michael Vogele, Reid Pearson and George Rubis at Alliance Advisors, and Sean Donahue at Paul Hastings LLP.

BRIEFINGroom

Restructuring and transformation

There is roughly a trillion dollars in speculative-grade debt maturing over the next few years, and many of those borrowers are going to need to address their capital structures in an environment where credit metrics have weakened. FW discusses restructuring and transformation with Sylwia Maria Bea Pulverich at Norton Rose Fulbright LLP, Michael Robinson at Province, LLC and Mark Lawford at Weil, Gotshal & Manges (London) LLP.

Antitrust in the technology sector

There is a real risk that overregulation of digital markets may undermine technological innovation and discourage pro-competitive transactions. FW discusses antitrust in the technology sector with Nikolaos Peristerakis at K&L Gates and Joseph M. Rancour at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

Strategies for effective asset tracing

Adopting a multifaceted approach from the very beginning is the only way to get past the layers of misdirection used in modern fraud. FW discusses strategies for effective asset tracing with Nicholas Sharratt at Norton Rose Fulbright (Middle East) LLP, Joana Rego at Raedas, Jason Williamson at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, and Marisol Gonzalez at Vantage Intelligence.

DEALfront

mergers & acquisitions

Paramount agrees $111bn WB mega deal as Netflix walks away

The long‑running uncertainty surrounding the future of Warner Bros Discovery effectively reached its next decisive stage after Paramount confirmed that it had agreed to acquire the company for a revised valuation of about $111bn.

Zurich acquires Beazley in £8.1bn transaction

Zurich Insurance Group entered into a definitive agreement to acquire London‑based specialist insurer Beazley in an £8.1bn all‑cash transaction, marking a significant step in Zurich’s ambition to create a global leader in specialty insurance.

private equity & venture capital

CPP Investments and Equinix acquire atNorth for $4bn

Canada Pension Plan Investment Board (CPP Investments) and digital infrastructure company Equinix agreed to acquire Nordic data centre operator atNorth from private equity firm Partners Group for approximately $4bn.

Veris Residential taken private in $3.4bn deal

Veris Residential, the US multi-family real estate investment trust, agreed to be taken private in an all‑cash transaction valued at $3.4bn including debt. The acquisition will be carried out by a consortium led by Affinius Capital together with Vista Hill Partners.

bankruptcy & corporate restructuring

Market Financial Solutions collapses into administration

London-based mortgage broker Market Financial Solutions (MFS) entered administration, prompting concerns among landlords and investors with active loans.

Pat McGrath Cosmetics files for Chapter 11

Pat McGrath Cosmetics LLC, also known as Pat McGrath Labs, filed for Chapter 11 bankruptcy protection in response to tightening liquidity and growing pressures in the global beauty market.

SPOTlight

How banks and fintechs can safeguard transparency in the age of alternative payments

Standard Chartered Alternative payment methods are transforming the global financial ecosystem, and the pace of change is unlikely to slow.

Financial crime prevention enters a transition phase amid AI disruption and EU rule changes

Herbert Smith Freehills Kramer LLP The EU’s decision to overhaul its AML framework reflects broader concerns about the scale and sophistication of financial crime in the European single market.

Not necessarily the holy grail – an Australian perspective on what tax reform delivers to corporate taxpayers

Johnson Winter Slattery Reforms that target large corporates paying more tax are generally politically safe. As has often been observed, companies do not vote.

Indonesia’s measures to boost tax revenue via deregulation

Protemus Capital Deregulation has emerged as a new option available to the Indonesian government, aimed at both enhancing tax revenue and providing relief to taxpayers.

Click here to view our latest ExpertBriefing articles

CONTRIBUTORS

Alliance Advisors

Anderson Mōri & Tomotsune

Cases Lacambra

Gibson Dunn

Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer Prolegis LLC

Johnson Winter Slattery

K&L Gates

KPMG FAS

KPMG South Africa

Linklaters LLP

Norton Rose Fulbright (Middle East) LLP

Norton Rose Fulbright Australia

Norton Rose Fulbright LLP

Paul Hastings LLP

Protemus Capital

Province, LLC

Raedas

Rising Pharmaceuticals

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates

Sodali & Co.

Standard Chartered

Sullivan & Cromwell LLP

Vantage Intelligence

Weil, Gotshal & Manges (London) LLP