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MAGAZINE

September 2018 Issue

Financier Worldwide Magazine


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COVER STORY

Post-acquisition dispute resolution challenges

Once a merger has closed, acquirers could be forgiven for thinking that the hardest part of the process is over. In reality, however, it has only just begun. Given the complex nature of dealmaking, post-acquisition, expensive, time-consuming...

 

FEATURES

Tech-led M&A

The pace of technological growth recorded in recent years has been remarkable. New, disruptive technologies have emerged, remaking industries and upending traditional markets, products and industry players. As a result, the technology sector has become...

Cross-border M&A: opportunities and challenges

As a mechanism for fostering growth and increasing shareholder value, M&A is an important tool in a company’s armoury. Cross-border M&A in particular can be a useful springboard for those eyeing expansion and future prosperity. Currently on a high...

Illumination and transparency via the SFTR

As another piece of the European Union’s (EU) regulatory reporting jigsaw, the aim of the Securities Financing Transactions Regulation (SFTR) is to improve the transparency of securities financing markets and shed light on the often murky world of shadow banking....

Impact of the DOJ’s new Corporate Enforcement Policy

In late 2017, the US Department of Justice (DOJ) announced a new Corporate Enforcement Policy to guide prosecutors charged with overseeing Foreign Corrupt Practices Act (FCPA) violations. This new policy expands upon the DOJ’s FCPA Pilot Programme...

UK targets overseas territories transparency

Hundreds of billions of pounds of criminal money is laundered through the UK each year according to the National Crime Agency (NCA), with entities established in British overseas territories (OTs) – which include some of the world’s biggest financial centres...

 

ROUNDTABLE

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Managing transactional risk

THE PANELLISTS: Jeffrey D. Cowhey, Ambridge Partners LLC; Josh Cowen, Aviva; Kevin Kaden, BDO; Matteo Timpani, Crowe U.K. LLP; Markus P. Bolsinger, Dechert LLP; Jay Rittberg, Euclid Transactional; and Steven R. DeLott, Simpson Thacher & Bartlett LLP.

The transaction process is complex and challenging, driven by many, often incompatible interests. Historically, acquirers have paid close attention to expected and potential post-closing risk during the due diligence process and, following the financial crisis...

 

SPECIAL REPORT

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Private equity

2017 delivered good news for the private equity (PE) industry overall – a year of increasing investment, strong exit markets, attractive returns and significant fundraising activity. Indeed, the appetite of limited partners (LPs) to support the asset...

FORUM: Digital disruption in the private equity industry

FW moderates a discussion on digital disruption in the private equity industry between Alasdair Redmond at Intuitus Limited, Jon Tanner at MitchelLake Group, and Kush Jhawar at Warburg Pincus.

Private equity dynamics in 2018

Debevoise & Plimpton LLP Given how 2018 started – changes brought by the Tax Cuts and Jobs Act (TCJA), implementation of the revised Markets in Financial Instruments Directive (MiFID II), and with M&A and fund financing on fire – it is no surprise that the first half of the year...

Outlook for private equity in 2023

Preqin It is perhaps a cliché to say that ‘alternative’ assets is a title that no longer fits the private equity (PE) industry, but it is true nonetheless. Four out of five institutional investors now invest in at least one alternative asset class, and more than half invest in three...

Private capital: the crossover between private equity and private wealth

Charles Russell Speechlys LLP Private capital is a term that is being used more and more often to describe the crossover between capital provided by private equity (PE), venture and growth capital investors, and private wealth investment by high-net-worth individuals (HNWIs) and family offices...

Venture capital hotspots

Finch Capital Partners Over the past decade, venture capital hotpots have become more diversified. These developments bring opportunities as well as challenges to investors. Countries that were seen as economically or politically unstable are now becoming more and more attractive...

Overview of the PE industry in France

Villechenon The private equity (PE) industry in France appears to be in particularly good health. 2017 was an exceptional year of growth for capital invested in France, whether in terms of funds raised, amounts invested or the number of transactions. This growth trend continued...

Brazilian PE favourable despite election uncertainty

Demarest Advogados Brazil’s private equity (PE) industry had a very positive year in 2017, and began 2018 with more positive news around capital raises and deal activity. The challenge ahead is to maintain the 2017 deal activity in the second half of 2018, during the election...

Private equity trends in Indonesia

Ali Budiardjo, Nugroho, Reksodiputro (ABNR) Indonesia has become one of the most interesting places to invest for private equity (PE), despite complicated bureaucracy and the uncertainty of laws and regulations. The hot trend for PE is investing in technology companies. The most popular industries...

 

TALKINGpoint

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IFRS 17

FW moderates a discussion on IFRS 17 between Frank Pfaffenzeller, Mary Trussell, Pierre Planchon and Joachim Kölschbach at KPMG.

 

DEALfront

mergers & acquisitions

Broadcom acquires CA Technologies in $18bn deal

In a transaction designed to build a leading infrastructure technology company, semiconductor device supplier Broadcom Inc. is to acquire CA Technologies, a leading provider of information technology (IT) management software and solutions. Under the...

Linde sells $3.3bn in assets to Messer and CVC

A joint venture between German industrial gas supplier Messer and private equity group CVC has agreed to acquire the majority of Linde AG’s gases business in North America and certain business activities in South America for around $3.3bn. The deal should...

private equity & venture capital

EQT fund to acquire SUSE for $2.5bn

Leading open source software provider SUSE Linux, and its associated software business, is to be acquired by Swedish private equity group EQT Partners from multinational software and information technology firm Micro Focus International plc for $2.5bn. The deal...

CVC to buy Recordati for €3bn

In an acquisition worth approximately €3bn, a consortium of investment funds controlled by private equity firm CVC Capital partners is to buy a controlling stake in Italian pharmaceutical group, Recordati S.p.A. “This transaction is important in the further...

bankruptcy & corporate restructuring

Seadrill emerges from Chapter 11 protection

Following months of negotiations and delays, offshore drilling group Seadrill Limited has emerged from bankruptcy after successfully completing a Chapter 11 plan of reorganisation. Hit by the continued downturn in the oil and gas industry, which...

Harvey Gulf exits bankruptcy

In early July, Harvey Gulf International Marine announced that it had completed its restructuring and was emerging from Chapter 11 bankruptcy protection after a little over two months. The company filed for Chapter 11 protection in March...

 

PROFESSIONALinsight

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Banking & Finance

Financial regulation in the US: as the world turns and the pendulum swings

National Association of Corporate Directors (NACD) “Money makes the world go round” said the stars of the 1966 musical Cabaret. But who makes the money go round? Bankers and other financial professionals. Yet financial professionals are not always appreciated. A May 2017 CATO survey of 2000 Americans found that...

Mexico’s change of government and institutional strength – considerations from a financial services perspective

Gaxiola Calvo S.C. Financial systems are built on stability, strong institutions, sound public policies and predictability. All of which take a long time to develop and can be quickly and easily damaged. In developing countries, such as Mexico, where socioeconomic inequality...

Chilean banking law reform: three key aspects

Carey There is consensus that Chile was able to endure the 2008 global financial crisis and avoid the serious impact and effects it had in other emerging countries thanks to the strength of its banking industry. The Chilean General Banking Act (GBA), heavily modified...

Fraud & Corruption

Emerging anti-money laundering risk for non-financial institutions

Miller & Chevalier Do you know who pays for your products? Banks and other financial institutions have been grappling with issues of knowing their customers for years. But what about non-financial institutions which receive payments from unverified third parties for goods...

New corporate criminal liability in Germany – paradigm shift or evolution?

Hengeler Mueller The discussion surrounding corporate criminal liability is not new in Germany. Instead, this issue can be seen as ever present background noise of varying amplitudes, rising and falling over the past few decades. Many misunderstandings have had an influence...

SPOTlight

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Mitigating investment risk – treaty planning and damages claims against state entities

White & Case LLP What do these three scenarios have in common? An investor is negotiating a contract with a state entity in a high-risk jurisdiction. An investor – an individual or a corporate entity – is considering how to structure its holdings in a tax efficient manner. An investor...

Special Purpose Acquisition Companies (SPACs) and the new Mexican stock exchange

Holland & Knight Last year, a new vehicle reached the Mexican stock markets: the Special Purpose Acquisition Company (SPAC), usually incorporated as a Sociedad Anónima Bursátil de Capital Variable (S.A.B. de C.V.), is a vehicle where a promoter obtains resources through an IPO...

Blockchain – how to combat risks associated with a new era of business transactions

FTI Consulting Blockchain is a commercial reality and companies must become comfortable with a radical new way of working, just as they had to when the World Wide Web came along. Already, blockchain is used for items such as smart contracts, financial services, global shipping...

Insights into research-based consent optimisation and compliance

Fastmap Data privacy exploded into the public consciousness in March 2018 via the front and online pages of every newspaper and news broadcaster. The Facebook-Cambridge Analytica data scandal will prove to be a pivotal moment in contemporary social, political and business history...

Enforcement and setting aside of arbitral awards in Asia

WongPartnership The enforcement and setting aside of arbitral awards are important and integral aspects of the arbitral process. There are now 80 states which have adopted the UNCITRAL Model Law on International Commercial Arbitration, and 159 state parties...



CONTRIBUTORS

Ali Budiardjo, Nugroho, Reksodiputro (ABNR)

Ambridge Partners LLC

Aviva

BDO

Carey

Charles Russell Speechlys LLP

Crowe U.K. LLP

Debevoise & Plimpton LLP

Dechert LLP

Demarest Advogados

Euclid Transactional

Fastmap

Finch Capital Partners

FTI Consulting

Gaxiola Calvo S.C.

Hengeler Mueller

Holland & Knight

Intuitus Limited

KPMG

Miller & Chevalier

MitchelLake Group

National Association of Corporate Directors (NACD)

Preqin

Simpson Thacher & Bartlett LLP

Villechenon

Warburg Pincus

White & Case LLP

WongPartnership


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