Latham.London

Category Archives: M&A and Private Equity

Subscribe to M&A and Private Equity RSS Feed

Europe Set for Increased SPAC Activity

As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences. By Tom Evans, Chris Horton, James Inness, Mike Turner, David Walker, Tom Channing, and Catherine Campbell While US special purpose acquisition company (SPAC) IPOs and related M&A activity grabbed the limelight in 2020 and early 2021, European … Continue Reading

NFTs — A Digital Opportunity for PE Sponsors

Beyond creative works and consumer products, NFTs open up new avenues for IP monetisation in the technology, life sciences, and pharmaceutical industries. By Stuart Davis, Tom Evans, Christian McDermott, David Walker, Gabriel Lakeman, Catherine Campbell, and Amy Smyth Non-fungible tokens (NFTs), one-of-a-kind cryptoassets stored on blockchain technology, have soared in popularity as artists, gaming companies, … Continue Reading

Working Out Worker Rights — What Recent Developments Mean for PE

Worker classification, employee rights, and equal pay are among the issues that require careful consideration in light of recent and forthcoming changes. By Tom Evans, Sarah Gadd, David Walker, Terry Charalambous, Adam Ray, and Catherine Campbell The COVID-19 pandemic, and the growing emphasis on ESG metrics (particularly the “s”), has heightened the focus on worker … Continue Reading

Tackling “Long COVID” in PE Acquisitions — 4 Symptoms for Dealmakers to Examine and Treat

From potential cartel behaviour to repaying government loans, deal teams should remain alert to lingering issues rooted in a company’s response to the pandemic. By Alexander Crosthwaite, Tom Evans, Sebastian Pauls, David Walker, Maarten Overmars, and Catherine Campbell The recovery of the European PE market since the early days of the pandemic has been impressive … Continue Reading

English Court Confirms Expansive Jurisdiction to Reverse Transactions to Defraud Creditors Even Outside Insolvencies

The ruling confirmed that Section 423 of the Insolvency Act 1986 has extensive international reach, and does not require a transaction at an undervalue to leave the debtor with insufficient assets. By Simon J. Baskerville, Oliver E. Browne, Jessica Walker, Daniel Smith, and Chris Attrill The English High Court has held that a creditor pursuing … Continue Reading

Where Are We Now? Digital Health in the UK in 2021

In Lexology’s Getting the Deal Through: Digital Health 2021 (UK) Latham & Watkins considers the key regulatory and transactional issues faced by market players and practitioners. By Frances Stocks Allen, Oliver Mobasser, Sara Patel, Mihail Krepchev, and Robbie McLaren The UK has an active digital health market comprising both the private and public sectors. Venture … Continue Reading

Rising Regulation Requires Agility from M&A Deal Teams

In the 2021 edition of IFLR’s M&A Report, Latham & Watkins considers key developments likely to impact M&A in 2021, and how dealmaking is likely to progress in light of these developments. By Nick Cline, Robbie McLaren, Douglas Abernethy, Richard Butterwick, and Catherine Campbell If 2020 was the year that COVID-19 precipitated extraordinary government intervention … Continue Reading

PE Goes Gaming

Despite certain regulatory and challenges, PE buyers will likely see more investment opportunities in the gaming industry. By Neil Campbell, Greg Roussel, Mike Turner, Adam Czernikiewicz, David Walker, Tom Evans, and Catherine Campbell The global gaming market reached a valuation of US$135.8 billion in 2020, accounting for a staggering 53.3% of the digital media industry. … Continue Reading

Exploring IPOs with Dual Class Shares — Emerging Possibilities for PE

Dual class share structures could help lure Europe’s best founder-driven businesses to the London market, but challenges remain. By Sarah Axtell, Tad Freese, Chris Horton, Rick Kline, Anna Ngo, Koushik Prasad, David Walker, Tom Evans, and Catherine Campbell Listing of dual class share structures, which give certain owners (usually founders, employees, and pre-IPO investors) enhanced … Continue Reading

Pandemic Underlines Whistleblowing Risks for PE

In a changing social landscape, PE firms should conduct corporate culture due diligence while also ensuring the implementation of robust complaints procedures. By David Berman, Sarah Gadd, Joe Farrell, Nell Perks, David Walker, Tom Evans, and Catherine Campbell As global businesses react to the pandemic and social movements, PE firms should remain watchful for whistleblowing … Continue Reading

Creative Uses of Collateral Present New Financing Opportunities for PE

Innovative asset-based lending is on the rise as a means of attracting new lenders while maintaining the strategic support of existing creditors. By Francesco Lione, David Walker, Tom Evans, and Catherine Campbell Raising fresh capital for portfolio companies in times of financial stress is always a delicate balancing act between attracting new lenders and maintaining … Continue Reading

The Rise of Growth Equity — Connecting PE and VC

As private equity targets emerging companies, PE investors are expanding VC deal terms and dynamics. By Mike Turner, Shing Lo, Tom Evans, Robbie McLaren, Farah O’Brien, David Walker, Jon Fox, Katie Peek, and Catherine Campbell Emerging companies have historically been backed by venture capital funds, but as Europe’s startup scene matures, involvement by more traditional private … Continue Reading

CMA Clamps Down on Deals — Navigating the UK’s Increasingly Interventionist Merger Control Regime

The CMA’s efforts to make dynamic, forward-looking assessments of parties’ overlaps will only increase post-Brexit. By John Colahan, Tom Evans, David Little, Jonathan Parker, David Walker, Greg Bonné, Anuj Ghai, and Catherine Campbell Dealmakers must be alert to the increasingly interventionist approach of the UK’s Competition and Markets Authority (CMA), including on transactions with a limited nexus … Continue Reading

Securing a Successful SPAC Sale — What PE Firms Need to Know

The recent rise to prominence of SPACs provides private equity portfolio companies an alternative method for stock exchange listing and access to the capital markets. By Neil Campbell, Tom Evans, Paul Kukish, Ryan Maierson, David Walker, Suneel Basson-Bhatoa, and Catherine Campbell Special purpose acquisition companies (SPACs) have emerged, somewhat unexpectedly, as the hottest market trend in … Continue Reading

Landmark Judgment Rules in Favour of Latham Client Rothesay Life Plc

Court of Appeal sets out correct approach to transfer of long-term Insurance. By Victoria Sander, Jon Holland, Alex Cox, and Duncan Graves Latham & Watkins has won an appeal on behalf of Rothesay Life Plc (Rothesay) in an unprecedented challenge to the High Court’s refusal to sanction the transfer of around 370,000 annuity policies in … Continue Reading

Private Equity Market Study, Seventh Edition

By David J. Walker, Tom D. Evans, and Catherine Campbell Current Trends The M&A market is constantly evolving — from the predominantly seller’s market of H2 2019, to the tumultuous times of H1 2020, dynamics are shifting. Deal terms vary by transaction size, industry sector, and jurisdiction. Having a thorough knowledge of market trends is … Continue Reading

Private M&A Market Study, Seventh Edition

By Robbie McLaren and Catherine Campbell Current Trends The M&A market is constantly evolving — from the predominantly seller’s market of H2 2019, to the tumultuous times of H1 2020, dynamics are shifting. Deal terms vary by transaction size, industry sector, and jurisdiction. Having a thorough knowledge of market trends is critical to negotiating and … Continue Reading

Earnouts Are Rising Across Europe, But Can They Unlock COVID-19 Valuation Gaps?

Despite practical challenges, earnouts are a tool that PE buyers should increasingly consider to reconcile differences and get deals done. By Alexander Benedetti, Giancarlo D’Ambrosio, Sebastian Pauls, Laura Kichenside, Catherine Campbell, Tom Evans, and David Walker The use of earnouts, though historically disliked by PE buyers, is increasing across Europe. Earnouts can provide a way … Continue Reading

Healthcare AI Deals a Tonic for Private Equity Investors

Healthcare artificial intelligence is a promising sector for PE investors that requires careful navigation, particularly given divergent regulatory approaches. By Jon Fox, Frances Stocks Allen, Catherine Campbell, Tom Evans, and David Walker PE funds invested more than US$14 billion in healthcare (including pharma) in 2019, up from US$3.5 billion in 2013, and interest is likely … Continue Reading

Transacting With Troubled Companies – 3 Tips for PE Deal Teams Navigating Stressed, Distressed, and Insolvent Acquisitions

Successfully executing an acquisition from stress, distress, or insolvency requires a creative approach to reconcile competing interests. By Simon Baskerville, Jack Isaacs, Hyo Joo Kim, Catherine Campbell, Tom Evans, and David Walker The COVID-19 pandemic has brought a heightened risk of financial difficulty and insolvency for companies. Whilst there have been relatively few formal insolvencies … Continue Reading

PE Can Pursue PIPE Dreams

European PIPEs — which have experienced an uptick due to COVID-19-related market volatility — present unique structural, informational, and governance considerations for private equity investors. By Richard Butterwick, Chris Horton, Tobias Larisch, Harald Selzner, Anna Ngo, Hector Sants, Catherine Campbell, Tom Evans, and David Walker European private investments in public equity (PIPEs) have historically been … Continue Reading

Focus on Culture and Conduct Brings New Considerations for Corporates and Investors

Companies and investors must consider the impact that poor corporate culture may have on their potential to achieve an exit, in particular an IPO. By David Berman, Richard Butterwick, Chris Horton, Robbie McLaren, Anna Ngo, Nell Perks, Catherine Campbell, and Charlotte Collins It is now apparent that no institution or business unit, whatever its geography, … Continue Reading

Foreign Investment Controls — Are We Seeing a More Nuanced Approach to Private Equity?

Amid FDI screening regime expansion, deal teams have opportunities to capitalise on newly available exemptions, but must beware novel complexities. By Jonathan Parker, Rachel K. Alpert, Stephanie Adams, Gillian Bourke, Zachary N. Eddington, Catherine Campbell, Tom Evans, and David Walker US intervention in the proposed acquisition of hotel-software company StayNTouch by a Chinese investor and … Continue Reading
LexBlog