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Gaining Appropriate Control in Italian Minority Investments
Click for larger image By Stefano Sciolla Minority investments are an increasing feature of the Italian PE market. One key driver of minority investments is demand from many entrepreneurs, founders and...
View ArticleFees: Increasing Requirements for Disclosure Continue
By Tom Alabaster and Nick Benson Outside money managers are facing increasing scrutiny about the value they provide, particularly since the 2008 financial crisis. In a previous publication from...
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Covenant-lite Terms Continue to Develop in Europe
Click for larger image By James Chesterman As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the...
View ArticleManaging Environmental Risk in M&A Transactions
By Joachim Grittmann and Kristina Marx A rise in costly post-acquisition environmental disputes has meant buyers are increasingly evaluating a target’s environmental compliance before completing a...
View ArticleWill PE Become a Regular Fixture in the Premier League?
By Tom Evans English Premier League football clubs may start to look more attractive for investment following the League’s £5.14 billion live broadcasting deal with Sky and BT. The deal, for three...
View Article2015 UK Autumn Statement – Business Tax Update
By Karl Mah This year’s Autumn Statement proved to be rather quiet on the corporate tax front, contrasting with the recent OECD/BEPS led activity in the international arena. Perhaps this was in part...
View ArticleHoliday Pay: Clear Blue Skies Ahead?
By Catherine Drinnan Paying employees for their annual leave in the UK used to be viewed as a straightforward process, with many companies calculating holiday pay at the employee’s basic pay rate....
View ArticleInfrastructure Investors: Is Your State Aiding You?
By Elisabetta Righini Investment in the infrastructure that keeps Europe running smoothly continues to be a big theme in European private equity. In every sector, from energy to sport, from transport...
View ArticleUS M&A Litigation: Will the Changing Landscape Shift to the UK?
By Howard Sobel, Michele Johnson, Sarah Diamond and Anna Hyde Following nearly every announcement of a public-company acquisition in the US, including take-private acquisitions by private equity...
View ArticleA Two-Tier Market Emerges in European Leveraged Loans
By Christopher Kandel We have already commented on the strong growth of the covenant-lite market in Europe for leveraged loans. The combination of a supply/demand imbalance in European leveraged loans...
View ArticleOil price turbulence benefits the opportunistic
By Simon Tysoe The prolonged turbulence in oil prices has brought cost reduction programmes, the shelving of projects, and insolvencies in the oil field services (OFS) and exploration and production...
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The Liquidity Crunch Spurs Creative PE Deal Financing in the US
By Manu Gayatrinath and Katherine Putnam Since the 2008 financial crisis, the US Federal Reserve and other central banks in Europe have pumped trillions of dollars into the financial markets....
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Tough Exams for Investments in the Education Sector
By Tom Evans and Matthew Bedrossian The growth of private spending on education presents an opportunity for private equity. While public spending on education in the OECD as a proportion of gross...
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Private Equity Goes Green
By Paul Davies and Michael Green In December 2015, world leaders met to negotiate the Paris Agreement. Setting aside whether the Paris Agreement goes too far, not far enough or is just right, one...
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Pension Fund Health-Check Required
By Catherine Drinnan and Shaun Thompson The recent furore over the collapse of high street retailer BHS has caused fierce debate over whether companies, or their ultimate owners, are responsible for...
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Israel’s Anti-Concentration Law Presents Unique PE Opportunity
By Joshua Kiernan In December 2013, Israel introduced new legislation — the Law for the Promotion of Competition and Reduction of Concentration — designed to break the dominance of large corporations...
View ArticleCMA Taking Increasingly Intrusive Approach To Monitoring UK Deals
By Jonathan Parker Since its launch in April 2014, the Competition and Markets Authority (CMA) has played a crucial role in determining the outcome of some of the UK’s headline deals. Last year alone,...
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PE Set To Benefit From More Outward Looking Chinese Buyers
By Amy Beckingham In recent years, Chinese companies have become increasingly bold in the search for new deals, looking beyond the country’s borders for transformational takeovers. This year already,...
View ArticleJury out on Gender Pay Reporting Regime
By Kendall Burnett and Sarah Gadd There is mixed opinion on the UK’s forthcoming gender pay reporting regime. Whether the new reporting obligations will help eradicate the UK gender pay gap (reported...
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New EU Data Protection Rules Move the M&A Goalposts
By Gail Crawford After over four years of debate, the General Data Protection Regulation (GDPR) recently came into force, taking effect after a two year transition period, i.e. from 25 May 2018. The...
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