Ask any City partner about the current state of the market, and they will point to a softening in the M&A market in line with the clouds gathering over the economy. It seems no one told Tesla and SpaceX owner Elon Musk, who recently completed a highly-publicised acquisition of social media giant Twitter. The initially hostile takeover pulled in some of the US’ premier law firms, but events since suggest that the legal proceedings may be only just beginning.
Musk’s headline-grabbing acquisition was completed in October. According to filings, the total payment was $44bn (£38.1bn), making the transaction one of the largest M&A deals of 2022. It also saw the company taken private, having previously been listed on the New York Stock Exchange.
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