‘The wind was taken out of everyone’s sails’ – the M&A report 2023

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‘The wind was taken out of everyone’s sails’ – the M&A report 2023

2021 was always going to be a tough year to follow. Quite how tough, few could have foreseen at the start of 2022.

With global annual deal values totalling almost $6trn – a jump of more than 60% on 2020 – 2021 was roundly described in breathless superlatives. Following a year of pent-up demand during the pandemic, soaring levels of M&A activity were fuelled by the vaulting ambition of private equity (PE) houses, a surge in tech and pharmaceutical sector deals, and a boom in activity from special purpose acquisition companies (SPACs). Continue reading “‘The wind was taken out of everyone’s sails’ – the M&A report 2023”

M&A veterans: Got the T-shirt – M&A Hall of Famers on closing deals in a crisis

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M&A veterans: Got the T-shirt – M&A Hall of Famers on closing deals in a crisis

A global pandemic, the war in Ukraine, soaring energy prices and inflation, as well as interest rate hikes significantly pushing up the cost of debt – it is no wonder M&A markets are struggling right now. Against this backdrop of instability, arguably the bigger questions are how activity levels managed to hold up for as long as they have, and how they have not crashed further.

But, while City M&A partners are keen to stress that things could be far worse, and point to pipelines of deals in place for when markets pick up (see feature), the differences between now and this time last year are stark. Continue reading “M&A veterans: Got the T-shirt – M&A Hall of Famers on closing deals in a crisis”

What Next? Eversheds and Shoosmiths act as high street giant acquires beleaguered Cath Kidston

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What Next? Eversheds and Shoosmiths act as high street giant acquires beleaguered Cath Kidston

Next has bought Cath Kidston for £8.5m after the embattled fashion brand filed for bankruptcy. The vintage-inspired lifestyle and homeware brand, founded in 1993, first collapsed in 2020, resulting in the loss of 1,000 jobs and the closure of the majority of its UK stores.

Cath Kidston has now entered administration for the second time after struggling under the ownership of Baring Private Equity Asia, which sold the business last summer to distressed investor Hilco Capital. Continue reading “What Next? Eversheds and Shoosmiths act as high street giant acquires beleaguered Cath Kidston”

The M&A debate: Wrestling the bear – negotiating deals in the current market

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The M&A debate: Wrestling the bear – negotiating deals in the current market

Nathalie Tidman, Legal Business: Is it an oversimplification to say that inflationary pressure, if it eases, will kick-start M&A again?

Eric Knai, Eversheds Sutherland: We have been having a lot of discussions with our clients but also with investment bankers, bankers and economists. They say that inflation is a factor, but only one of a number of factors that impacts M&A. Continue reading “The M&A debate: Wrestling the bear – negotiating deals in the current market”

HSF, Davis Polk and Eversheds complete the set as Next acquires collapsed Made.com

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HSF, Davis Polk and Eversheds complete the set as Next acquires collapsed Made.com

Lawyers from Herbert Smith Freehills (HSF), Davis Polk and Eversheds Sutherland have earned advisory roles on the administration and £3.4m sale of online retailer Made.com to Next. 

Last week, Made.com filed notice of its intention to appoint administrators, which saw HSF drafted in. The HSF team was led by London restructuring partner John Chetwood with corporate support from fellow London partners Ben Ward and Caroline Rae. Since the administration, 320 Made.com jobs have been axed as the company has collapsed.  

Continue reading “HSF, Davis Polk and Eversheds complete the set as Next acquires collapsed Made.com”

Sponsored briefing: M&A: Agility is key to support clients in complex transactions

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Sponsored briefing: M&A: Agility is key to support clients in complex transactions

Deals are becoming more complex as companies increasingly use mergers and acquisitions (M&A) to pursue ambitious strategic goals and new stakeholders disrupt the market. Successful M&A lawyers must be able to combine excellent legal knowledge and process management skills with in-depth business awareness to support clients in complex transactions.

PRAGER DREIFUSS has extensive experience and a longstanding tradition in supporting clients in complex M&A transactions, including acquisitions and sales, mergers, spin-offs and joint ventures. They are part of the firm’s core business. PRAGER DREIFUSS will take the client through the entire process, from structuring the deal to its execution. Its lawyers conduct legal due diligence at a target company, negotiate the necessary agreements, set up acquisition vehicles and optimise the capital and tax structure of the deal. Throughout this process, the firm can call upon excellent interdisciplinary knowledge. Continue reading “Sponsored briefing: M&A: Agility is key to support clients in complex transactions”

Shining a light on the next generation of dealmakers

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Shining a light on the next generation of dealmakers

It’s no secret that the M&A markets have been busier than ever of the last 18 months. Here, UK Legal 500 editor Georgina Stanley asked some of those set to dominate the City deal market over the next ten years to take a short break from their negotiations to share their tips for success. All ten of the lawyers featured over the coming pages have demonstrated the client relationship and transactional skills required to secure their spots as Next Generation M&A partners in the UK Legal 500 2022. From the deals that have defined their careers, through to the importance of staying calm in a crisis and the growing significance of ESG considerations and legal tech, they offer their insight into the profession and its future.

Continue reading “Shining a light on the next generation of dealmakers”

Marching on

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Marching on

‘People typically underestimate the innovative powers that are out there,’ reflects Rick van Aerssen, Freshfields Bruckhaus Deringer’s global managing partner. ‘The adaptability of society has been significant. The way that the different economies have weathered the storm from the pandemic has been north of what we would have anticipated two years ago. I personally think the same will hold true for any crisis.’ Continue reading “Marching on”