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Articles by Gerry Beausang
Buyers and sellers must be aware of Irish ‘earn-out’ tax implications
Irish tax rules around earn-outs can give rise to some unexpected and sometimes harsh results, according to legal experts Robert Dever and Gerry Beausang of Pinsent Masons, writing in the Irish Tax Review. An earn-out is a contractual mechanism used in M&A deals where part of the purchase price is contingent upon the future performance of the business being sold.
New law on multiple-vote share structure part of EU listing rules reform package
On 14 November 2024 the EU Listing Act package was published in the Official Journal of the European Union. It came into force on 4 December. The package contains the new Prospectus and Markets Regulation and two new directives: the Directive on Multiple-Vote Share Structures and the Markets Directive. Some of the changes under the EU Listing Act came into effect from the first week of December 2024, while other changes will enter into force in March and June 2026.
Ireland’s PE market could be poised for wave of secondary transactions in 2024
The question is whether we start to see these businesses come to market in the third and fourth quarters of this year or whether it will be 2025 before the wave hits and we see a year of significant market growth. While 2023 was about resilience, deal volume is likely to increase during 2024 with justified optimism for PE in Ireland.
Proposed amendments to Ireland’s corporate governance laws a welcome change for PLCs
The recently published General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 (140-page / 790KB PDF) contains a number of proposed amendments to Ireland’s Companies Act, some of which specifically relate to regulation concerning PLCs. Gerry Beausang, a corporate law expert at Pinsent Masons, welcomed the proposed amendments.
Ireland limits public access to register of beneficial owners
Under the revised legislation, individuals seeking to access the information on the Irish register of beneficial owners must now file a formal submission to the Companies Registration Office Ireland (CRO). Corporate law expert Gerry Beausang of Pinsent Masons in Dublin said the changes do not impact on the reporting obligations companies have in respect of the register.
Pinsent Masons advises Nichols plc on Vit Hit acquisition
Founded in Manchester in 1908 and best known for the iconic Vimto brand, Nichols has evolved into an international soft drinks business with an owned and licensed brand portfolio that also includes Myprotein, ICEE, Sunkist and Levi Roots. The company is listed on the AIM market of the London Stock Exchange and features in the FTSE AIM 100 Index. Founded by former Irish rugby player Gary Lavin in 2000, VITHIT has grown by an incredible 18 per cent annually, on average, since 2020.
Pinsent Masons advises CSG Chemical Solutions on Celtic Water Care Solutions acquisition
Operating across Ireland and the UK, CSG brings over 40 years of specialist chemistry expertise across potable water, wastewater, environmental and hygiene applications. It’s also the parent company of GI Chemicals and Chemifloc, the largest supplier of coagulants used in water treatment in Ireland. Celtic Water Care is a wastewater and effluent treatment chemicals specialist, serving private sector customers across Ireland.
Pinsent Masons advises Azets Ireland on merger with PKF OConnor Leddy & Holmes
Azets Ireland is one of the country’s fastest growing professional services firms, providing a range of services including audit, due diligence, valuation, M&A, tax, restructuring, corporate governance, and fund management. PKF O'Connor, Leddy & Holmes is an industry leading business, employing a team of more than 100 people with offices in Dublin and Waterford.
Pinsent Masons advises Azets Ireland on acquisition of Cooney Carey
Azets, which is backed by private equity funds PAI Partners and HG Capital, entered the Irish market in 2023 and is one of the country’s fastest growing professional services firms, providing a range of services including audit, due diligence, valuation, M&A, tax, restructuring, corporate governance, and fund management. Cooney Carey is an independent chartered accountancy, taxation and business advisory practice based in Dublin. This is Azets’ second merger since it entered the Irish market.
How to bridge the valuation gap in Ireland’s thriving PE market
Challenges to deal-making remain, though – including how to reconcile the different valuations would-be sellers and buyers are placing on target companies. Market overview Ireland has many robust businesses with the potential to expand internationally in high-growth sectors such as financial services, technology, life sciences and healthcare. This has been long recognised by domestic PE houses on the island but is increasingly acknowledged by US- and UK-based PE investors too.
Value of simplified merger notification in Ireland highlighted in new report
According its annual mergers and acquisitions report (21-page / 781KB PDF), the CCPC received 68 notifications of planned deals in 2022 and made 70 determinations under Ireland’s merger control regime – 55 of which related to deals notified during the course of last year. The CCPC report showed that it received merger notifications from a wide range of sectors.
Irish company law Covid amendments: provisions extended and expiring
The changes concern the re-application of provisions of companies law that were relaxed during the Covid-19 pandemic. However, some amendments made via the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the 2020 Act) are being extended to 31 December 2023. What is being extended? Companies can continue to hold general meetings, such as annual general meetings (AGMs), extraordinary general meetings (EGMs) and creditors’ meetings, by way of electronic means.
Digital Services Act wins MEPs’ approval, with changes
Online intermediaries face strict new requirements, including around the removal of illegal or harmful content, the sale of illegal products or services, targeted advertising, and the way they design their interfaces, under proposed new EU laws endorsed by MEPs. The Digital Service Act (DSA) proposals approved by the European Parliament on Thursday 20 January contain significant amendments to the initial version of the DSA proposed in late 2020 by the European Commission.
European Commission approves German hydrogen import programme H2Global
The European Commission has granted state aid approval to the German government to allow the funding of the hydrogen import programme, ‘H2Global’, with €900 million. H2Global aims to promote the development of green hydrogen production plants in sunny non-EU countries. The hydrogen produced there will then be imported to the EU. ‘Green’ hydrogen is hydrogen that is produced from electricity from 100% renewable energy sources.
Indonesia lifts coal export ban on 139 companies
Indonesia has lifted its coal export ban on 139 companies as they met domestic market sales requirements, according to Reuters. Reuters reported that 75 vessels were allowed to load coal from companies that had met all their domestic market obligation (DMO) requirements, and another 12 were allowed to proceed after providing a written assurance of compliance and acceptance of penalties.
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