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Articles by Renaud Bonnet
2022 Annual M&A/PE Review and 2023 Forecast | JD Supra
After a record-breaking 2021, deal activity in 2022 dropped by 37%, its largest year-over-year decline since 2001. Facing all the 2022 headwinds, including a difficult and uncertain financing market, the Ukraine war, inflation, the continuing effects of the COVID-19 pandemic, supply chain issues, and unfriendly regulators, in many ways the M&A market held up better than expected. Please see Publication below for more information. Download PDF
2022 Annual M&A/PE Review and 2023 Forecast
After a record-breaking 2021, deal activity in 2022 dropped by 37%, its largest year-over-year decline since 2001. Facing all the 2022 headwinds, including a difficult and uncertain financing market, the Ukraine war, inflation, the continuing effects of the COVID-19 pandemic, supply chain issues, and unfriendly regulators, in many ways the M&A market held up better than expected.
Trends In European Public M&A
Europe saw a major increase in public M&A activity in 2021, fueled by cheap money and optimism as economies started to emerge from the worst effects of the pandemic. In particular, PE purchasers with dry powder to deploy and U.S. corporates were attracted by relatively low valuations. Q2 and Q3 saw several competitive situations.
New Data Privacy Law In China
China passed its new Data Security Law ("DSL") in June 2021 and its new Personal Information Protection Law ("PIPL") in August 2021. Both new laws impact every business operating in or doing business with China, coupling extensive obligations with respect to the processing of all types of data, with potentially significant penalties for noncompliance.
The ESG Surge Continues: Focus On Europe
The focus on ESG across the business spectrum ramped up over the course of 2021, surpassing several milestones along the way and resulting in a surge of regulatory changes and new initiatives by the end of the year. Taking stock of the last 12 months, it is clear that Europe continues to be the early mover in regulatory matters, promising to make 2022 a watershed year.
Emerging Developments In Corporate Governance, Impact Of COVID-19, And Looking Ahead To 2022
The enduring COVID-19 pandemic continued to impact corporate governance practices and trends in 2021, while other notable developments, including a surge in shareholder proposals, changes to the proxy rules, and increased demands for climate change accountability, emerged. Shareholder Influence Grows With the global battle against COVID-19 far from over, many companies continued to hold annual shareholder meetings virtually in 2021.
Key Considerations In Carve-Out Transactions
As global M&A activity reached record highs this year, so too did the market's appetite for carve-out transactions. A carve-out transaction is the sale of a subsidiary, division, or other part of a larger business enterprise. Carve-outs are generally characterized by an interdependence between the business being sold and the other retained businesses of the seller's group, which adds cost and complexity to the transaction.
Infrastructure Investment And Jobs Act: Overview And The Role Of P3s
On November 15, 2021, President Biden signed into law a long-awaited $1.2 trillion bipartisan infrastructure bill titled the Infrastructure Investment and Jobs Act ("IIJA"). The IIJA is touted as a first step in fixing the United States' failing infrastructure system with several initiatives focused on transportation, technology, and water systems.
Until Enacted Or Withdrawn, Proposed U.S. Tax Reform Continues To Have An Effect On M&A And Private Equity Transactions
Since early 2021, Congress has been working on legislation that would alter the U.S. tax laws and potentially have a significant impact on M&A and private equity transactions. Although, in the aggregate, more a tremor than an earthquake when compared to the 2017 tax reform under the Trump administration, the proposed changes under the Build Back Better Act ("BBBA") (or whatever legislation may ultimately reach President Biden's desk) may have a profound effect on the global deal market.
2021 Shareholder Activism Highlights
To print this article, all you need is to be registered or login on Mondaq.com. "Anti" M&A Activism While the absolute number of companies publicly facing activist demands regarding M&A transactions decreased in 2021 vs. 2020, M&A activism represented an increased share of overall economic demands of activists in 2021. Although the relative count of M&A activism was on the rise this year, the form of activism has changed notably from years past.
SPAC Year In Review And 2022 Outlook
To print this article, all you need is to be registered or login on Mondaq.com. IPOs for special purpose acquisition companies ("SPACs") got off to a blistering start in 2021, with more IPOs closing in the first quarter than in all of 2020 (which had been the most active year for SPAC IPOs in history).
2020 Transactions Year in Review | JD Supra
2020 took uncertainty to new heights. Deals came to an abrupt halt in Q2 as corporates focused on preserving cash and stabilizing their businesses in the wake of the COVID-19 pandemic. Private equity firms looked for nontraditional ways to invest money. The real estate finance market essentially froze for several months. Only the debt financing markets defied gravity, thanks to low interest rates and government support of the capital markets.
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