Expert Analysis

• Role Of UK Investment Act Is Evolving In M&A Deals

  

  With merger and acquisition activity likely to increase in light of the government’s new defense industrial strategy, the role of the National Security and Investment Act will come into sharper focus, and its recent annual report confirms that scrutiny is intensifying, say lawyers at Kingsley Napley.

• EU Investment Reporting Rules Letup Signals Pragmatic Shift

  

  While investment companies remain subject to far-reaching disclosure obligations under the Foreign Subsidies Regulation, new guidance from the European Commission on reporting passive limited partner commitments represents a drastic simplification and burden reduction, say lawyers at Paul Weiss.

• How Illumina/Grail Is Affecting EU Merger Control 1 Year On

  

  The landmark Illumina/Grail judgment a year ago limiting referral of below-threshold mergers to the European Commission has not left transactions unscrutinized, and for companies the days of straightforward merger filings analyses are over, say lawyers at Crowell & Moring.

• EU Act Establishes Data Sharing Rules, But Hurdles Remain

  

  The recently effective European Union Data Act provisions establish harmonized rules to unlock the use of data generated by technology-embedded software, but leave practical challenges that organizations will need to navigate to comply with cross-border requirements, say lawyers at King & Spalding.

• Reviewing EU Competition Policy 1 Year After Draghi's Report

  

  Implementation of the Mario Draghi report’s proposals to revamp European Union competition policy is currently case-specific, making it less visible, and more needs to be done in the way of merger review and antitrust enforcement, say lawyers at Linklaters.

• Evolving General Partner Stakes Market Brings Opportunities

  

  The rapid increase in investment in general partner stakes by private capital managers indicates its advantages over both strategic sales and initial public offerings, including the ability to retain greater operational control over the business and to avoid the scrutiny that accompanies a listing, says Nicholas Page at Macfarlanes.

• Waldorf Ruling Signals Recalibration For Restructuring Plans

  

  The recent High Court landmark judgment refusing to sanction Waldorf Production PLC's restructuring plan underscores a change in the way courts assess whether such plans are fair, indicating not their demise but a pivotal moment in their evolution, say lawyers at Simpson Thacher.

• Key Points From UK And Japan's Antitrust Cooperation Pact

  

  The memorandum of cooperation recently signed between the U.K. and Japan to promote collaboration in competition law enforcement is a meaningful step that offers cross-border businesses an improved foundation for earlier alignment and better risk management, say lawyers at Steptoe.

• Opinion

  New US-UK Tech Deal Offers Opportunities To Boost Growth

  

  The recently announced U.S. and U.K. Technology Prosperity Deal, encouraging businesses on both sides of the Atlantic to work together toward technological advance, will drive both investment in U.K. capabilities and returns for U.S. investors, says Peter Watts at Hogan Lovells.

• Poundland Restructuring Plan Highlights Insolvency Law Shift

  

  Poundland’s recently approved £95.2 million restructuring plan in the High Court under Companies Act, Part 26A, demonstrates that the relatively new provision has become an increasingly popular option for rescuing large companies facing insolvency, says Gavin Kramer at Collyer Bristow.

• CMA App Store Mandates Fall Short Of Regulatory Ambitions

  

  The Competition and Markets Authority's recent proposals to loosen Google and Apple’s mobile platform duopoly are a far cry from the assertive and wide-reaching interventions that advocates of the Digital Markets Unit had hoped to see from the new competition regulator, says Ronan Scanlan at Steptoe.

• UK Reforms Investment Rules, But Clarity Concerns Remain

  

  The U.K. government’s recent reforms to the National Security and Investment Act 2021 demonstrate a continuing pragmatic approach by requiring fewer deal filings, but the regime would benefit from more clarity in key areas, say lawyers at McDermott.

• CMA Pricing Guide Signals Shift In UK Consumer Protection

  

  The Competition and Markets Authority’s recent draft price transparency guide, as part of a wider reform introduced by the Digital Markets, Competition and Consumers Act 2024, represents a significant change in U.K. consumer protection by targeting unfair trading practices and strengthening enforcement mechanisms, says Felicity Forward at Shoosmiths.

• Petrofac Ruling Shifts Focus To Fairness In Restructurings

  

  The recent Court of Appeal overturning of Petrofac's restructuring plans demonstrates a change of direction that will allow previously ignored out-of-the-money creditors a share in the benefits, and means companies must review the fair treatment of different creditor classes, say lawyers at King & Spalding.

• Europe's New Defense Push Creates Investment Prospects

  

  Recent increases in European defense expenditure and governments' desire to innovate are creating a compelling environment for investment and merger and acquisition activity, especially for small and midsize enterprises at the forefront of emerging technologies, say lawyers at Skadden.