MAGAZINE
September 2016 Issue
Financier Worldwide Magazine
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COVER STORY
Human risk factors in M&A transactions
Mergers and acquisitions (M&As) offer companies an important source of growth. However, it is imperative that deals are conducted properly, for while a well planned and executed acquisition can boost a company, a poorly realised...
FEATURES
2016 M&A: reflections on an underwhelming first half
Ensconced as we are in the third quarter of 2016, it is an ideal time to cast an eye over the previous quarters of the year and highlight some of the trends and developments to have emerged. So far, M&A activity has been relatively strong...
The emergence of impact investing
Impact investing is a burgeoning growth area based primarily on the philanthropic goal of making a positive environmental and social impact beyond financial return. A term first coined by the Rockefeller Foundation in 2007, impact investing...
Africa’s infrastructure deficiency has been known for some time. If the continent is to fulfil its economic potential, it requires considerable investment, particularly in power, transport and water and sanitation. Previous estimates have...
The US IPO market has endured a difficult first half of the year and indicators suggest the rest of the year will be a struggle. According to Dealogic, H1 2016 saw just $7.2bn raised from public offerings, the worst showing since 2009...
The regulatory landscape, as any compliance professional can tell you, is an ever-changing, fast-growing arena; an environment that can be said to pose a similar challenge as that of the mythical Hydra – in that as soon as one regulation...
ROUNDTABLE
THE PANELLISTS: Ward Camp, Edison Energy; Francisco de la Flor, Enagás; Adam Larson, Kirkland & Ellis LLP; Douglas J. Arent, NREL; and Tatiana Monastyrskaya, Skadden, Arps, Slate, Meagher & Flom LLP.
The energy & utilities sector has witnessed extensive change over the past few years, with the regulatory environment, growth in distributed generation, new forms of competition and changes in customer behaviour all having a major...
SPECIAL REPORT
The private equity landscape so far in 2016 has been relatively steady, despite the backdrop of an uncertain global economy. Private equity players continue to face a range of challenges in the wake of ongoing change. These include the need...
FORUM: Private equity investment in Latin America
Cate Ambrose at LAVCA moderates a discussion on private equity investment in Latin America between Julio C. Martínez at Fondo de Fondos, Kelly Tubman Hardy at Hogan Lovells, John Crespo at King & Spalding, Sergio A. Urías at Kirkland & Ellis LLP, and Luiz Filipe Aranha at Koury Lopes Advogados.
SEC examinations focused on private equity fund conflicts of interest
Stradley Ronon Title IV of the Dodd-Frank Act changed the regulatory landscape for private equity fund managers. Prior to Dodd-Frank, managers to private equity funds were not generally required to register with the Securities and Exchange...
Forget the monkey – 2016 is the year of tax regulation
Augentius The Foreign Account Tax Compliance Act (FATCA) – the US-driven tax reporting regime which imposed new investor diligence and reporting requirements on many financial institutions – is something with which many in the asset...
Economic sanctions: risk and opportunity for private equity
Willkie Farr & Gallagher LLP US economic sanctions present a growing challenge to US private equity (PE) firms. Rapidly changing restrictions, including sanctions regimes for Iran, Cuba and Russia, and for global terrorism and cross-border crime programmes, bring with...
Private equity and growth capital – a growing opportunity?
Taylor Wessing Growth capital investments present a different set of opportunities and challenges to private equity investors. Not all houses are active or interested in this investment space (and indeed many may not be permitted to make such investments under...
Strategic growth for asset managers and single investor products
Skadden, Arps, Slate, Meagher & Flom LLP Since 2010, around $128bn has been raised by asset managers using private single investor structures, such as separately managed accounts or funds-of-one. This significant figure rivals – and for some asset managers, may exceed...
Is it time for a private equity boom in Mexico?
Proskauer Rose LLP Although many traditional private equity funds have avoided Mexico due to its historical and institutional challenges, in 2015 Mexico surpassed Brazil becoming the most popular destination for country dedicated private capital...
Private equity investments in Argentina
Perez Alati, Grondona, Benites, Arntsen & Martínez de Hoz(Jr) Over the last 12 years, the level of private equity (PE) investment in Argentina has decreased significantly, thanks to the 2001 economic crisis and as a result of the uncertainty surrounding the economic policy implemented by the Kirchner...
Q&A: Private equity investment in Africa
Ponmile Osibo at AVCA moderates a discussion on private equity investment in Africa between Hasnen Varawalla at Barclays Africa, Nick Tims at Investec Asset Management, and Lydia Shadrach-Razzino at ENSafrica.
DEALfront
mergers & acquisitions
Softbank to acquire ARM Holdings in $32bn deal
The Japanese multinational telecommunications and internet firm SoftBank Group Corp is to acquire ARM Holdings plc, the UK-based designer of computer chips for tablets and smartphones, in a deal worth in the region...
Yahoo sold to Verizon in $4.8bn deal
For a company that once had a market capitalisation of more than $100bn, the sale of Yahoo’s core business to Verizon Communications Inc for $4.83bn brings an end to a remarkable and protracted downward spiral for one of the internet’s...
private equity & venture capital
Outerwall to be acquired by Apollo in $1.6bn deal
Outerwall Inc, the owner of Redbox DVD rentals and Coinstar cash-exchange kiosks, has entered into a definitive merger agreement that will see the company acquired by private equity firm Apollo Global Management LLC in a transaction valued at...
Blackstone sells property portfolio for $1.93bn
Private equity giant Blackstone Group LP has agreed to sell a property portfolio to China Vanke Co and a number of partners for around $1.9bn. Vanke, the biggest publicly traded residential property developer in China, noted in a...
bankruptcy & corporate restructuring
Essar Steel Minnesota LLC files for Chapter 11
In a bid to preserve its $2bn investment in a state-of-the-art steel plant, Essar Steel Minnesota LLC (ESML) and its immediate parent, ESML Holdings, Inc., have filed for Chapter 11 protection. According to the court filing in the District...
C&J Energy files for Chapter 11
In late July, C&J Energy Services Ltd filed for Chapter 11 bankruptcy protection having reached an agreement with its lenders to exchange $1.4bn of outstanding debt for an ownership stake in the newly reorganised company. The...
PROFESSIONALinsight
Mergers & Acquisitions
Roadmap to obtaining government consent for corporate transactions involving government contractors
Sheppard Mullin Many corporate transactions involving government contractors, including asset sales and forward mergers, are subject to anti-assignment statutes that require government consent. That consent customarily takes the form of a ‘novation’...
African mergers may face public interest hurdles
Falcon & Hume Inc. Global investors are still identifying opportunities for investments in Africa, despite the uncertain global economic environment and the legal challenges associated with doing business on the continent. Substantial African...
Banking & Finance
The impact of ‘Brexit’ on the UK’s fight against financial crime
CCG Legal Friday 24 June 2016 is a day that not many of those in the UK will forget in a hurry. As the UK public woke up to the news that it had voted to leave the European Union, the potential consequences of this historic referendum result began to sink in...
Developments in Singapore Financial Services Regulation in H1 2016
Shook Lin & Bok LLP The first half of 2016 has featured a number of regulatory developments in Singapore. This article summarises two of particular significance. The term ‘crowdfunding’ describes an approach to capital fundraising...
SPOTlight
Early stage investing trends: SAFEs versus convertible debt
Neal, Gerber & Eisenberg LLP There’s a new sheriff in town. Over the past 18 months, many start-ups and early stage companies needing a quick cash infusion have discovered a popular new device – the Simple Agreement for Future Equity (SAFE). The good old days of friends...
Brexit – What’s next for UK data protection law?
Wedlake Bell The reform of European data protection law was finalised with the publication of the European General Data Protection Regulation (GDPR) on 4 May 2016. Publication in the European Official Journal, started a two year ‘sunrise period’...
Reclaiming the global trade narrative
International Chamber of Commerce At a time of significant economic and geopolitical uncertainty, it is important to consider the role of trade and cross-border investment in creating jobs, investment and growth. In these uncertain times, trade matters...
CONTRIBUTORS
Augentius
AVCA
CCG Legal
Edison Energy
Enagás
ENSafrica
Falcon & Hume Inc.
Fondo de Fondos
Hasnen Varawalla at Barclays Africa
Hogan Lovells
International Chamber of Commerce
Investec Asset Management
King & Spalding
Kirkland & Ellis LLP
Koury Lopes Advogados
LAVCA
Neal, Gerber & Eisenberg LLP
NREL
Perez Alati, Grondona, Benites, Arntsen & Martínez de Hoz(Jr)
Proskauer Rose LLP
Sheppard Mullin
Shook Lin & Bok LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Stradley Ronon
Taylor Wessing
Wedlake Bell
Willkie Farr & Gallagher LLP