MAGAZINE

April 2021 Issue

Financier Worldwide Magazine


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COVER STORY

Beyond lockdowns: FDI and cross-border M&A

Foreign direct investment (FDI) flows have increased dramatically across the globe in recent years to reach a volume of more than $1.5 trillion in 2019 – an increase that can largely be attributed to a rise in cross-border M&A activity. Essentially, FDI and cross-border M&A…

FEATURES

Digital transformation in the PE space

Digital transformation is occurring rapidly across many industries. The private equity (PE) industry is not immune to this trend and will continue to be revolutionised by technology going forward. Competition within the PE space is fierce, and firms are always looking…

Toward salvation – the growth of impact investing

Impact investing – an industry which provides capital to address the world’s most pressing challenges in sectors such as sustainable agriculture, renewable energy, conservation, microfinance and affordable and accessible basic services, including housing, healthcare…

Regulatory futures: challenges and opportunities in 2021

2020 will be remembered as a historic year. In terms of the business environment, coronavirus (COVID-19) caused massive dislocation across the vast majority of industries, including financial services (FS). The long-term implications have yet to be determined…

Road to recovery: organisational health and resilience

Traditional metrics – primarily financial – have long been held as the key indicators of a company’s health. An organisation could be considered healthy if it was functioning effectively and responding to change appropriately. However, the lens through which companies…

Shot in the arm for AML: Congress passes NDAA

In a historic move, the US Congress recently passed the National Defense Authorization Act of 2021 (NDAA) by supermajority vote and, with it, brought sweeping changes to existing federal anti-money laundering (AML) laws. Though president Trump vetoed the bill on unrelated…

ROUNDTABLE

International arbitration

THE PANELLISTS: David Dearman at Ankura Consulting, Teresa Garcia-Reyes at Baker Hughes, Guy Pendell at CMS Cameron McKenna Nabarro Olswang LLP, Luis M. Martinez at International Centre for Dispute Resolution (ICDR), David Herlihy at Skadden, Arps, Slate, Meagher & Flom (UK) LLP, and Duncan Speller at Wilmer Cutler Pickering Hale and Dorr LLP.

International arbitration has proved to be remarkably resilient over the past 12 months, amid the disruption caused by the global pandemic. It is now common for arbitral hearings, including extensive cross-examination of witnesses and experts, to be conducted virtually…

SPECIAL REPORT

Infrastructure & project finance

Q&A: Advanced analytics in capital projects

FW discusses advanced analytics in capital projects with Anil Chhabria, Hugh Dullage, Hani Girgis and Rob Scopes at Deloitte.

Modernising infrastructure through the lens of smart cities and connected communities

Dentons We find ourselves in the midst of one of the most turbulent eras in recent memory. A convergence of coronavirus (COVID-19), climate change and cyber security challenges, along with severe economic and social disruption everywhere from Minneapolis to Hong Kong…

Digital infrastructure: the invisible partner enabling renewable energy

Pillsbury Winthrop Shaw Pittman LLP Renewable energy technology is some of the best infrastructure America has ever built, California wind power pioneer James Walker is fond of saying. It just needs a few petabytes of data and a lot of analysis to make it perfect. Walker once argued for extending the production tax…

Economic stimulus through PPPs in Latin America: a post-crisis solution?

Egis Projects SA The global health crisis caused by coronavirus (COVID-19) hit the infrastructure sector hard, with a sudden halt in investment and privatisation programmes in 2020. Concessionaires have shifted their focus to contract renegotiation and rebalancing while delaying their capital…

A regional Australian perspective on infrastructure developments

Norton Rose Fulbright According to one of Australia’s leading banks, activity on Australian infrastructure projects worth A$100m or more will rise by an expected A$21bn, year on year, in 2021/22 alone. By 2022/23, the pipeline is forecast to rise to nearly A$93bn for the year. These numbers are…

ESG and the infrastructure sector

Herbert Smith Freehills LLP The emerging environmental, social and governance (ESG) framework has grown rapidly since its early iterations in the form of the Equator Principles and the United Nation’s (UN’s) ‘Guiding Principles on Business and Human Rights’. From a regulatory perspective, ESG has…

Blended infrastructure – a winning approach

Global Listed Infrastructure Organisation (GLIO) Blending listed and unlisted infrastructure offers a host of benefits, but many investors still view them separately. We would argue that to harness the full potential of an infrastructure allocation, they need to adapt their thinking. For a rational investor, listed infrastructure…

Will renewable energy assets remain attractive to investors as subsidies fade out?

Kromann Reumert Renewable energy generation assets have become a primary asset class for institutional investors. With the rise of climate change up the political agenda, lots of low-cost capital has lined-up for these assets. However, for many years, investors have invested in these assets…

Conflicts of interest in infrastructure procurement

DLA Piper (Canada) LLP Many procurement processes contain restrictions on conflicts of interest. This article examines the questions of what a conflict of interest is, what impacts a conflict can have on the procurement process, and how the public sector can protect itself against such impacts…

Q&A: Capital projects and infrastructure outlook 2021

FW discusses capital projects and the outlook for infrastructure with D. Brennan Keene at McGuire Woods LLP, Mark Berry at Norton Rose Fulbright LLP, and Lance T. Brasher at Skadden, Arps, Slate, Meagher & Flom LLP.

TALKINGpoint

Managing M&A tax risks in 2021

FW discusses M&A tax risks with Jordan Tamchin and Matt Movafaghi at CAC Speciality.

Intelligent automation and analytics in private equity

FW discusses intelligent automation and analytics in private equity with David Alich and Clément Mengue at PwC Germany.

DEALfront

mergers & acquisitions

EA’s mobile push continues with $2.4bn Glu acquisition

Electronic Arts Inc (EA) has agreed to acquire Glu Mobile Inc for $2.4bn. The deal, which is expected to close in the quarter ending 30 June, pending shareholder and regulatory approval, will see Glu shareholders receive $12.50 in cash for each Glu share, a premium of about…

Tyler Technologies to acquire NIC for $2.3bn

Strengthening its ability to provide end-to-end solutions to local, state and federal governments, software company Tyler Technologies has acquired government solutions and payments firm NIC in an all-cash transaction valued at approximately $2.3bn. Under the terms of the…

private equity & venture capital

CoreLogic to be acquired by PE firms for $6bn

In a $6bn transaction described as the “next chapter of its transformational growth”, real estate data provider CoreLogic has been acquired by funds managed by private equity firms Stone Point Capital and Insight Partners. Under the terms of the definitive merger agreement…

Bain Capital & Cinven to acquire Lonza Specialty Ingredients for $4.7bn

Bain Capital and Cinven have agreed to acquire Lonza Specialty Ingredients (LSI), a division of Lonza, in a deal worth $4.7bn. The transaction is expected to close in the second half of 2021, subject to customary closing conditions. The unit, once Lonza’s mainstay before…

bankruptcy & corporate restructuring

China’s HNA Group put into bankruptcy administration

Indebted Chinese conglomerate HNA Group and a number of its affiliates have been placed into bankruptcy administration in response to a creditors’ petition for a bankruptcy restructuring of the sprawling corporate empire. The company, which has interests in several industries…

Noble emerges from Chapter 11

Poised to take advantage of future growth opportunities, offshore drilling contractor Noble Holding Corporation plc has successfully completed its financial restructuring to emerge from Chapter 11 bankruptcy with a new parent company named Noble Corporation. As a result…

SPOTlight

Restructuring in the automotive sector

Mayer Brown The automotive industry, globally, faced significant challenges before the onset of the coronavirus (COVID-19) crisis. On the eve of the pandemic, original equipment manufacturers (OEMs) were preparing for major change and the attendant disruption, as the transition to electric…

The importance of regulatory diligence in funding

Bergeson & Campbell, P.C. Lawyers counselling companies in the biotechnology, biopesticide and related crop protection and industrial biotechnology areas appreciate the critically important role federal agencies play in ensuring the success of start-up businesses. Federal agencies, including the..

Securing corporate convictions: differences between the US and UK

McGuire Woods LLP This article explores the key differences between prosecuting corporates in the US and the UK. Unlike the UK’s ‘identification’ principle, US prosecutors have theories of liability at their disposable that are, at least on their face, satisfied more readily. The key principle that…



CONTRIBUTORS

Ankura Consulting

Baker Hughes

Bergeson & Campbell, P.C.

CAC Speciality

CMS Cameron McKenna Nabarro Olswang LLP

Deloitte

Dentons

DLA Piper (Canada) LLP

Egis Projects SA

Global Listed Infrastructure Organisation (GLIO)

Herbert Smith Freehills LLP

International Centre for Dispute Resolution (ICDR)

Kromann Reumert

Mayer Brown

McGuireWoods LLP

Norton Rose Fulbright LLP

Pillsbury Winthrop Shaw Pittman LLP

PwC Germany

Skadden, Arps, Slate, Meagher & Flom LLP

Wilmer Cutler Pickering Hale and Dorr LLP


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