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
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…
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