MAGAZINE
January 2021 Issue
Financier Worldwide Magazine
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COVER STORY
Fever pitch: IPO market heats up
In the first half of 2020, global IPO activity was down considerably compared to previous years as the coronavirus (COVID-19) pandemic slowed the market. Volumes and proceeds fell by 19 and 8 percent respectively, compared with the same period in 2019…
FEATURES
Off the ropes: M&A rebounds after pandemic slowdown
Although widely expected to fall off a cliff in 2020 when the full extent of the coronavirus (COVID-19) pandemic became clear, global M&A activity did, in fact, do nothing of the kind. Instead it rebounded, following a temporary pause, to record its busiest summer on record…
Shareholder activism in the age of COVID-19
For shareholders contemplating or already conducting an activist campaign, COVID-19 has created practical obstacles and shifts in timing and strategy, as well as new opportunities. Many governments and industry bodies have acknowledged the difficulties companies face…
Accelerating digital transformation in the new normal
Business transformation through the application of digital technologies – whether it be social media, mobile, advanced analytics or cloud computing – is an essential weapon in the armoury of any company looking to innovate and grow in a world demanding greater…
Cyber security and the ongoing impact of COVID-19
COVID-19 has forced us all to become more reliant on the internet than ever before. Through periods of lockdown, and while social distancing is advised, online infrastructure has become the core hub for communication, commerce, working and learning. While industries…
Sharpening the teeth of whistleblower protection in Japan
The extent of protection afforded to whistleblowers varies greatly across the globe. Some countries, such as the US and South Korea, have advanced provisions and procedures in place, which often yield millions in awards, while others, like Japan, are rather less effective…
ROUNDTABLE
THE PANELLISTS: Aaron Ach, Good Harbor Security Risk Management; Great Gu, GSK Consumer Healthcare; Peter Marta, Hogan Lovells US LLP; Nassos Oikonomopoulos, HSBC; Benny Melumad, Warburg Pincus LLC; and Dan Burke, Woodruff Sawyer.
Cyber security is an existential threat to all organisations, regardless of size, industry or geographic footprint. Since the start of the coronavirus (COVID-19) pandemic, cyber attacks have grown in size, frequency and sophistication. The transition to remote working has left networks…
SPECIAL REPORT
Q&A: M&A in the oil & gas sector
FW discusses M&A in the oil & gas sector with Alicia Quesnel at Burnet, Duckworth & Palmer LLP, Norman Wisely at CMS Cameron McKenna Nabarro Olswang LLP, Justin T. Stolte at Latham & Watkins LLP, and Jim Hansen at Opportune Partners LLC.
Upstream oil & gas, the Paris Agreement and climate risk
Gneiss Energy The argument over anthropological causes for our changing climate are all but over. Whether it is the highest temperature ever recorded in Death Valley in California at over 54°C, or the town of Verkhoyansk in the Artic sweltering in 38°C, the signs of our impact on the…
Corporate disclosures of climate-related risks and pursuit of sustainability and climate commitments
Sullivan and Worcester, LLP Corporate disclosures regarding climate change impacts are becoming more prevalent, although not yet universal, and their adoption has been a relatively slow process. This article discusses the impact on corporations of increased pressure from the environmental, social and…
The role of hydrogen in meeting the EU objectives
Enagas The European Green Deal has put the European Union (EU) on a path to become the first climate neutral continent by 2050. This goal will be achieved through the deep decarbonisation of all sectors of our economy. An intermediate 55 percent greenhouse gas emissions (GHG)…
PPA and PWPA extensions – options in a changing market
Trowers & Hamlins Independent power and water projects first appeared in the Middle East in the mid-1990s and have proved hugely successful. In 2019, the top 10 regional developers controlled a generating capacity of 27.5GW spread over 80 projects. However, the earliest of these projects are…
Artificial intelligence in the Canadian oil patch
Burnet, Duckworth & Palmer LLP The Canadian oil and gas industry has experienced unprecedented challenges in recent years. The US shale gas and tight oil boom, and increased production from the Organization of the Petroleum Exporting Countries (OPEC), have resulted in an oversupply of oil and gas on world…
Financing clean energy: unprecedented momentum and opportunity
National Renewable Energy Laboratory Clean energy technologies, particularly solar photovoltaics (PV) and wind, have experienced dramatic cost reductions over the past decade. This is the beginning of an energy transition driven not only by the need to address climate change but also by economics…
Cost recovery and rate mechanisms in a brave new world increasingly impacted by renewables
Sheppard Mullin Goals and mandates to achieve increased clean energy production already cover over a third of the US’s population due to state, city and individual utilities’ actions, and president-elect Biden has endorsed achieving economy-wide net-zero emissions by 2050. These goals are…
Financing the green transition: the evolution of contracts for difference
Pillsbury Winthrop Shaw Pittman LLP Contracts for difference for the energy market (CfDs) were first conceptualised by a white paper in 2011 and subsequently launched in 2014 to replace the renewables obligation (RO). They are a standard form commercial contract entered into by a generator with the…
The energy and natural resources sector: business crime risks and remedies
Rahman Ravelli The energy and natural resources sector is made up of several industries that face differing levels of risk and regulation, from oil & gas to water and waste. But the oil & gas industries attract more instances of high-profile criminal and regulatory investigations and enforcement action…
Currently evolving natural resource risks for renewable energy development
Nossaman LLP Renewable energy development, and associated investment and acquisition, continues at a breakneck pace with no signs of slowing down. Risks under natural resource laws continue to play a prominent role in development and financing. In the past few years…
TALKINGpoint
Assessing the EC’s new competition tool
FW discusses how to assess the EC’s new competition tool with Justin Coombs, John Davies, Jorge Padilla and Rameet Sangha at Compass Lexecon.
DEALfront
mergers & acquisitions
Marvell to buy Inphi in $10bn chip deal
Chip manufacturer Marvell Technology Group Ltd has agreed to buy rival Inphi Corp in a $10bn cash-and-stock deal aimed at broadening Marvell’s footprint in data centres and 5G network infrastructure. Under the terms of the deal, the transaction…
Concho Resources acquired in $9.7bn deal
In a transaction that combines two high-quality oil and natural gas industry leaders, independent exploration and production companies ConocoPhillips and Concho Resources have entered into a definitive agreement to merge in an all-stock transaction valued at $9.7bn…
private equity & venture capital
Dunkin’ Brands taken private in $8.76bn deal
Inspire Brands, the owner of brands such as Arby’s, Buffalo Wild Wings and Sonic Drive-In, has agreed to acquire Dunkin’ Brands in a deal worth $11.3bn, including debt. Under the terms of the deal, Inspire will acquire outstanding shares of Dunkin’ brands for…
Stonepeak buys Astound from TPG in $8.1bn deal
In what is the largest private equity (PE) acquisition in the past five years, infrastructure PE firm Stonepeak Infrastructure Partners has acquired cable provider Astound Broadband from investment management company TPG Capital in a deal valued at $8.1bn…
bankruptcy & corporate restructuring
Mallinckrodt files for Chapter 11 protection amid opioid battle
Pharmaceutical company and opioid maker Mallinckrodt plc has filed for Chapter 11 bankruptcy amid growing lawsuits that allege the company participated in fuelling the opioid epidemic in the US. In a statement announcing the filing, Mallinckrodt..
Mall operator CBL enters Chapter 11
As the retail sector continues to struggle amid the coronavirus (COVID-19) pandemic, shopping mall operator CBL Properties, along with certain other related entities, has filed for Chapter 11 bankruptcy protection in order to reorganise its operations…
SPOTlight
Brexit and the English legal profession: an impending disaster?
McDermott Will & Emery UK LLP English lawyers have become accustomed to easily working across the European Union (EU), meeting with clients and others, attending arbitrations and proceedings and doing due diligence. Until now, we have been entitled to European legal privilege and able to provide…
Protectionism vs. free trade in the UK
Baker Botts The UK government’s official stance is to “champion free trade, fight protectionism and remove barriers at every opportunity”. This approach to negotiations with overseas would-be trading partners is, of course, expected as the UK seeks strategic partnerships…
CONTRIBUTORS
Baker Botts
Burnet, Duckworth & Palmer LLP
CMS Cameron McKenna Nabarro Olswang LLP
Compass Lexecon
Enagas
Gneiss Energy
Good Harbor Security Risk Management
GSK Consumer Healthcare
Hogan Lovells US LLP
HSBC
Latham & Watkins LLP
McDermott Will & Emery UK LLP
National Renewable Energy Laboratory
Nossaman LLP
Opportune Partners LLC
Pillsbury Winthrop Shaw Pittman LLP
Rahman Ravelli
Sheppard Mullin
Sullivan and Worcester, LLP
Trowers & Hamlins
Warburg Pincus LLC
Woodruff Sawyer