MAGAZINE
January 2022 Issue
Financier Worldwide Magazine
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COVER STORY
The importance of IT due diligence
Technology permeates almost every aspect of business today, making IT due diligence a key aspect of conducting M&A. It is essential that prospective buyers have a clear understanding of the technology capabilities and potential liabilities they may be acquiring. This includes building…
FEATURES
Anti-corruption compliance and enforcement trends in the US and beyond
Despite slowing over the past couple of years, the fight against bribery and corruption in the US looks set to gather pace under the Biden administration. 2020 was a landmark year for Foreign Corrupt Practices Act (FCPA) enforcement in the US. Several record fines were issued…
Epochal struggle: digital sovereignty and the EU
With data increasingly being treated as a commodity – that can be owned, controlled and protected – the concept of ‘digital sovereignty’ has become a key component of policy discourses on digital issues in recent years, with countries across the globe pushing to claim authority…
RegTech rising: a regulatory revolution
No longer a buzzword, RegTech (an amalgam of ‘regulatory technology’) has graduated to become an established term in recent years – a timely transition given increasing global regulatory scrutiny, particularly of financial institutions (FIs). As well as being complex and challenging…
US economic sanctions: enforcement and compliance
In October, the US Treasury Department released its ‘2021 Sanctions Review’. According to the report, the economic and financial sanctions employed by the US over the past two decades to battle global terrorism, nuclear proliferation, drug cartels and other threats must be adapted…
The space economy: ready for lift-off
The commercialisation of space is upon us. As the world’s fascination with space spurs increasing investment and drives activity in launches and satellites sent into orbit, the space economy is undeniably booming and ushering in a ‘NewSpace’ revolution. Defined by the…
ROUNDTABLE
THE PANELLISTS: Lynn Peachey at Arete, Raf Sanchez at Beazley, James Owen at Control Risks, David Navetta at Cooley LLP, Siân John at Microsoft, Todd Hinnen at Perkins Coie LLP, Eduard Blanxart Raventos at Tokio Marine HCC, and Great Gu at Zai Lab.
Amid colossal pandemic-generated disruption over the past two years, the global economy has witnessed burgeoning cyber crime – a complex and fervent landscape that has become increasingly sophisticated as cyber criminals continue, and even escalate, their activity in times of crisis…
SPECIAL REPORT
Q&A: Outlook for renewable energy in the US
FW discusses the outlook for renewable energy in the US with Chris LeWand at FTI Consulting, Inc., Dan Sinaiko at Allen & Overy LLP, Nuno Andrade at Santander, Himanshu Saxena at Starwood Energy, and R. Andrew de Pass at Vitol Inc.
Milbank LLP As climate change awareness and activism continues to grow across the globe in both the commercial and public spheres, increasing attention and focus has been placed on what we have come to know as the ‘energy transition’. This shift from traditional energy systems…
The hydrogen economy: instrumental to achieving clean energy targets
Baker Botts Momentum continues to build to expand the use of hydrogen from its primary use as an industrial feedstock to become a low-carbon alternative to fossil fuels, such as natural gas, and a key component to the electrification of the energy industry. Notwithstanding the growing…
Translating ESG: sustainability in the modern energy industry
K&L Gates The universe of issues discussed in the name of ‘sustainability’ has grown dramatically in recent years. No longer is the term simply synonymous with environmental efforts. Rather, today is the day of ‘big-tent’ sustainability, under which recycling, greenhouse gas reduction and renewable…
Rethinking strategic public-private partnerships to rapidly achieve a net-zero energy world
National Renewable Energy Laboratory (NREL) Even prior to the mass production of the Model T Ford, it was known that CO2 emissions would eventually be responsible for increasing the average temperature of the planet. Today, finally, we are seriously attempting to limit further warming of the planet through the transition from…
Sharpe Pritchard LLP In 2019, the UK became the first major economy in the world to pass legislation to achieve net zero greenhouse gas emissions by 2050. In 2021, the government set an ambitious climate change target to reduce greenhouse gas emissions by 78 percent by 2035 compared to 1990 levels. Heat is…
Opportunities for post-acquisition optimisation in the energy industry
Opportune LLP In almost every asset acquisition the primary focus is to transfer ownership with no interruption to operations. In the case of a refinery acquisition, there is little room for error as any change in operational status can result in significant cost and value loss. Leading up to the change…
Climate change, energy security and the role of the Canadian oil & gas industry
Burnet, Duckworth & Palmer LLP Dealing with climate change is one of the most significant global imperatives of our time. The world needs solutions that can be acted upon locally, nationally, regionally and globally. But, on the eve of the global climate conference, COP26, the US called on the Organisation of the Petroleum…
Developments in the Brazilian power sector
Veirano Advogados Choosing a power supplier, buying power credits in advance, buying different amounts of power for each month or week or even hour of the day, choosing to buy power from renewable sources only, being able to track power consumption in real time, or buying power credits for charging your…
Q&A: ESG strategy in the energy sector
FW discusses ESG strategy in the energy sector with Clara Cibrario Assereto at Cleary Gottlieb Steen & Hamilton LLP, Simon Ede at CRA, Hillary H. Holmes at Gibson, Dunn & Crutcher LLP, and Silke Goldberg at Herbert Smith Freehills LLP.
TALKINGpoint
FW discusses pass-on coverage of overcharge with Nadine Watson, Frédéric Palomino, Justin Coombs and David Sevy at Compass Lexecon.
Insuring the accuracy of corporate and partnership US income tax returns
FW discusses insuring US tax returns with David S. De Berry at Concord Speciality Risk.
AdTech regulation and compliance
FW discusses AdTech regulation and compliance with Linda A. Goldstein, Gerald J. Ferguson, Fernando A. Bohorquez Jr., Jeewon K. Serrato and Justin T. Yedor at Baker & Hostetler LLP.
DEALfront
mergers & acquisitions
Bank of Ireland pays €5bn for KBC’s assets
Bank of Ireland has agreed to acquire ‘substantially all’ of the Irish performing assets of Belgian financial group KBC in a deal worth €5bn. According to a joint statement released by the two banks, Bank of Ireland, the country’s largest bank by assets with a loan book of €77bn…
Crestwood Equity to buy midstream unit in $1.8bn deal
In a deal that significantly enhances its competitive positioning in its core growth basins, Crestwood Equity Partners is to acquire the midstream unit of Oasis Petroleum (OAS), Oasis Midstream Partners LP, in a transaction valued at approximately $1.8bn, including the assumption of debt…
private equity & venture capital
Brookfield Business Partners LP to acquire Lottos from Scientific Games for $5.8bn
Scientific Games has agreed to sell its lottery division to private equity firm Brookfield Business Partners. Under the terms of the deal, Brookfield will pay a cash consideration of $5.825bn for the business, with an additional $225m payable as an earn-out, subject to achieving certain…
CD&R to buy PwC’s mobility unit for $2.2bn
In a takeover deal valued at $2.2bn, US private equity firm Clayton, Dubilier & Rice (CD&R) is to acquire PwC’s global mobility tax and immigration services business – a global leader in employee tax, immigration, business travel, mobility managed services and payroll solutions…
bankruptcy & corporate restructuring
Grupo Posadas files for Chapter 11
In a move aimed at maximising its financial flexibility and better manage the challenges related to the global coronavirus (COVID-19) pandemic, Mexican hotel chain Grupo Posadas, along with one subsidiary, has filed for Chapter 11 bankruptcy protection in the US. The filing allows the…
Johnson & Johnson talc claims to be resolved via Chapter 11
In October, US multinational Johnson & Johnson announced that a subsidiary it recently created to manage claims asserting that its talc-based products caused cancer, had filed for Chapter 11 bankruptcy protection. In a statement, Johnson & Johnson noted that the Chapter 11 filing…
SPOTlight
Early-stage compliance diligence in high-risk transactions: three practical steps
Covington & Burling LLP In the wake of scores of enforcement actions where companies have been faulted for diligence failures in investment transactions, and real-world examples of companies overpaying for targets engaged in corrupt conduct, most sophisticated companies understand the ‘why’ behind…
Competitively sensitive mergers: a long and winding road ahead
McCarthy Tétrault LLP Parties to contentious mergers under the Canadian Competition Act may face more hurdles on their road to closing moving forward. On 23 August 2021, the Canadian Competition Tribunal released a critical decision regarding the scope of the Competition Bureau’s ability to obtain interim…
The new ‘Dutch scheme’ and key tax considerations in financial restructuring
Norton Rose Fulbright With the global coronavirus (COVID-19) pandemic dominating headlines throughout 2021, many countries across the world went through insolvency law reforms. While some of the legislation was incidental, meant to address the immediate impacts of the crisis, more profound…
CONTRIBUTORS
Allen & Overy LLP
Arete
Baker & Hostetler LLP
Baker Botts
Beazley
Burnet, Duckworth & Palmer LLP
Cleary Gottlieb Steen & Hamilton LLP
Compass Lexecon
Concord Speciality Risk
Control Risks
Cooley LLP
Covington & Burling LLP
CRA
FTI Consulting, Inc.
Gibson, Dunn & Crutcher LLP
Herbert Smith Freehills LLP
K&L Gates
McCarthy Tétrault LLP
Microsoft
Milbank LLP
National Renewable Energy Laboratory (NREL)
Norton Rose Fulbright
Opportune LLP
Perkins Coie LLP
Santander
Sharpe Pritchard LLP
Starwood Energy
Tokio Marine HCC
Veirano Advogados
Vitol Inc.
Zai Lab