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COVER STORY

Risks and responsibilities: exploring AI liabilities

As the AI landscape rapidly advances, companies must prepare for potential risks associated with AI failures. To manage and mitigate liability, they can take proactive steps to address pertinent issues.

FEATURES

Gathering steam: trends in tech M&A

As evidenced, all indicators point to tech sector M&A experiencing a significant resurgence. Momentum is returning, with companies prioritising acquisitions that accelerate innovation and differentiation in an increasingly competitive landscape.

Cash no longer king: cross-border payments in Africa

While leveraging efficient cross-border payment solutions is undoubtedly helping African companies to solidify their presence in global trade, significant challenges remain, including regulatory fragmentation, foreign exchange volatility and a lack of interoperability.

JV governance: navigating challenges and opportunities

While the pursuit of JV deal opportunities can be lucrative for those that choose to undertake them, they also carry significant risk, often involving activities which require optimum operational excellence and performance on the part of the strategic alliance concerned.

The new frontier: the rise of Agentic AI

Growth in the Agentic AI market will be driven by technological advancements, increasing demand for automation across various industries, and the rising necessity for efficient and intelligent systems that can autonomously manage complex tasks.

Trump and ESG: the outlook for 2025

Critics of ESG have been emboldened by the policies of the second Trump administration. Companies will need to adapt to the new federal outlook; however, it would be unwise to fully discount the importance of ESG policies.

WORLDWATCH

FinTech regulation

The global FinTech sector is a trillion-dollar market. As technology continues to evolve, the innovative products and services provided by FinTechs will continue to reshape the financial services landscape as we know it. FW moderates a discussion between Suhuyini Abudulai at Borden Ladner Gervais LLP, Ying Yi Liew at CMS Holborn Asia, Yulia Makarova at Cooley (UK) LLP, Andrew J. Zammit at GVZH Advocates, Sophie Anne Clark at Norton Rose Fulbright Australia, and Desiree Reddy at Norton Rose Fulbright South Africa Inc.

SPECIAL REPORT

Mergers & acquisitions

Q&A: Private equity investment in sport

PE firms bring innovation and competitiveness, but profit-driven measures must align with the sport’s culture and not burden fans. FW discusses private equity investment in sport with Matt Bonass, Craig Giles, Richard Bush, Jon Goldsworthy and Intisar Abdi at Bird & Bird LLP.

Building an effective M&A deal team

Trajectory Capital Partners To execute any M&A transaction, the corporate development team needs to effectively incorporate several different internal and external teams.

Beyond the rhetoric: a practical look at US merger approvals under the new administration

Baker Botts LLP The new current administration has clearly signalled its approach to merger review will look a lot like the prior administration’s approach. Dealmakers should expect robust scrutiny to persist, particularly in high-profile sectors like healthcare and technology.

Three sectors with the most M&A potential

Business executives have a strong conviction that after a tepid last few years, conditions are in place for M&A activity to pick up pace due to a combination factors, including expected deregulation, down trending financing costs and pent-up demand from financial as well as strategic investors.

Regrets and retentions: international expansion in the M&A context

Gateley Legal For business owners looking to sell that may not have got everything right, it is better to find a cure today, before getting to the due diligence stage of a sale.

Management incentive plans for PE portfolio companies following an acquisition

Cases & Lacambra The chosen management incentive plan should not complicate the corporate governance of the target company, nor pose an unnecessary burden on a future sale, as a smooth divestment process is necessary for sound PE investment structuring.

M&A from an Indonesian regulatory perspective

Protemus Capital To successfully execute an M&A transaction in Indonesia, investors, particularly foreign investors, must carefully consider several applicable laws and regulations.

‘Weinstein clauses’ in Nigerian M&A agreements

Olaniwun Ayaji LP As Nigeria continues to attract foreign investment and Nigerian entities engage in cross-border M&A activities, the incorporation of Weinstein clauses in Nigerian law-governed M&A agreements deserves careful consideration.

Q&A: Strategies for maximising value in complex transactions

It is critical that internal stakeholders align on the vision for the integrated business from the outset. FW discusses strategies for maximising value in complex transactions with Nicola Longfield, Hannah Twist, John Moth, Francesca Scott and Gareth Jones at KPMG in the UK.

TALKINGpoint

Infrastructure M&A

Transactions in the infrastructure sector typically involve increased interactions with regulators and require a deep understanding of the regulatory regime and associated risk. FW discusses infrastructure M&A with Elena Rubinov, Vinita Sithapathy, Michael Rodgers, David Martin and Michael Honan at Linklaters LLP.

Data centre M&A in 2025

The rise in demand for digital infrastructure is being driven by a combination of technological innovation, evolving business needs, the explosion of data and the broader global shift toward digitalisation. FW discusses data centre M&A with Chelsea Pullen, Joshua B. Forman and Shawn K. Ronda at Greenberg Traurig, Martin Lerda at Tecto Data Centers, and Michael Borchetta at Harrison Street.

Managing transactional risk and insurance in Japan

More businesses in Japan are likely to integrate W&I insurance into their M&A transactions to mitigate risks and enhance deal certainty. FW discusses transactional risk and insurance in Japan with Kosuke Inada, Toshifumi Kajiwara and Takuya Miyazawa at Time Machine Underwriters.

Responsible business in private capital

Responsible business principles can, over the long term, help create a resilient business that can better adapt to rapidly changing conditions in an increasingly volatile world. FW discusses responsible business in private capital with Beth Balkham, India Benjamin, Sophie Giblin and Simon Ward at Farrer & Co.

DEALfront

mergers & acquisitions

Thermo Fisher acquires Solventum’s PF business in $4.1bn deal

In a deal that strengthens its offering in the high growth bioprocessing market, US life sciences and clinical research company Thermo Fisher Scientific Inc. is to acquire the purification and filtration business of healthcare firm Solventum for approximately $4.1bn in cash.

Alani Nutrition sold for $1.8bn

Celsius Holdings has agreed to acquire health and wellness drinks brand Alani Nutrition for a total consideration of $1.8bn, including $150m in tax assets.

private equity & venture capital

Walgreens Boots Alliance taken private in $10bn deal

In early March, Walgreens Boots Alliance announced it is to be acquired by private equity firm Sycamore Partners in a deal worth $10bn.

Honeywell to acquire PE-owned Sundyne for $2.16bn

Expanding its critical equipment portfolio, US multinational conglomerate corporation Honeywell International has acquired pump maker Sundyne from private equity firm Warburg Pincus in an all-cash transaction valued at $2.16bn.

bankruptcy & corporate restructuring

Mitel Networks files for Chapter 11 bankruptcy

Mitel Networks Corporation filed for Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on 10 March, in order “optimise its global operations and drive profitable and predictable growth”.

Cutera enters Chapter 11 protection

To strengthen its balance sheet and position the company for long-term success, aesthetic and dermatology solutions provider Cutera has filed for Chapter 11 bankruptcy protection.

SPOTlight

Key strategies and challenges in building resilient financial services businesses in the UK

Addleshaw Goddard LLP The UK’s financial services industry stands at a pivotal moment, with the potential for the current and proposed regulatory changes to impact its growth and competitive landscape. Providing a stable, proportionate and certain environment is critical.

Navigating geopolitical risks and global opportunities in a turbulent age

Skilfully navigating heightened geopolitical risks and managing in the face of uncertainty require three key tools: historical context, geographic diversity and contingency planning.

Silent AI – a new and unintended threat to traditional policies?

Kennedys Lessons from silent cyber are under review to avoid the rise of ‘silent AI’ – the unintended cover provided for losses generated as a result of the implementation, embedded or otherwise, of AI technologies and unexpected risks.

What to expect on tariffs and related risks

Gibson, Dunn & Crutcher LLP Now is also a good time for businesses to refresh their understanding of how US customs and border protection values goods for duty calculation purposes, and to consider whether the use of foreign-trade zones, bonded warehouses, bonded transportation or existing preferential trade agreements could result in duty minimisation.

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CONTRIBUTORS

Addleshaw Goddard LLP

Baker Botts LLP

Bird & Bird LLP

Borden Ladner Gervais LLP

Cases & Lacambra

CMS Holborn Asia

Cooley (UK) LLP

Farrer & Co.

Gateley Legal

Gibson, Dunn & Crutcher LLP

Greenberg Traurig

GVZH Advocates

Harrison Street

Kennedys

KPMG in the UK

Linklaters LLP

Norton Rose Fulbright Australia

Norton Rose Fulbright South Africa Inc.

Olaniwun Ayaji LP

Protemus Capital

Tecto Data Centers

Time Machine Underwriters

Trajectory Capital Partners