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COVER STORY

Reward and risk: the growth of private credit markets

It seems clear that as long as the market continues to be flexible and innovative, it will continue to grow and enjoy significant market share.

FEATURES

GenAI in M&A – a deal process revolution?

By analysing historical data, market conditions and past financial performance, GenAI programmes can provide predictive analytics that help decision makers evaluate the potential risks and benefits of a deal.

Assessing Australia’s proposed merger reform

Though the reforms are not due to come into force until the beginning of 2026, it would be prudent for organisations to take steps to prepare for any additional obligations they may face when engaged in M&A.

Clarity and granularity: FinCEN updates BOI guidance

Despite the existence of an extensive set of FAQ best practices on the FinCEN website, the BOI reporting process has proved problematic for many companies.

Trust at a premium: the importance of professional ethics

It is no longer enough for companies to purely seek profit in order to be competitive; they must strive for an ethical reputation.

The UK Worker Protection Act: a new era of workplace safety?

For its part, the UK government has recognised that the current harassment prevention regulations are not doing enough to stop workplace sexual harassment.

ROUNDTABLE

Whistleblower provisions

A cultural shift encouraging transparency, accountability and ethical behaviour has led to a noticeable increase in whistleblower reports of misconduct in recent years. In turn, award programmes have rewarded whistleblowers and held misbehaving companies to account, with governments recovering billions through fraud enforcement actions. FW moderates a discussion between Will Morris at Grant Thornton, Pavel Petrov at Novartis, Gerry Zack at Society of Corporate Compliance and Ethics & Health Care Compliance Association, and Alessio Evangelista at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

SPECIAL REPORT

Private equity

Q&A: Value creation: the impact of AI on private equity

Portfolio optimisation tools can help to improve efficiency, drive higher profitability, identify new sources of revenue and reduce risk. FW discusses value creation and the impact of AI on private equity with Alberto Fumo, Jan Timmermann, Sumit Malhotra, Ben T. Smith IV and Evan Gutoff at Kearney.

Achieving a successful exit through an auction process in today’s market

Davis Polk & Wardwell London LLP Careful planning, a comprehensive understanding of the existing business and the motivations of its management team, and awareness of the perspectives of the potential buyers of the business, are all crucial for a successful exit.

Looking beyond leverage to drive sponsor returns

Sullivan & Cromwell LLP The macroeconomic backdrop and depressed dealmaking environment has challenged key levers for return often relied on by sponsors, particularly highly levered capital structures built upon cheap debt and anticipated multiple expansion prior to exit.

Recent trends in the German private equity market

Cleary Gottlieb Steen & Hamilton LLP While there are still challenges in the deal and regulatory environment, it seems that PE investors are adapting to the new reality and finding ways to get transactions done, including some big ticket deals.

From crisis to confidence: leveraging alternative assets and data for investment security

Oxylabs In 2024, alternative assets and alternative data are enjoying another big year, particularly for those who effectively use these alternatives.

Q&A: Private equity-backed M&A

It is important to be ready to sell when valuations fall into line with the expected return. When opportunity knocks, you want to open the door to a sale without delay. FW discusses private equity-backed M&A with Patrick Donoghue at BDO USA, Jonathan See at McCarthy Tétrault LLP, George Gray at Skadden, Arps, Slate, Meagher & Flom (UK) LLP, Tom Hartwright at Travers Smith LLP and David A. Katz at Wachtell Lipton.

TALKINGpoint

Big Tech and antitrust regulation

Cases before courts are causing a recalibration of how companies leverage their platforms with other products, and how they interact with users and partners. FW discusses Big Tech and antitrust regulation with Noah Brumfield at A&O Shearman.

AI-enabled employee integration strategies

Responsible and trusted AI will be a key challenge for dealmakers as they seek to use AI in their employee integration strategies. FW discusses AI-enabled employee integration strategies with Javier Rodriguez Gonzalez, Chau Woeste, Devang Bhandari, Anthony Conforti and Matt Bishop at KPMG.

DEALfront

mergers & acquisitions

Iberdrola acquires majority stake in ENW for €5bn

In a transaction that enhances its commitment to the UK market, Spanish multinational electric utility company Iberdrola is to acquire an 88 percent stake in Electricity North West in the UK for approximately €5bn, including debt.

BNP Paribas in talks to buy AXA Investment Managers for €5.1bn

BNP Paribas has agreed to acquire AXA Investment Managers in a deal worth €5.4bn, both firms have announced. Under the terms of the deal, BNP Paribas will pay €5.1bn for AXA IM, while French insurance giant AXA will receive a further €300m for the sale of its Select division prior to the sale to BNP Paribas.

private equity & venture capital

NCR Voyix sells digital banking business for $2.45bn

Amid financial turbulence and a need to trim its debt, payments processor NCR Voyix is to sell its cloud-based digital banking arm to private equity firm Veritas Capital for $2.45bn in cash. The terms of the transaction include a future additional contingent consideration of up to $100m.

Apax to take consultancy firm Thoughtworks private in $1.75 bln deal

British private equity firm Apax Partners has agreed to acquire Thoughtworks in a deal worth $1.75bn. Under the terms of the deal, Apax will purchase all the outstanding shares of the technology consultancy firm’s common stock that it does not already own for $4.40 per share.

bankruptcy & corporate restructuring

SunPower files for Chapter 11 bankruptcy

In the latest blow for the beleaguered solar industry, residential solar technology and energy services provider SunPower and certain of its subsidiaries has filed for Chapter 11 bankruptcy protection.

Conn’s HomePlus enters bankruptcy

In July, Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern US, filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas.

SPOTlight

Private fund spring

Delta Capital Partners Management LLC Given the overall market dynamics, it would appear that we may be entering a new investment phase where alternative assets and funds, and especially litigation finance, see renewed interest from institutional investors.

Assessing the UAE Payment Token Services Regulation

Trowers & Hamlins LLP There are significant implications around the introduction of the PTSR, particularly when it comes to the current acceptance of cryptocurrency by merchants for their goods and services in the UAE and what this could mean for new payment tokens denominated in UAE dirhams.

Often the ‘new sheriff’ is already in town

Gold Collins Edelman Advisors Workforce involvement in, and engagement with, compliance initiatives and improvements not only enhances corporate culture, but heightens the prospects for programme success.

European enforcement challenges: regulatory roulette?

Freshfields Bruckhaus Deringer LLP With rising fines and regulators becoming increasingly comfortable using all the tools from their regulatory toolkit, questions arise about the proportionality of certain measures.

Non-financial misconduct: how organisations should prepare for regulatory reform and mitigate risk

Rahman Ravelli In preparing for regulatory change, firms will need to consider long-term initiatives and how company culture can be assessed. Simply being reactive to individual incidents will limit effective remediation.

Smart shields: leveraging AI in defensive cyber security

Baker Botts LLP By integrating AI tools in a variety of contexts, organisations can alleviate this pressure, bolster defence, enhance human efficacy and improve legal compliance.

Digital transformation – the role of legal support

CMS Cameron McKenna Nabarro Olswang LLP For most organisations, digital transformation requires a shift away from traditional thinking and toward a more collaborative, iterative approach.

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CONTRIBUTORS

A&O Shearman

Baker Botts LLP

BDO USA

Cleary Gottlieb Steen & Hamilton LLP

CMS Cameron McKenna Nabarro Olswang LLP

Davis Polk & Wardwell London LLP

Delta Capital Partners Management LLC

Freshfields Bruckhaus Deringer LLP

Gold Collins Edelman Advisors

Grant Thornton

Kearney

KPMG

McCarthy Tétrault LLP

Novartis

Oxylabs

Rahman Ravelli

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates

Society of Corporate Compliance and Ethics & Health Care Compliance Association

Sullivan & Cromwell LLP

Travers Smith LLP

Trowers & Hamlins LLP

Wachtell Lipton