Recent Insights

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Public-to-private deals continue their hot streak
M&A Explorer | Even as public equity markets return to life, sponsors still find value in take-privates
Buyout and M&A slowdown weighs on debt markets in Spain
Debt Explorer | Prolonged M&A auction processes and cautious banks have put the brakes on leveraged finance activity in Spain, opening up opportunities for foreign lenders and private debt funds to gain market share
Middle East
Restructuring reforms energize the Middle East
Debt Explorer | The Middle East restructuring landscape has been transformed in recent years, attracting new investors and providing borrowers and lenders with more flexibility
M&A in Türkiye continues to perform
M&A Explorer | Deal activity in Türkiye remained resilient in Q1 2023, despite pre-election uncertainty, record-breaking inflation, a devastating natural disaster and geopolitical concerns, mainly due to the Russia-Ukraine war
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UK M&A volume continues to impress despite value crunch
M&A Explorer | This year should continue to deliver a steady pipeline of deals in what remains one of Europe’s most dynamic markets
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Europe’s PE market braces for impact
M&A Explorer | Despite a slow start to the year, fundraising for impact strategies in Europe is on the rise and the long-term prospects are bright
Jakarta, Indonesia
Indonesia is riding strong tailwinds
M&A Explorer | Solid growth and promising deflationary signals are fueling a kinetic deal market in Southeast Asia’s largest economy
High yield bonds held firm in the first quarter against a tough backdrop
Debt Explorer | Despite ongoing economic headwinds, global high yield bond markets showed gains in the first quarter of 2023.
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Macro headwinds dampen loan activity
Debt Explorer | Stubborn inflation, ongoing interest rate hikes and the banking crisis in the US and Europe have slowed activity across global loan markets at the start of the year, but there are signs that loan issuance may start rebounding in the months ahead.
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Global software M&A volume rebounds
M&A Explorer | Tech valuations fell through the second half 2022 and M&A in the sector shifted gears producing a rise in lower-value deals, particularly among private equity (PE) firms. That trend continued in Q1 2023
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Global PE activity returns to baseline as boom fades
M&A Explorer | Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume
At the leading hedge: Europe’s metal recycling and hydrogen push
Europe is turning towards metals recycling as a core component of an industrial hedging strategy around decarbonisation, reshaping its energy security in the process. 
Global M&A loses steam but powers on
M&A Explorer | Against the odds, dealmakers put in a solid performance in 2022, but this year has seen a slow start as buyers in the US M&A market clamor for much needed regulatory clarity
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US SPACs Data Hub
Welcome to the White & Case US SPACs Data Hub, which provides a quarterly review and analysis of key drivers and trends behind US SPAC IPO and de-SPAC activity.
Transatlantic M&A poised for a resurgence
M&A Explorer | After a year-long pause, US buyers are showing renewed interest in European assets, and analysts predict an M&A shopping spree in Europe over the second half of 2023 and beyond
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Global IPO markets pause to take a breath
Inflation concerns, rising interest rates and the specter of war cast a more sober tone over equity markets in 2022 and through Q1 2023, throttling appetite for IPOs in most regions—but not all
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Tech continues to dominate
Last year was a volatile 12 months for the tech sector, with a steep sell-off in growth stocks and a drop in IPOs—but, although the sector was down, it was by no means out
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Asia-Pacific's IPO market outshines
No region demonstrated more resilience than APAC in 2022, with the largest deal globally, the greatest total IPO value and volume, and the smallest year-on-year declines
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IPO hopefuls digest forthcoming regulatory changes
The US Securities and Exchange Commission has plans to regulate SPACs more closely and mandate ESG reporting—sponsors and companies should pay close attention
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Braving unsettled waters
Recent months have been exceptionally quiet, especially for the North American and EMEA IPO markets, as the bears have taken the upper hand—and investors and issuers are now hoping for a more active second half in 2023
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Global IPOs: Seeking signs of stabilization
Global IPO markets faced unexpected headwinds in 2022, prompting some to postpone their deals until the dust settles, but the market remains resilient
Five things to consider when exiting a European joint venture
A range of contractual, legal and external factors come into play when it’s time to end one of these arrangements
Private equity sponsors intensify focus on flexibility in portfolio company loan documents
Debt Explorer | As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents.
European leveraged finance battens down the hatches
Debt Explorer | The macroeconomic headwinds that buffeted European debt markets in 2022—from rising interest rates to volatile geopolitics and a tightening of financial markets—continue to weigh on activity in 2023
Stock market
Nine developments and trends shaping US shareholder activism in 2023
Following a busy 2022, a range of factors will likely influence activist campaigns during 2023 
Foreign direct investment reviews 2023: A global perspective
A guide to navigating the rules for investing in countries that require foreign direct investment approval.
Los Angels
US sustainable bond market well positioned despite general slowdown in bond financings
Although the issuances of sustainability-linked bonds declined by more than a third in 2022, government focus on delivering net-zero carbon emissions and companies and investors prioritizing ESG bode well for long-term SLBs prospects
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Private debt players open for business, but only on the right terms
Debt Explorer | Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms
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Asian ESG debt markets take a breath after record run
Debt Explorer | Although ESG and green debt activity in Asia may have slowed somewhat in 2022, it is now an established feature of the market
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SMRs: The answer to the world’s energy trilemma?
Small modular reactors can play an integral part in the energy transition and offer a solution without many of the drawbacks of its larger predecessors. Yet, there are challenges to overcome.
Data center
Digital infrastructure deals in Asia Pacific set a new record
M&A Explorer | The ongoing and rapid digitalization of economic and social activity in the region make data centers and fiber networks some of the most highly sought-after assets
Mining copper
Mining M&A just saw its strongest run in a decade
M&A Explorer | The industry’s deal rally in Q4 2022 sets the stage for a strong year ahead
France’s M&A activity remains steadfast
M&A Explorer | French deal volume in 2022 remained at historic levels, even while deal values dipped in the final quarter of the year
Global merger control trends 2022/2023
White & Case Antitrust/Competition Differentiator known for predicting legal trends before they enter the mainstream, while also analyzing whether or not that trend is relevant to your business.
APAC debt markets hang tough
Debt Explorer | Economic headwinds proved challenging for leveraged finance markets in Asia-Pacific in 2022, but rising issuance beyond the core Chinese market cushioned the impact of global macro dislocation. 
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US leveraged finance slows in turbulent market
Debt Explorer | The US leveraged finance market ended 2022 in the red, as inflation and rising interest rates put the brakes on issuance  
Private equity could win big as it preps European logistics exit
M&A Explorer | The need for timely and sustainable delivery is buoying demand for everything from logistics outsourcing to drone drop-off services
M&A holds the line in the Nordics with robust performance
M&A Explorer | Corporate deals in the region proved to be more resilient than private equity (PE) as financing costs rose, with exits showing weakness
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European leveraged finance: Choosing the right path
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
Vietnamese M&A proves resilient amid global economic adversity
M&A Explorer | One of Southeast Asia's most promising economies is becoming an increasingly compelling destination for deals