As the dust begins to settle, shareholder activists are making a comeback

European Leveraged Finance Client Alert Series: February 2021

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry

This alert reviews the steps taken by the various market regulators across the EU in response to market volatility

Record SPAC issuance is expected to boost M&A activity, supporting additional leveraged finance issuance, while financial sponsors take advantage of the opportunity to exit existing investments.

Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand

General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market

FDI in the UK is covered by the National Security and Investment Act 2021, and in 2024 the government continued to update information and guidelines concerning the legislation.

The Netherlands is set to expand its investment screening regime by extending the general mechanism to more sectors and by introducing additional sector-specific regulations.

The Luxembourg FDI screening regime is now a year old, and the first notification filings have been made.

Ireland’s Screening of Third Country Transactions Act entered into force on January 6, 2025.

French FDI screening continues to focus on foreign investments involving medical and biotech activities, food security activities or the treatment, storage and transmission of sensitive data. The nuclear ecosystem is subject to very close scrutiny.

The Belgian FDI screening regime entered into force in July 2023. Investors and authorities alike are still coming to grips with the regime and the limited guidelines that help parties navigate it.

The European Commission continues to be a driver of FDI screening across the EU, with Member States now moving toward coordinated enforcement.

Now into its second year of operation, the UK's National Security and Investment Act 2021 has become a standard feature of UK transactions for both foreign and domestic investors in certain sensitive sectors.