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
Insight
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
Insight
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 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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Saudi Arabia’s General Authority for Competition increases its merger control notification thresholds
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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
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Cybersecurity Developments and Legal Issues
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Foreign direct investment reviews 2023: United Arab Emirates
Foreign direct investment is permissible in the UAE, subject to applicable licensing and ownership conditions.
Insight
Foreign direct investment reviews 2023: Middle East
The Middle East continues opening to foreign investment, subject to licensing approvals and ownership thresholds for certain business sectors or in certain geographical zones.
Insight
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
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Repos in Islamic Finance
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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
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Take-privates boom amid the equity bear market
M&A Explorer | Private equity (PE) funds are taking the opportunity to delist high-quality tech businesses at marked-down prices
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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
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There is no turning back for the global energy transition
M&A Explorer | Ambitious net-zero targets will unquestionably be the biggest catalyst for M&A in the energy sector for years to come
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Global M&A slumps amid macro-economic tumult
M&A Explorer | M&A deal value falls by more than a third as dealmakers around the world hit the brakes in a volatile year
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New Competition Regimes and Increased Antitrust Enforcement across the Middle East & North Africa
Lenders, borrowers and advisers are hopeful that Spain’s 2022 overhaul of its restructuring and insolvency regime will improve the country’s restructuring landscape
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Private equity hits the brakes in choppy global market
M&A Explorer | Private equity (PE) deal activity shrinks as buyer and vendor pricing expectations widen and rising interest rates drive significant tightening in acquisition finance markets
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Global healthcare M&A delivers strong performance
M&A Explorer | Dealmaking in the pharma, medical and biotech (PMB) subsectors was driven by both old and new market trends in 2022
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Saudi Arabia adopts Trade Remedy Law
Insight
High yield squeezed in face of economic uncertainty
Debt Explorer | High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize
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Egypt to Overhaul its Merger Control Regime
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Economy pumps the brakes on loan markets
Debt Explorer | Leveraged loan activity slows in the US, Europe and APAC as a volatile economic backdrop and the rising cost of debt starts to weigh on issuance
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Global PE activity succumbs to market pressures in Q3
M&A Explorer | In line with global M&A, private equity dealmaking experienced a dip in activity during the third quarter
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Global M&A fails to impress in the third quarter
M&A Explorer | Q3 dealmaking reflected multiple downward pressures on the market, including rising inflation, stock market volatility, and the spiralling European energy crisis
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Global tech M&A continues winning streak
M&A Explorer | A string of megadeals powered dealmaking activity during the first half of the year
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Middle Eastern dealmaking builds on active 2021
M&A Explorer | Overseas buyers, particularly from the US, UK, and Canada, propelled regional dealmaking in the first half of the year
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The green revolution of blockchain?
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Another Step Forward: Enforcement of English Court Judgments in the UAE
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Investors eye rapid delivery business
M&A Explorer | Pandemic-fueled demand for delivery services is attracting investors looking for quick profits and low risk
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Carve-outs’ popularity soars as businesses pursue growth
White & Case M&A Explorer | Carve-out deals are offering businesses and investors an alternative route to growth in a post-COVID global economy
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Term loan A debt is back in fashion
White & Case Debt Explorer | Term loan A debt is back in the spotlight as borrowers look for financing alternatives in an increasingly volatile institutional loan market
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Macro-economic headwinds slow global leveraged loan market in H1
White & Case Debt Explorer | Rising inflation and climbing interest rates have slowed leveraged loan activity in Europe and the US, while COVID-19 restrictions in China dampened demand in Asia-Pacific.
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Q2 PE dealmaking fails to live up to record 2021
A host of megadeals bumped up deal value in the sector, but regulatory and economic headwinds remain
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European NPLs: Smaller deals and a slower pace
The European non-performing loan landscape looks very different in 2022, with large deals driven by urgent government regulation supplanted by small but steady opportunities.
Insight
NPL market dynamics are changing, possibly for good
What does the future hold for NPLs? There's still plenty of business to be done, but buyers and sellers alike will need to change tack to get the most from the available opportunities.
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Regional spotlight on NPLs: Greece, Italy, Spain and beyond
Europe's banks continue to defy expectations—not a single country saw its banking sector’s NPL ratio increase in 2021, with the vast majority reporting an improvement.
Insight
European NPLs: The journey from COVID-19 to Ukraine
While the spike in bad debt and subsequent tsunami of NPL and non-core loan deals that was anticipated due to COVID-19 did not materialise, the increasingly volatile market trends may lead investors to discover new and unexpected opportunities.
Insight
Retail M&A driven by pandemic trends
Long-term consumer behavior triggered by the pandemic continues to catalyze deal activity