Early-year highs gave way to a pandemic-driven downturn, which was then followed by a revival in H2

IPO activity ground to a halt following the outbreak of the pandemic, but activity in the second half of the year more than made up for the downturn

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

Opportunities in uncertain times  

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

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

Strengthening Türkiye's position as a key investment hub remains a government priority.

Apart from limited sector-specific regulations, there is currently no general FDI regime in Switzerland. An FDI Act is expected to come into force in 2026 at the earliest.

Slovenia's updated FDI regime now extends to branch offices and introduces new challenges for foreign investors navigating critical sectors.

The year 2024 was not marked by any major changes in the sphere of regulation of foreign investments in Russia, and the regulator continues to implement the course taken earlier in 2023.

While far-reaching in its scope, compared to other EU countries, the Romanian FDI regime is generally perceived as investor-friendly.

After revision of the Polish FDI regime in 2024, the way the authorities are assessing transactions is evolving.

Malta's FDI regime regulates specific transactions that must be notified to the authorities and may potentially be subject to screening.

All investments concerning national security are under the scope of review in Lithuania.

The law in Latvia provides for sectoral FDI regimes for specific corporate M&A, real estate dealings and gambling companies.

Italy's "Golden Power Law" review more than ten years old and continuously expanding its reach.

State pre-emption right, excessively extended deadlines – significant changes in Hungarian FDI laws.2025 summer update

Following numerous amendments over the past years, Germany’s FDI review continued in full swing in 2024, with further significant updates expected in the coming years.

Estonia's FDI screening mechanism closed its first effective year in 2024.

The Czech Foreign Investments Screening Act took effect in May 2021, establishing the rights and duties of foreign investors and setting screening requirements for Czech targets.

The wide scope, low trigger thresholds and extensive interpretation of the Austrian FDI regime require a thorough assessment and proactive planning of the M&A process.

Making Türkiye an attractive investment destination continues to be a priority for the government.

Historically, Switzerland has been very liberal regarding foreign investments. However, there has recently been increased political pressure to create a more structured legal regime for foreign investment.

Since May 31, 2020, certain foreign investments into Slovenian companies can be subject to foreign direct investments review. Incorporation of new companies and business units can also be screened.

Russian laws regulating foreign investments have been considerably amended in 2023 to extend the scope of the laws as well as to strengthen control in this sphere.

The Romanian regime regarding foreign direct investment appears to have become more stable in 2023, but continues to surprise.

The Polish FDI regime – ambiguous rules, no blocking decisions and evolving market practice.

Malta's FDI regime regulates transactions that must be notified to the authorities and, in some cases, will be subject to screening.

All investments concerning national security are under the scope of review.

The law in Latvia provides for sectoral FDI regimes for specific corporate M&A, real estate dealings and gambling companies.

Italy's Golden Power Law is now more than 10 years old and is continuously expanding its reach.

FDI screening in Hungary – forever changing regulation, no change in its importance.

Following numerous amendments over the past years, Germany's FDI review continued in full swing in 2023, with further significant updates expected in 2024.

Estonia's foreign direct investment screening mechanism entered into force on September 1, 2023.

The new Czech Foreign Investments Screening Act took effect in May 2021, establishing the rights and duties of foreign investors and setting screening requirements for Czech targets.