United Kingdom: M&A/Private Equity

There is a growing consensus that 2026 is shaping up to be the year of the carve-out. A confluence of market and regulatory pressures has created a significant pipeline of non-core division disposals.

For businesses that have pegged their anti-bribery and anti-corruption (ABAC) programmes to UK Bribery Act 2010 standards, will the new EU Directive on combatting corruption (Directive) make any difference? In short, yes.

HMRC's compliance toolkit continues to expand, with proposals to widen the uncertain tax treatment notification regime which would draw significantly more taxpayers into scope.

Against the backdrop of an unstable interest rate environment, with valuation challenges and subdued M&A / IPO activity, hybrid capital solutions have gained popularity.

Over the past two decades, the value of sports franchises and related assets has skyrocketed, with rapid revenue growth across various commercial streams including the more traditional broadcasting and sponsorship (both now of course more global than ever), to new commercial tie ups and off field year round monetisation of stadia. While the skyrocketing valuations have prompted some commentators to argue that we could be witnessing the formation of a "sports bubble", this does not seem correct to us.

Proskauer advises Alder on the formation and closing of a multi-asset continuation fund exceeding SEK 2.7 billion, which acquired two sustainable technology portfolio companies from Alder's second fund. The transaction brought together new and existing investors led by Pantheon Ventures, creating one of the select Article 9 continuation funds while providing long-term ownership structure for the acquired companies.

An investor used a private investment in public equity (PIPE) to acquire shares in a company that went public through a Special Purpose Acquisition Company (SPAC).

PE returns are built into value‑creation plans, but they are often eroded through governance, operational, and regulatory shocks. These shocks can appear quickly, disrupt operations, and force exit repricing.

A year ago, few would have predicted the extent to which politics would have reshaped the antitrust regulatory landscape when it comes to merger control.