United Kingdom: M&A/Private Equity

The UK Government has introduced draft legislation for a new Securities Transfer Tax (STT) that will replace stamp duty and SDRT by 2027, while also publishing its fifth annual report on the National Security and Investment regime showing increased scrutiny of acquisitions in sensitive sectors. The Takeover Panel has proposed amendments to streamline reverse takeover procedures and put-up-or-shut-up deadlines, alongside changes making trust information in the Register of Overseas Entities more accessible to

The beauty industry faces a wave of consolidation as mid-size strategic players and emerging "nouveaux strategics" find themselves increasingly vulnerable to acquisition. Industry expert Lindy Firstenberg examines how diversification strategies are becoming essential for survival in this rapidly evolving market landscape.

The UK Cabinet Office's fifth Annual Report on the National Security and Investment Act 2021 reveals a striking paradox: while the number of transactions reviewed under the regime continues to grow rapidly, the proportion of deals ultimately subject to intervention has fallen to its lowest level since the NSIA entered into force. This raises critical questions for dealmakers about whether the mandatory notification regime is capturing an increasing number of deals that pose little or no national security co

Rated note feeder funds are transforming how institutional investors access private capital by converting equity exposures into rated debt instruments. Originally designed for US insurers seeking better capital treatment, these structures have gained significant momentum, with the market more than doubling in recent years. As interest grows in their application under Solvency II and UK frameworks, understanding the practical and structural considerations becomes essential for both fund managers and investor

McDermott Will & Emery partners and senior associates examine the evolving landscape of European private credit markets, offering insights into current trends and market dynamics as the industry navigates through mid-year challenges and opportunities. The analysis draws on expertise from the firm's London and Paris offices to provide a comprehensive view of this rapidly developing sector.

A&O Shearman today launches M&A Insights, a cross-practice publication delivering partner-led analysis of the trends, regulatory shifts and capital flows shaping global dealmaking.

Private equity's entry into sports is creating new exit opportunities, from secondary buyouts to IPOs, but success depends on navigating complex regulatory approvals and unlocking value through streaming rights, fan engagement, and global sponsorships. Can investors balance financial returns with the long-term brand authenticity that sustains fan loyalty across generations?

The High Court has ruled that a buyer cannot aggregate the knowledge of different executives within a corporate seller to establish fraud in a warranty claim. While the court found a warranty breach and inadequate disclosure in the sale of Johnson Matthey's Health Business, the claim failed because no single executive possessed the complete knowledge necessary to prove dishonest conduct, leaving the buyer without remedy under the fraud-only gateway in the share purchase agreement.

The European Commission has released its first major update to Merger Guidelines since 2008, introducing significant changes to how mergers are assessed. AlixPartners experts Paul Armstrong, Federica Grilli, Julie Bon, and Ben Forbes have submitted a detailed consultation response examining key areas including counterfactual analysis, innovation shields, efficiency treatment, and the need for greater clarity on remedies and symmetry in harm assessment.