United States: M&A/Private Equity

The M&A Broker Exemption under Section 15(b)(13) of the Exchange Act offers regulatory relief for advisors facilitating sales of smaller private businesses, but compliance requires careful attention to eligibility criteria, size thresholds, and prohibited activities. Understanding when this federal exemption applies—and when it doesn't—is critical for business brokers and M&A advisors who receive transaction-based compensation but want to avoid the burden of SEC broker-dealer registration. This

The Seventh Circuit's recent affirmation in Rush v. GreatBanc Trust Co. establishes important precedents for ESOP transactions, particularly regarding fiduciary duties and prohibited transactions when selling ESOP-owned companies. The decision addresses whether an ESOP trustee and board members breached their duties in a 2016 sale to private equity and whether post-sale management investment constitutes a prohibited transaction under ERISA.

General partners executing continuation vehicle transactions in 2026 navigate a complex landscape shaped by regulatory uncertainty following the Fifth Circuit's vacatur of the Private Fund Advisers Rule, ILPA's increasingly prescriptive governance framework, and emerging private litigation risk. How can GPs build defensible process architecture that balances fiduciary obligations, institutional investor expectations, and commercial realities while minimizing post-closing exposure?

Formycon AG has announced a strategic manufacturing partnership with OneSource Specialty Pharma Limited to enhance its biosimilar development capabilities. The collaboration brings together Formycon's biosimilar expertise with OneSource's integrated biologics manufacturing platform in Bangalore, India. With three biosimilars already on the U.S. market and four pipeline candidates in development, this partnership aims to strengthen Formycon's position in the competitive biosimilar landscape.

The DC Circuit held that the National Labor Relations Board (NLRB) lacked authority to impose the Board-created successor bar doctrine. The decision does not eliminate ordinary successorship obligations, but it removes the NLRB’s categorical prohibition on challenges to union majority status during the post-acquisition insulated period, at least in cases within the DC Circuit.

Buffett was talking about public companies, of course, but his maxim applies equally to purchases of small and closely-held business. Generally speaking, the lower the price, the better the value—if a buyer does their diligence, and assuming no fraud.

Healthcare M&A activity maintained steady momentum through Q2 2026, driven by physician practice consolidation, AI-enabled technology acquisitions, and strategic outpatient expansion. Private equity investment persisted despite intensifying regulatory scrutiny of MSO arrangements, while digital health buyers paid significant premiums for platforms demonstrating production-grade AI capabilities and proprietary data assets.

Q2 2026 proved challenging for private equity, as the market slowdown that began in March with the outbreak of the war in the Middle East accelerated, resulting in a significant fall in the total value of announced deals . The war sent shockwaves through the US economy, severely disrupting energy markets and driving up input costs across many sectors, while volatility and tightening in credit markets — especially for lower-rated issuers — made underwriting deals more challenging . In this uncertain environment, sponsors became highly selective, pulling back on large buyouts and directing capital toward smaller, strategic add-on acquisitions within their existing portfolios.

Corporate partner Wayne Katz and Proskauer alumna Megha Parekh, now executive vice president and chief legal officer of the Jacksonville Jaguars, reflect on their professional journey together.