Published on: October 20 2023
Contributed by: Adam Li and Fang He, partners at JunHe and members of XBMA's Legal Roundtable. Mr. Li is a leading expert in international mergers and acquisitions, capital markets and international financial transactions involving Chinese companies. Ms. He has broad experience in M&A, outbound investment, foreign direct investment, and private equity.
This article was co-authored by JunHe LLP Partner Zhenyong (Allan) Ye and Frost Brown Todd Attorney-at-law Aaron M. Bernay. Summer intern Shizun Zhou from JunHe LLP and summer associate James Hardman from Frost Brown Todd also contributed.
Despite frequent frictions in recent trade relations, the growing scale of the economic relationship between the world’s two largest economies—the People’s Republic of China (PRC) and the United States—has given rise to an ever-greater number of civil and commercial disputes. For decades, the common assumption among American lawyers was that enforcing a U.S. court judgment … Continued
Cross-Border M&A Guide Wachtell, Lipton, Rosen & Katz recently published the 2023 edition of their Cross-Border M&A Guide, which is available here. This Cross-Border M&A Guide covers the key U.S. legal considerations not only for acquisitions of U.S. companies by non-U.S. companies (or “inbound” M&A transactions), but also for acquisitions of non-U.S. companies, including under … Continued
Published on: January 30 2023
Contributed by: Matthew T. Carpenter, Anna Dimitrijević and Alec G. Miller, Co-Editors, XBMA Review
Following record-breaking M&A activity in 2021, M&A volume over the 12 months ending December 31, 2022 reverted toward the mean, with a significant slowdown in the second half of the year. Global M&A volume in 2022 was US$3.6 trillion, down from US$6.2 trillion in 2021 and closer to the annual average of US$4.3 trillion over the prior 10-year period.
Published on: November 7 2022
Contributed by: Matthew T. Carpenter, Anna Dimitrijević and Alec G. Miller, Co-Editors, XBMA Review
Executive Summary/Highlights Global dealmaking slowed significantly in Q3 2022, reflecting current macro-economic and geopolitical uncertainties and challenges. Nevertheless, many deals got done and many of the traditional drivers of M&A point to meaningful deal flow in Q4 and beyond. Global M&A volume was US$692 billion in Q3 2022, a 37% decrease from Q2 2022 and … Continued
Published on: March 29 2022
Contributed by: Vincent Mercier, Partner, Davies Ward Phillips & Vineberg (Toronto)
The past year generated substantial interest in the operation of the Investment Canada Act (ICA), especially the national security review process, against the backdrop of changes in government policy that purport to articulate a more expansive view of Canada’s national security interests. We expect foreign investment review to remain an issue of public and political concern in … Continued
Published on: February 22 2022
Contributed by: Matthew T. Carpenter and Anna Dimitrijević, Co-Editors, XBMA Review
Executive Summary/Highlights Global M&A volume was more than US$5.8 trillion in 2021, the highest annual volume on record. Each of the four quarters of 2021 was one of the top six most active quarters by dollar volume since the beginning of 2010. In addition to a legion of private equity funded transactions, including such major … Continued
Published on: January 7 2022
Contributed by: Adam Li and Fang He, partners at JunHe and members of XBMA's Legal Roundtable. Mr. Li is a leading expert in international mergers and acquisitions, capital markets and international financial transactions involving Chinese companies. Ms. He has broad experience in M&A, outbound investment, foreign direct investment, and private equity. This article was authored by Wang Yi and Xiaojia Sun, partners at JunHe.
*Originally distributed on December 31, 2021 The second half of 2021 was an extraordinary time for Chinese companies seeking to list overseas, as well as for other relevant market participants. The Didi incident further deepened the anxiety and “mistrust” by US securities regulators on the risks associated with investing in China-based companies or that have … Continued
Published on: November 10 2021
Contributed by: Matthew T. Carpenter and Anna Dimitrijević, Co-Editors, XBMA Review
Executive Summary/Highlights The boom in global M&A activity reached new heights in the third quarter of 2021, resulting in a record volume of global M&A through the first three quarters. M&A activity has surged on the back of pent-up demand for deals following the Covid-19 shutdown in the early part of 2020 and the subsequent … Continued
Published on: April 28 2021
Contributed by: Matthew T. Carpenter and Caley M. Petrucci, Co-Editors, XBMA Review
Executive Summary/Highlights Global M&A volume reached record highs in Q1 2021. As Covid-19 vaccines became more widely available and economies reopened, M&A volume reached the largest first quarter deal volume on record since records started being kept in 1980. In Q1 2021, global M&A volume was US$1.34 trillion, a 1.7% increase from Q4 2020 (US$1.32 … Continued
Published on: January 19 2021
Contributed by: Matthew T. Carpenter, Daniel Bulaevsky and Caley M. Petrucci, Co-Editors, XBMA Review
Global M&A activity in 2020 was a remarkable tale of two halves, with historically low M&A volume in the first half of the year, especially in the months following the initial outbreak of the coronavirus pandemic, followed by an explosion of activity in the second half of the year.