Legal News

Pittsburgh-based PNC Financial Services Group has reached a deal worth some $11.6 billion to buy the U.S. operations of BBVA, a Spanish lender. The mash-up, “one of the biggest banking deals since the 2008 financial crisis,” catapults PNC into the 5 spot among America’s biggest retail lenders....By: Robins Kaplan LLP

ASIC has provided long-awaited confirmation of its policy position with regard to applications for relief from the operation of the takeover restrictions in the Corporations Act 2001 (Cth) ("Act") in relation to compulsory transfers of shares under a deed of company arrangement ("DOCA")....By: Hogan Lovells

Recent M&A deals the teams have worked on involving insolvent corporates have highlighted the challenges which exist around the transfer of customer lists and databases, which are often a significant asset for the buyer. Transactions involving insolvent corporates are typically structured as business and asset sales, rather than share transfers; as such there will always be a change to the “controller” of any personal data contained in customer lists; this in turn engages the requirements of....

With 169 special purpose acquisition company (SPAC) initial public offerings (IPOs) and 102 SPAC mergers and counting this year, SPACs are hotter than ever. But are they right approach for your portfolio companies seeking capital? During this 30-minute webinar, we’ll take a deep dive into one this year’s biggest SPAC deals: DraftKings’ reverse merger with SBTech and Diamond Eagle Acquisition Corp. Join us as we ask Jason Park, Chief Financial Officer of DraftKings and George Kaufman, Head o...

The Department of Justice and eleven state Attorneys General filed an antitrust case against Google in the United States Court for the District of Columbia. DOJ’s filing was hurried at the behest of the Attorney General Bill Barr, and reflects DOJ’s growing focus on high-tech businesses and monopolization conduct. DOJ’s case joins a long list of high-profile monopolization cases, including Microsoft, AT&T and IBM. DOJ’s filing represents the most significant antitrust enforcement action.....

Since COVID-19, deals involving foreign state-owned enterprises or enterprises related to public health or the supply of critical goods and services are increasingly subject to review - The Investment Review Division (IRD), which is part of the Ministry of Innovation, Science and Economic Development Canada (ISED), is the government department responsible for the administration of the Investment Canada Act (ICA), the statute that regulates investments in Canadian businesses by non-Canadians......

On 11 November 2020, the UK Government announced its long-awaited and far-reaching proposed reforms to its existing powers to scrutinise foreign investment in the UK, especially in relation to sectors deemed to be particularly sensitive from a national security perspective. In summary, the National Security and Investment Bill (“NSIB”) increases significantly the Government’s existing enforcement powers, by essentially introducing a standalone, CFIUS-style, foreign investment regime....By: P...

The UK government’s long-awaited National Security and Investment Bill (the Bill), which paves the way to significant changes in the UK’s regime for screening foreign investment, was laid before Parliament on 11 November 2020. While the text of the proposed legislation will require detailed analysis, it is already clear that the regime will provide for a very different approach to screening national security and foreign investment in the UK than has existed to date......By: Skadden, Arps, Sla...

1. Summary The United Kingdom (U.K.) government published the National Security and Investment Bill (“NSI Bill” or “Bill”) on November 11, 2020, the aim of which is to strengthen the government’s powers to scrutinize and intervene in U.K. investment activity on national security grounds....By: Akin Gump Strauss Hauer & Feld LLP

Merger review processes are being impacted worldwide as merger control authorities adapt to take account of the consequences of Covid-19. While critical transactions are likely to be reviewed, as far as possible, in accordance with normal practice, many cases may face changes in approach and practice (eg extensions of timelines in certain circumstances). The table below reflects our understanding of the current effects on the merger review process in numerous jurisdictions around the world. It.....