Milbank LLP London partners Lisa O’Neill, Andrea Hamilton and Lara Watt, members of the firm’s Global Corporate Group, discuss the latest developments in the M&A market in the July/August 2023 edition of Legal Business.
“The pandemic, the war in Ukraine, the inflationary environment and impact on lending, the proliferation of foreign investment controls and foreign subsidies regulations, an increasing focus on ESG – the list goes on,” says Ms. O’Neill, who is co-head of Milbank’s London Corporate team. “These macroeconomic and policy developments have affected the market significantly and driven increasing client need for top-tier advice within the more complex landscape. In addition, within the legal sector there are increased demands for broader inclusion among practitioners and greater DEI efforts overall; this change is also being reflected in the M&A community.”
Ms. Hamilton, a specialist in merger control reviews, antitrust investigations and foreign direct investment controls, notes that “transactions are subject to broader and deeper regulatory scrutiny than ever across the world, which can lead to uncertainty. The proliferation of foreign investment controls, greater antitrust scrutiny and the development of new regulatory hurdles such as the EU Foreign Subsidies Regulations have all affected – and are affecting – the regulatory climate significantly and shifted the path to deal closings over the last few years.” She adds that Milbank’s collaborative culture is integral to the firm’s exceptional client service and strong outcomes.
“While deal activity on the whole has remained subdued in the first half of 2023, some sectors remain reasonably active from a PE investment perspective, particularly healthcare and technology,” says Ms. Watt, who focuses on corporate aspects of private equity transactions. “Transactions are generally taking longer to execute, but from a legal perspective, dealing with the additional complexity, both technical and commercial, presents a real opportunity to add meaningful value to clients – helping get deals through despite the challenges.” She too recognizes Milbank’s culture of support and collaboration, especially as a woman in M&A, as being a key to the team’s success.
Read “Reviewing the M&A Landscape” in Legal Business, July/August 2023
