Acquisition Finance 2019

The Acquisition 2019 guide provides expert legal commentary on key issues for businesses. The guide covers the important developments in the most significant jurisdictions.

Last Updated: November 07, 2019

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Author



Hengeler Mueller has a banking supervision and financial markets regulation practice that advises companies "from the cradle to the grave". The firm can assist and support clients in incorporation and licensing as well as corporate governance matters, in the outsourcing or insourcing of important functions, in joint ventures, mergers and acquisitions, and in transferring complex multinational portfolios and business units. The banking supervision and financial markets regulation team can also advise on internal investigations and compliance matters as well as in administrative and judicial proceedings and in crisis situations within the context of restructurings, reorganisations and, if the situation arises, liquidation or insolvency procedures.


I was very pleased when Chambers and Partners offered me the opportunity to act as contributing editor of a handy introduction to the key aspects of acquisition finance in various jurisdictions, prepared by leading lawyers in their field, from leading law firms in their jurisdictions. Having worked in the field of acquisition finance and restructuring for nearly two decades and having had the opportunity to work on many cross-border transactions, I consider it helpful to have a rough guide to the key aspects in the relevant jurisdiction before contacting a colleague there to help me manoeuvre a client through the pitfalls that may come with different forms of cross-border financings and taking collateral in foreign jurisdictions.

We are living in a time when a political and economic crisis may be looming. We are also living in a time of negative interest rates. This makes investments in private equity transactions attractive, also to investors who may not have touched this asset class in the past. Buyout funds are sitting on unprecedented amounts of dry powder that needs to be invested (see Boston Consulting Group, The 2019 M&A Report: Downturns Are a Better Time for Deal Hunting, https://www.bcg.com/de-de/publications/2019/mergers-and-acquisitions-report-shows-downturns-are-a-better-time-for-deal-hunting.aspx). For these and other reasons, acquisition finance will remain a very important segment of international finance with long-term prospects.

This guide gives an insight into the key aspects of various jurisdictions. I am confident that further jurisdictions will be added for subsequent editions.

Finally, we have to thank our colleagues for sharing their knowledge and market intelligence with us that they have gained from countless transactions. They are experts in various jurisdictions close to the "best friends" firms’ core group, which includes my own firm, Hengeler Mueller. They share with us the belief that a seamless product can be best delivered to the reader by a group of first-class law firms with strong working relationships across the world and deep roots in the legal, commercial and political systems of their home countries.

Together with the publisher and the other authors, I hope that this book will help lawyers and bankers alike to find their way to the key legal aspects of acquisition finance in the relevant jurisdictions. I am looking forward to any suggestions and insights from readers on how to make this book a better companion for them.

Author



Hengeler Mueller has a banking supervision and financial markets regulation practice that advises companies "from the cradle to the grave". The firm can assist and support clients in incorporation and licensing as well as corporate governance matters, in the outsourcing or insourcing of important functions, in joint ventures, mergers and acquisitions, and in transferring complex multinational portfolios and business units. The banking supervision and financial markets regulation team can also advise on internal investigations and compliance matters as well as in administrative and judicial proceedings and in crisis situations within the context of restructurings, reorganisations and, if the situation arises, liquidation or insolvency procedures.