Acquisition Finance 2021

The new Acquisition Finance 2021 guide features 29 jurisdictions. The guide provides the latest legal information on leveraged buyouts (LBOs), COVID-19 considerations, mezzanine/payment-in-kind (PIK) loans, bridge loans, high-yield bonds, intercreditor agreements, security, guarantees, lender liability, tax issues and takeover finance.

Last Updated: May 26, 2021

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Acquisition Finance 2021 Overview

In 2019, Chambers and Partners offered Johannes Tieves 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. In 2021, Chambers and Partners proposed a new edition with expanded geographical scope. As Hengeler Mueller and Cravath, Swaine & Moore LLP have worked together in the field of acquisition finance for decades now, we were delighted to combine our worldwide working experience to act as contributing editors for the 2021 edition.

In an increasingly digitalised world, more and more people can readily access useful information via the internet. This guide aims to take advantage of this reality – providing an invaluable first resource on the key aspects of acquisition finance in countries throughout the world. We hope that this guide will help readers understand the opportunities and the pitfalls that may come with different forms of cross-border financings, including taking collateral in foreign jurisdictions.

As this guide is finalised, the COVID-19 pandemic continues to change the world. The pandemic has created an unprecedented humanitarian crisis with far-reaching consequences. It has also caused significant economic volatility and periods of economic distress. We continue to live in an era of zero, or negative, interest rates and booming stock markets, yet inflation and other changes loom on the horizon. Despite the turmoil, investments in private equity transactions remain attractive and the changes brought about by the pandemic may lead to buying opportunities.

New M&A activity shut down with the pandemic, as did many other areas of the economy and our societies. However, there are good reasons to expect a recovery and we are seeing full activity coming back in our offices and with our M&A and finance clients. Therefore, as cross-border acquisition finance survived the financial crisis of 2008, we expect it to continue post-pandemic.

This guide offers an insight into the key cross-border acquisition finance issues that arise in various jurisdictions. With time (and new editions) we hope to continue to expand the coverage of this resource.

Finally, we have to thank our colleagues for sharing their knowledge and market intelligence with us that they have gained from countless transactions. Many authors have stayed on board from the previous edition. Others are new to our guide. Yet, all are established experts in their respective jurisdictions. We share 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, we hope that this book will assist anyone involved in acquisition finance to understand the key legal aspects of the relevant jurisdictions. We hope to receive suggestions and feedback from readers to make this publication an even better companion.