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14/06/2023
Cost-cut­ting and re­struc­tur­ing in times of crisis
A tough glob­al eco­nom­ic out­look is driv­ing many em­ploy­ers to re­view their op­er­a­tion­al costs. Across busi­nesses, hard ques­tions are be­ing asked about where ef­fi­cien­cies can be made – and ul­ti­mately what...
Event Webinar
09/06/2023
New re­gime for dis­tance con­tracts for fin­an­cial ser­vices
On 6 June 2023, the European Par­lia­ment and Coun­cil agreed upon the new dir­ect­ive con­cern­ing fin­an­cial ser­vices con­tracts con­cluded at a dis­tance (i.e. by phone or on­line), which amends the Dis­tance Mar­ket­ing...
Law-Now Banking & Finance
07/06/2023
CMS ad­vises Nor­dex on suc­cess­ful clos­ing of sale of wind power pro­ject...
Ham­burg - Wind power com­pany Nor­dex has sold a wind power pro­ject in San Mar­cos de Colón in Hon­dur­as to French TotalEr­en S.A.. The pro­ject has a wind ca­pa­city of 112 mega­watts. The power gen­er­a­tion will...
News
06/06/2023
Cre­ation of al­tern­at­ive leg­al ser­vices group: CMS ad­vises PE in­vestor FLEX...
Ber­lin – Private equity in­vestor FLEX Cap­it­al has entered in­to a part­ner­ship with seri­al founders and law­yers Kath­rin Schür­mann and Si­mone Rosenth­al. The part­ner­ship is aimed at cre­at­ing a new reg­u­lat­ory...
Deals
06/06/2023
The European Com­mis­sion in­vest­ig­ates the pro­ject of ac­quis­i­tion of Asi­ana...
Korean Air­lines no­ti­fied the European Com­mis­sion of its pro­posed ac­quis­i­tion of Asi­ana Air­lines on 13 Janu­ary 2023. On 17 Feb­ru­ary 2023, the Com­mis­sion opened an in-depth in­vest­ig­a­tion in­to the pro­posed...
Law-Now Transport and Logistics
06/06/2023
CMS Ex­pert Guide to Crypto Reg­u­la­tion in Ger­many
1. How is crypto reg­u­lated? 2. Are the fol­low­ing activ­it­ies reg­u­lated or un­reg­u­lated in your jur­is­dic­tion? ― Ex­change (buy/sell) ― Cus­tody (hold) ― Bor­row­ing/lend­ing ― Yield/stak­ing 3. How...
Expert Guide
Comparable
05/06/2023
CMS ad­vises Hanseat­ic En­ergy Hub on the entry of En­agás as in­dus­tri­al part­ner...
Ham­burg –Hanseat­ic En­ergy Hub GmbH (HEH) has chosen the Span­ish trans­mis­sion sys­tem op­er­at­or En­agás as its in­dus­tri­al part­ner for the op­er­a­tion of the planned ter­min­al for li­que­fied gases at St­ade...
Deals
02/06/2023
CMS ad­vises SYN­LAB on ac­quis­i­tion of Wol­fartK­linik
Stut­tgart – The SYN­LAB Group has ac­quired the Wol­fartK­linik hos­pit­al in Gräfelf­ing near Mu­nich from the Wol­fart fam­ily. The trans­ac­tion was agreed in Feb­ru­ary 2023 and has now been suc­cess­fully com­pleted...
Deals
01/06/2023
State aid: fol­low­ing ap­peals by Ry­anair, the Gen­er­al Court of the EU an­nuls...
On 11 May 2023, the Gen­er­al Court of the EU can­celled two European Com­mis­sion de­cisions au­thor­iz­ing State aid in the form of cap­it­al in­jec­tions for the air­lines SAS and Deutsche Lufthansa, in par­tic­u­lar...
Law-Now Subsidy Law
01/06/2023
CJEU provides clar­ity on data pro­tec­tion: judg­ments on right to com­pens­a­tion...
CJEU judg­ment on right to com­pens­a­tion for non-ma­ter­i­al dam­age un­der GDPR (Case C-300/21)On 4 May 2023, the CJEU de­livered a judge­ment con­cern­ing the right to com­pens­a­tion fol­low­ing an in­fringe­ment of...
Law-Now Data Protection Law & IT Security Law
31/05/2023
UPC – the “Long-arm” jur­is­dic­tion
UPC Long-arm jur­is­dic­tion­With the UPC set to open its doors on 1 June 2023, just how far might its reach ex­tend?Un­less a European pat­ent has been op­ted out of the UPC, the na­tion­al courts and the UPC...
Law-Now Patent and Utility Patent Law
29/05/2023
CMS European Private Equity Study 2023
We are very pleased to share with you the second edi­tion of the CMS European Private Equity Study 2023.This study ana­lyses hun­dreds of Private Equity deals that we ad­vised on in 2022 and pre­vi­ous years, provid­ing unique in­sights in­to mar­ket trends and dif­fer­ences between private equity and trade deals. Key find­ings: Deal activ­ity re­mained strong un­til Q3 2022, but ex­per­i­enced a sig­ni­fic­ant drop in Q4.New in­vest­ments ac­coun­ted for 85% of PE deals ana­lysed, with few­er exits and sec­ond­ary buy-outs in 2022 com­pared to 2021.Bid­ding pro­cesses de­creased in 2022, po­ten­tially due to less in­volve­ment of PE funds on the sell-side.Entry in­to new mar­kets was the most com­mon deal driver (64% of deals), while di­git­al­isa­tion was no longer a deal driver­Tech­no­logy, me­dia, and tele­coms (TMT) was the busiest sec­tor, fol­lowed by Real Es­tate & Con­struc­tion and life sci­ences.Use of MAC clauses de­creased to 10% in 2022, com­pared to 15% in 2021.Few­er FDI ap­provals or clear­ances were sought in 2022 (8%) com­pared to 2021 (15%).W&I in­sur­ance played a prom­in­ent role in PE M&A trans­ac­tions, in­creas­ing with deal value.Locked box mech­an­isms for set­ting pur­chase price were pre­ferred in 80% of PE deals, while pur­chase price ad­just­ments de­creased.Earn-out pro­vi­sions in­creased over­all in 2022 but were more com­mon in smal­ler deals than high­er value deals.ESG con­sid­er­a­tions have not yet fea­tured in leg­al due di­li­gence or trans­ac­tion doc­u­ments.Man­age­ment in­cent­ive schemes saw short­er vest­ing peri­ods, in­creased man­age­ment al­loc­a­tion, but tightened leav­er pro­vi­sions.Over­all, there were buy­er-friendly de­vel­op­ments in some deal met­rics, such as the use of "tip­ping" bas­kets.
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