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January 2020
CMS We­bin­ar Series 2020
Catch up on the latest leg­al changes with re­cord­ings from our re­cent we­binars To help you stay up to date with changes in law and reg­u­la­tion, CMS hosts reg­u­lar we­binars and pod­casts on a range of top­ic...
21 January 2021
Emer­ging Europe M&A Re­port 2020/2021
In 2020 we coun­ted 1,705 deals with a total value of EUR 60,80bn in emer­ging Europe, re­spect­ive year-on-year de­creases of 12.9% and 16%. It will not come as a sur­prise that this is the low­est num­ber of deals for the re­gion in the ten edi­tions of this re­port that we have pub­lished. Then again, after a year char­ac­ter­ised by the COV­ID-19 pan­dem­ic, in which deals were pro­trac­ted, post­poned or simply aban­doned, it is prob­ably not as bad as many of us may have ima­gined.While deal num­bers in Q4 re­mained sub­dued, we ex­per­i­enced the highest deal value for the fi­nal quarter of the year since 2016.After many years of de­cline, in re­cent years the an­nu­al deal­flow in emer­ging Europe had star­ted to stead­ily settle around the 2,000 mark. In last year’s re­port, we pre­dicted that the re­gion would main­tain its at­tract­ive­ness to in­vestors and we had great con­fid­ence in the deal pipeline. We felt that un­cer­tain­ties around China-US trade re­la­tions, Brexit and the US pres­id­en­tial elec­tions would have little im­pact on the re­gion’s deal­flow. As the year showed, glob­al polit­ic­al un­cer­tain­ties are no com­pet­i­tion for a pan­dem­ic when it comes to slow­ing down M&A activ­ity.However, deals did con­tin­ue and com­pared to oth­er glob­al emer­ging mar­kets, such as Emer­ging Asia and Lat­in Amer­ica, the re­gion per­formed quite well.The Emer­ging Europe M&A Re­port takes a closer look at the trends and data on a coun­try-by-coun­try and on a sec­tor basis. The im­pact of the eco­nom­ic slow­down was re­l­at­ively evenly spread across the re­gion, but there are al­ways some coun­tries that buck the trend. Po­land ex­per­i­enced a year-on-year in­crease in deal volume while wit­ness­ing the highest deal value com­pared to 2019.South-east­ern Europe was quite stable over­all with mar­kets such as Ro­mania, Bul­garia and Croa­tia all see­ing only mod­est drops in deal volumes. From the usu­al top per­formers, Czech Re­pub­lic was prob­ably the hard­est hit with a 24,7% de­crease in trans­ac­tions; how­ever, these are still bet­ter num­bers than the coun­try pos­ted in 2012 in the slip­stream of the fin­an­cial crisis and as re­por­ted in the CMS Emer­ging Europe M&A Re­port at the time.A great deal has been writ­ten about win­ners and losers in terms of sec­tors, rather than fo­cus­ing on some of these un­fore­seen de­vel­op­ments, the art­icles in the re­port fo­cus on some of the trends that had set in be­fore the pan­dem­ic hit. In fact, some of these de­vel­op­ments were ac­cel­er­ated by it: the ad­vance of Tele­coms & IT in terms of deal volume—tak­ing the top spot from Real Es­tate & Con­struc­tion—and con­tin­ued in­vest­ment in re­new­able en­ergy, driv­en by cli­mate goals, the de­mand of clean en­ergy by tech­no­logy gi­ants, and the over­all drive for sus­tain­ab­il­ity.Two art­icles provide a more de­tailed look in­to how spe­cif­ic com­pan­ies are faring, a close-up on the Croa­tian con­glom­er­ate Forten­ova and where it stands two years after its re­struc­tur­ing, and a fireside chat with Tereza Ber, gen­er­al coun­sel at Zentiva, about the com­pany’s takeover of the CEE busi­ness of Al­vo­gen.We also take a look at the re­gion’s IPO activ­ity. The Warsaw-list­ing of Al­legro is a testi­mony not only to the suc­cess of eco­m­merce in these new times, but also to the in­creased in­terest in an exit through the stock ex­change. After see­ing only 14 IPOs in 2019, this re­boun­ded to 26 in 2020. Through dual-track sales pro­cesses sellers want to make the most of the com­pet­i­tion between a trade sale and IPO, and with new re­cords set on stock ex­changes through­out the world to­wards the end of 2020, it will likely re­main an at­tract­ive pro­spect.One de­vel­op­ment that we noted in 2019 did re­verse last year. While cross-bor­der in­vest­ment in­to the re­gion de­creased by 34.3%, do­mest­ic deal activ­ity picked up by 18.4%, reach­ing a total of 764 and 941 trans­ac­tions re­spect­ively. Over­all, in­vestors based closer to the re­gion re­mained more act­ive than those fur­ther away, and in par­tic­u­lar in­vestors from the US, China and Ja­pan made few­er ac­quis­i­tions in emer­ging Europe. We look at what keeps at­tract­ing west­ern European in­vestors to the re­gion.The re­stric­tions on our free­dom forced us to live dif­fer­ently: we work from home, shop on­line and meet friends vir­tu­ally. Al­though a vac­cine may soon al­low us to re­turn to “nor­mal”, the last year is likely to have a last­ing im­pact on our be­ha­viour. As busi­nesses that be­ne­fit from this new eco­nomy grow, so does in­terest from in­vestors. On the flip side, those com­pan­ies that have had to count their losses may be­come in­ter­est­ing tar­gets too. While some com­pan­ies will see the need for a cap­it­al in­jec­tion to sur­vive, oth­ers will be look­ing for in­vest­ment to help it cap­it­al­ise on their suc­cess. 
10 December 2020
We­bin­ar: Di­git­al ad­vert­ising in the com­pet­i­tion spot­light
Re­pla­cing our usu­al an­nu­al Ad­vert­ising & Mar­ket­ing Con­fer­ence, we're de­lighted to in­vite you to our new series of on­line events provid­ing up­dates on leg­al and reg­u­lat­ory is­sues af­fect­ing the ad­vert­ising...
26 January 2021
Me­dia Up­date Morn­ing Winter 2021: Con­tent dis­tri­bu­tion on­line - the new...
This ses­sion will fo­cus on key con­sid­er­a­tions for on­line plat­forms and those com­pan­ies dis­trib­ut­ing their con­tent on­line (or those keen to pro­tect the dis­tri­bu­tion of their con­tent). Reg­u­lat­ors in the...
03 February 2021
CMS Re­new­ables Guide Launch Event - Feb­ru­ary 2021
Mark­ing the launch of our latest glob­al Ex­pert Guide on Re­new­able En­ergy, speak­ers from CMS and the en­ergy sec­tor will dis­cuss the latest de­vel­op­ments, key trends and share their ex­pect­a­tions for the...
27 January 2021
CMS Re­new­ables Guide Launch Event
Mark­ing the launch of our latest glob­al Ex­pert Guide on Re­new­able En­ergy, speak­ers from CMS and the en­ergy sec­tor will dis­cuss the latest de­vel­op­ments, key trends and share their ex­pect­a­tions for the...
25 March 2021
Risk Es­sen­tials We­bin­ar: A light at the end of the tun­nel?
2021 brings some hope that work­ers will be able to start re­turn­ing to the of­fice, but most or­gan­isa­tions re­cog­nise that the work­ing en­vir­on­ment has fun­da­ment­ally changed since the COV­ID pan­dem­ic. In this...
21 January 2021
Life after Brexit – Im­plic­a­tions for the up­stream oil and gas sec­tor
Now that the dec­or­a­tions are packed away and the Christ­mas cake crumbs swept up, we are turn­ing our at­ten­tion to the out­come of the last minute agree­ment of the Trade and Co-op­er­a­tion Agree­ment (TCA)...
21 January 2021
How does your evid­ence meas­ure up? ASA up­holds com­plaint about ex­ag­ger­ated...
The ASA up­held a com­plaint against Mi­cro­ly­scs t/a Crazy­Cap fol­low­ing a com­plaint that its Face­book post, claim­ing that its bottle cap product killed patho­gens, was mis­lead­ing and could not be sub­stan­ti­ated...
21 January 2021
Re­fus­ing a new busi­ness ten­ancy un­der the ‘fault grounds’ in the LTA 1954
The High Court has con­sidered the cor­rect ap­proach to the ‘fault grounds’ on which a land­lord can op­pose a new ten­ancy un­der sec­tion 30(1)(a) to (c) of the Land­lord and Ten­ant Act 1954 (the “Act”)...
20 January 2021
ESG Reg­u­la­tion – 2021 and bey­ond – How in­vest­ment banks can ad­vise their...
2021 will mark the end of the pre­vi­ous, primar­ily vol­un­tary, re­gime for ESG mat­ters and the start of reg­u­la­tion for is­suers, spon­sors and nomads. This note de­tails key reg­u­la­tions com­ing in­to force in...
20 January 2021
ESMA ob­serves ques­tion­able re­verse so­li­cit­a­tion prac­tices after Brexit
The EU-UK Trade and Co­oper­a­tion Agree­ment and the end of the Brexit trans­ition­al peri­od on 31 Decem­ber 2020 has res­ul­ted in sig­ni­fic­ant changes to EU-UK trade in fin­an­cial ser­vices. In par­tic­u­lar, UK...