Done Deal – Insights from our M&A and Activism team – March 2023
Insights from our M&A and Activism team
Welcome to our first edition of “Done Deal”, FTI Consulting’s Strategic Communications M&A and Activism monthly newsletter where we offer thoughts on the market, a view into what we’re doing and conversations with our team from around the world. In this edition, we look at the changing nature of regulatory clearance risk including European foreign policy challenges and thoughts on how to mitigate U.S. political risk. We are also taking a moment to acknowledge our colleague, Edward Bridges, who was recognized by MergerLinks as the top EMEA PR M&A Adviser in 2022.In Conversation with Alex Deane: Navigating the Political Risk in M&A Transactions
Alex Deane, Head of UK Public Affairs, discusses with Alex Le May, Managing Director M&A & Activism, how political relations can derail deals. Looking to the year ahead, the wide ranging discussion covers how deteriorating Chinese/Western relations can make cross-border deals very challenging, how governments are looking to avoid international transactions which may lead to domestic pricing shocks across a range of sectors and why a US to EU/UK deal may not be as simple as it appears on paper.
Closer Look: Navigating U.S. Political Risk
Merger regulatory clearance used to be boring. The world of M&A was only exciting in financial circles with barbarians at the gate, white knights and dawn raids. Over the last few years, antitrust has become a popular political buzzword and suddenly the political world is the exciting piece of the M&A universe.
As politics descends on M&A, dealmakers in the U.S. need to confront a growing divide between the ever-expanding definition of antitrust in political circles, the academic debate on evolving antitrust law and the factual, judicially reviewed antitrust review process. The conundrum for dealmakers is how to navigate political, regulatory, and investor communications as these worlds increasingly come into conflict and create confusion. For global companies, there is the further complexity of the ever-expanding European antitrust regime. We will explore that world in our next essay. Read the full article here.
What We’re Up To
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January 2023 | January 2023 | December 2022 |
Meet our Team: 30 seconds with Alex Le May
What is your focus area at FTI Consulting?
Over the last 10 years or so at FTI my work has evolved and today I focus on two areas, M&A and activism, and supporting industrials businesses. It’s an interesting remit which means no two days are the same and really keeps me on my toes!
What trends are you seeing in your marketplace?
Whilst the second half of 2022 saw a drop off in M&A, we expect this to come back. We are already seeing some large mergers but cross border transactions (especially US – UK/ EU) will not be far behind, and private equity won’t want to miss out, not least with the quantities of dry powder they have raised over the last couple of years. Whilst the last two will be somewhat dependent on leverage finance market conditions, alternative finance is now more readily available.
Name one new thing you just learned from or about a colleague?
I was fortunate to go to New York for training last year with Managing Directors across the whole of FTI including our wider non-communication segments. Whilst we learned a lot about how we can all work more closely, the most amusing surprise was a that a colleague in Australia tends to a herd of cattle on the weekends which means he can really talk the talk with clients in the space (but perhaps less next time over a steak dinner!)
What do you do outside of work that helps you reset and stay sharp for the next professional challenge?
I enjoy getting out and about if I can, long walks around London with my wife and dog followed by a BBQ at home, even if it is snowing!
Contact Us
To be added to the distribution list for FTI Consulting’s M&A and Activism Insights, or for further information on the dedicated M&A and Activism team at FTI Consulting, please contact Pat Tucker, Senior Managing Director, US ([email protected]) or Edward Bridges, Senior Managing Director, EMEA ([email protected]).
| The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals.©2023 FTI Consulting, Inc. All rights reserved. www.fticonsulting.com |
