Global Overview of the Year in M&A - Squire Patton Boggs
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Transcript of Global Overview of the Year in M&A - Squire Patton Boggs
GLOBAL OVERVIEW OF
THE YEAR IN M&A
19 November 2014
Omleen Ajimal
GLOBAL M&A IN 2014:
THE BIG PICTURE
RETURN OF THE JUMBO DEAL
Highlights of the year (1)
Return of “big-ticket” M&A
Based on data sourced from Experian
MarketIQ as at 12 November 2014
Highlights of the year (2)
The trickle-down effect
Based on data sourced from Experian
MarketIQ as at 12 November 2014
Highlights of the year (3)
Average deal size:
• US$251m in Q3 2014
• …the highest since
US$309m in Q2 2007
Sourced from a MergerMarket Report:
Monthly M&A Insider, October 2014
Highlights of the year (4)
The US “Corporate Inversion”
Based on source data gathered
from Bloomberg to October 2014
Where in the world…?
Which sectors…?
KEY CORPORATE & COMMERCIAL
ISSUES AFFECTING M&A ACTIVITY
IN 2014
Financing
The buyer and seller
• Who are they?
• Corporates
• Private equity funds
• Family businesses/family offices
• Regional considerations on cross-
border deals
Valuation and pricing issues
Management concerns
• Due Diligence
• Risk management
• Cost optimisation
• Corporate Governance
Intellectual Property
• Who owns what?
• Valuing IP
• Protecting IP in cross-border M&A
• The strategic role of IP in cross-border M&A
Corporate structuring
• Types of corporate structures:
• Takeovers
• Schemes of Arrangement
• Continental European-style mergers
• Inversions and spinversions
• Partnerships and Joint-Ventures
• Regulatory considerations
• Tax considerations
KEY TAX AND STRUCTURING
ISSUES AFFECTING M&A ACTIVITY
IN 2014
Cross-border tax structuring
• Reducing the global tax bill
• Traps and pitfalls
• Regional approaches to tax:
• “Source” v “Residence” taxation
• “Worldwide” v “Territorial” taxation
Cross-border tax compliance
• The Foreign Account Tax
Compliance Act!
• Base Erosion and Profit Shifting!
Omleen Ajimal
Director of International Tax
Squire Patton Boggs