Despite increasing political tensions and evolving trade policies, the U.S. M&A market in 2018 enjoyed its second-best total deal value ever, according to Mergermarket. Activity through the first three quarters appeared poised for a new record, before slowing in the final quarter as stock market volatility spiked and questions arose about the direction of economic growth.
Prospects for 2019 remain strong, with companies eager for growth and capital still abundant and relatively cheap, despite the Federal Reserve’s recent moves away from its low interest policy. However, there are risks that could slow M&A activity. In this alert, we review some of the key trends and developments arising from last year’s M&A activity, and consider how they might affect the level of M&A and how deals are done going forward.
Read our full commentary on deal trends, which includes pertinent topics such as:
- Tax Reform
- Trade Tensions and National Security
- Private Equity Activity
- Material Adverse Effects (MAEs)
- Non-Tech Companies Acquiring Tech
- New Privacy Laws
- Shareholder Activism
- Appraisal Cases
- Rep and Warranty Insurance
Michael G. O'Bryan
Michael O’Bryan is a partner in the firm’s Corporate Department. His practice focuses on U.S. and international mergers, acquisitions, divestitures, and other strategic transactions, including “going private” and other related party transactions. He has been involved in more than 350 M&A transactions, advising companies, boards, and special committees, as well as investment banks, in both negotiated and contested transactions. Mr. O’Bryan has More ›
Panagiotis C. Bayz
Aki Bayz has a multidisciplinary practice covering national security regulatory compliance and transactional matters.
National Security. Mr. Bayz advises clients on compliance with the applicable trade sanctions and economic embargoes administered by the Treasury Department Office of Foreign Assets Control (OFAC), the export control and anti-boycott requirements of the Commerce Department Bureau of Industry and Security (BIS), and military items subject to the jurisdiction More ›
Lauren C. Bellerjeau
Lauren Bellerjeau is a member of the firm’s corporate practice. She advises on corporate, securities, and finance matters, with a particular focus on U.S. and cross-border mergers and acquisitions, internal restructuring, joint ventures, complex commercial transactions, and general corporate governance matters. She has been particularly active representing REIT issuers in complex formation transactions in connection with initial public offerings. She has represented clients in a variety of industries, including real estate, REIT, industrial and consumer goods, aerospace, government contracting, technology, life sciences, financial services, and manufacturing.
What do you like best about your work? My practice focuses on mergers and acquisitions and complex commercial and asset restructuring transactions. Therefore, I almost always have the opportunity to counsel clients on strategic transactions during a very exciting, and often transformative, time in their business journeys. Working together with my client, my colleagues, and other advisors to get the deal done and push my client’s business to the next stage is very rewarding for me.
What do you enjoy doing in your free time? I love to travel, particularly to historic or exotic destinations. If I hadn’t become a lawyer, I most likely would have become a historian or an archaeologist. My most exotic trip was to the Angkor Wat complex in Siem Reap, Cambodia. I also enjoy spending time with my husband, 3-year-old and newborn daughters , and dog (who is named “Indiana” after the final scene of Indiana Jones and the Last Crusade).
What’s been the key to your success? I attribute my success to staying organized and engaged and sometimes taking things personally. Given the nature of my work, I assist my clients with transactions that they have often worked for years to complete. I owe it to my clients to be as devoted to reaching the finish line as they are. More ›
Anthony J. Carbone
Anthony J. Carbone is a partner in our New York office and co-chair of the firm’s Tax Department. He also serves as co-chair of the Federal Tax practice. His practice focuses on tax planning strategies and the tax consequences of a wide range of business, investment and capital markets transactions in the U.S. and internationally.
He advises clients on all forms of mergers and acquisitions, More ›
Charles C. Comey
Charles Comey is an M&A and corporate finance partner in the firm’s Palo Alto office. Mr. Comey’s practice experience includes working on the ground in China and Japan for 16 years. He advises clients on mergers and acquisitions, venture capital and private equity financings, and joint ventures and strategic alliances in the technology, consumer and life sciences sectors.
Mr. Comey is recommended as a leading More ›
Patrick D. Huard
Patrick Huard is a corporate partner in Morrison & Foerster’s San Francisco office. Mr. Huard focuses his practice on representing private equity firms and their portfolio companies in a broad range of corporate matters, including public and private acquisitions, leveraged buyouts, venture and growth equity investments, and divestitures.
Mr. Huard regularly represents clients in transactions covering a variety of industries, including technology, financial services, professional More ›
Mike Krigbaum is a partner in the Corporate Department of Morrison & Foerster’s Palo Alto office. His practice focuses on mergers and acquisitions and venture capital transactions, as well as emerging company counseling. Mr. Krigbaum’s M&A experience includes private and public acquisitions of technology and life sciences companies on both the buy-side and target-side. His expertise includes domestic and More ›
Christine E. Lyon
Christine Lyon advises organizations on cutting-edge issues related to the collection, use, sharing, and safeguarding of data, including personal information of customers and employees. She serves as a trusted advisor, working with clients to develop global strategies to comply with U.S. and international privacy and data protection laws. More ›
Bernie J. Pistillo
Mr. Pistillo is a partner in the San Francisco office of the firm’s Federal Tax Group. He regularly advises on the U.S. federal income tax aspects of international and domestic mergers and acquisitions, corporate restructurings and spin-offs, and tax controversy matters in the international area, particularly transfer pricing, the development and exploitation of technology and intellectual property and the structuring of international operations for More ›
David Strong (“Dave”) is a transactional tax partner with Morrison & Foerster LLP. Dave is the current co-chair of the firm’s Tax Department and co-chair of its Federal Tax practice. He also serves as managing partner of the firm’s Denver office.
Dave works closely with transaction teams across the firm, including teams located in Los Angeles, New York, Palo Alto, San Francisco, Tokyo, and More ›
Christina L. Golden Ademola
Christina Golden Ademola, an associate in the Securities Litigation, Enforcement and White Collar-Defense Practice Group, has extensive experience in complex commercial disputes with a focus on securities, M&A litigation, and white collar investigations.
Ms. Golden Ademola represents directors, officers and corporations in litigation involving corporate governance and federal securities matters. She regularly defends clients in federal and state courts across the country in a variety More ›
Joan Kim is an associate in the Corporate Department of Morrison & Foerster’s New York office.
Ms. Kim received her J.D. from New York University School of Law, where she served as an editor of the N.Y.U. Review of Law & Social Change, served as Co-President of the Asia Law Society, and co-led Student Outreach for Law Women. During her clinical work, Ms. Kim worked More ›