Manuel Santos Vitor
Abreu Advogados, Lisbon
manuel.s.vitor@abreuadvogados.com

Unlike the 13th IBA European Corporate and Private Mergers and Acquisitions (M&A) Conference held in Paris in February, the IBA’s M&A conference held in June in New York attracts more lawyers from the Americas. Bringing together leading dealmakers, lawyers and leaders from across the globe, this is a landmark event that provides an opportunity to engage with lawyers from South, Latin and North America, due to there being a more significant presence of firms from the United States, Canada and larger Latin or South America countries, such as Mexico, Colombia and Brazil.

European firms also had a strong presence through their antenna or US desk lawyers in New York. Their participation highlighted the increasing interconnectivity of the global M&A landscape.

An overview

Over the course of one day and a morning, the conference featured various panels that approached the topic of M&A from different perspectives. The participants covered the current state of M&A worldwide, offering a unique platform to exchange ideas on evolving M&A dynamics, particularly revealing emerging trends on specific M&A issues and key topics, such as M&A activity by private equity players and in sectors like energy, power and infrastructure. Additionally, they provided insights from economic, banking and specialised media, in addition to entrepreneurial viewpoints on topics such as geopolitics and global economics.

In February in Paris, the finance and banking conference panellists forecasted that the market in the short-term would be challenging due to factors such as political instability and the elections taking place in major European jurisdictions, the ongoing effects of the conflicts in Ukraine and the Middle East and the potential impact of the new US administration.

Four months later, the word ‘challenging’ was in everyone’s head and was a recurring theme across the different panels during the conference in New York for the same or similar reasons.

Global political and economic challenges typically do not favour M&A activity. As such, it appears that, with few exceptions, the outcome of M&A activity in 2025 will likely be less favourable than 2024, after a weak first five months of the year and a cautious or conservative forecast for the coming months.

So, the elephant in the room was more about realising that the times are and will remain tough for most M&A sectors, despite the US market remaining dynamic and continuing to lead when it comes to developments and innovations in M&A.

However, more traditional and institutional non-US investors, who often invest in the US, are likely to look for greener and less turbulent pastures to invest other than the US, which is an interesting indicator to consider for the EU. As such, in the second part of this year, we may witness an increase in (M&A) activity in Europe, provided that the region demonstrates a positive stance towards these investors. It was clear from the discussions that concerns remain over Europe’s flexibility, competitiveness and competition policy constraints in regard to large corporations and investors.

Although this may reflect an optimistic stance from an EU perspective, it remains a possibility worth considering.

Most of the panels featured partners from US firms and representatives across banking, media and private equity sectors. Their insights into the North American market, which still dominates globally, are rarely seen at conferences in Europe, thus making these US sessions a highlight for many European attendees.

Among the most memorable sessions was the discussion between Adam O Emmerich from Wachtell, Lipton, Rosen & Katz, an important regular contributor and participant in this conference, and Mark S Ordan, who has a distinguished career as a board member and CEO of several US companies. The discussion provided valuable insights into the current state of M&A, its evolution and business decision-making strategies at the top corporate level, offering valuable insider views regarding the setup, structuring and execution of M&A transactions and the aftermath.

Conclusion

As transatlantic deals grow in complexity and strategic importance, the alignment of legal expectations and business cultures will be key. Staying plugged into the New York dealmaking ecosystem is essential and the IBA M&A Conference in New York continues to be an important forum for knowledge sharing and relationship building between US and EU legal advisors.