Chris Sheaffer on Tariff Impact on US Buyout Firms in Europe

As part of The Dealmaker’s Edge: PE and M&A Perspectives – focused on developments and trends driving deals in the current market, our fifth installment features Milan Thakker, Corporate M&A partner in London, on Dealmaking in Life Sciences and Healthcare. Milan discusses the current dealmaking environment in the life sciences and healthcare sector. He also shares his thoughts on and significant trends and challenges affecting life sciences and healthcare transactions, particularly in terms of deal volume, valuations, and competition for assets. He also shares the practical advice that he would offer to private equity investors and dealmakers working on deals within the life sciences sector. As the M&A and private equity landscape evolves, staying informed is essential.

Thrilled 🤩 to see the insightful 💡 analysis from my colleague, Alfonso de Marcos, a Partner in our Capital Markets and M&A team at Freshfields, featured in Vozpópuli! Alfonso shares his expert perspective 👀 on the promising outlook for IPOs in Spain for 2026, highlighting how the new BME Easy Access initiative and the EU Listing Act are set to make the market more dynamic. It's fantastic to see his contributions to the discussion around these significant developments that will undoubtedly shape the future of capital markets in Spain. His point about Spain remaining a relevant market 📈 in the European IPO landscape, despite its relative size, truly resonates. It's an exciting 🎉 time for businesses considering going public! Read the full article to understand the full impact of these changes and Alfonso's valuable insights: https://lnkd.in/ed9AW4HE #IPOs #CapitalMarkets #Spain #Freshfields #Legal #M&A #BMEEasyAccess #EUListingAct

📣 “Sector M&A off to a lively start in 2026” Only eight new sector deals were announced in January, but they included a number of notable transactions that will shape continuing change in the sector in 2026. 📊 Read Today’s ViewPoint from John Nisbet and find out what’s driving activity, who’s buying, and who’s being acquired. 👉 https://hubs.ly/Q041vb_40

🚨 𝗜𝗻𝘀𝗶𝗱𝗲𝗔𝗿𝗯𝗶𝘁𝗿𝗮𝗴𝗲 𝗘𝘃𝗲𝗻𝘁 𝗗𝗿𝗶𝘃𝗲𝗻 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 – 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟯, 𝟮𝟬𝟮𝟲 https://lnkd.in/g5ZgKNRm Regulatory momentum continues across multiple merger arbitrage situations. Here are the latest developments event-driven investors should be tracking: 📺 𝗪𝗕𝗗 – 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗠𝗶𝗹𝗲𝘀𝘁𝗼𝗻𝗲𝘀 𝗖𝗹𝗲𝗮𝗿𝗲𝗱 Paramount Skydance (PSKY) announced that the 10-day statutory waiting period has expired following the U.S. Department of Justice’s Second Request (issued December 23, 2025) under the HSR Act for its proposed acquisition of Warner Bros. Discovery (WBD). In addition, the deal secured foreign investment clearance from Germany on January 27, 2026. 👉 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Major regulatory hurdles appear to be behind this transaction, reducing uncertainty around timing and completion risk. 🧬 𝗙𝗢𝗟𝗗 – 𝗘𝗮𝗿𝗹𝘆 𝗧𝗲𝗿𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗚𝗿𝗮𝗻𝘁𝗲𝗱 Amicus Therapeutics (FOLD) announced that on February 11, 2026, the FTC granted early termination of the HSR waiting period. 👉 For merger arbitrage investors, early termination often signals a smoother regulatory path and can compress spreads. 🧪 𝗘𝗫𝗔𝗦 – 𝗦𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗲𝗱 Exact Sciences (EXAS) shareholders have voted to approve the acquisition by Abbott Laboratories (ABT). The deal is expected to close before the end of Q2 2026. 👉 With shareholder approval completed, attention now shifts to remaining closing conditions and timeline execution. 📊 𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗘𝘃𝗲𝗻𝘁-𝗗𝗿𝗶𝘃𝗲𝗻 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 Regulatory overhangs are clearing in key deals. Spread compression opportunities may emerge. Timeline visibility is improving across multiple transactions. 𝘍𝘰𝘳 𝘢 𝘥𝘦𝘦𝘱𝘦𝘳 𝘥𝘪𝘷𝘦 𝘪𝘯𝘵𝘰 𝘴𝘱𝘳𝘦𝘢𝘥𝘴, 𝘥𝘦𝘢𝘭 𝘵𝘦𝘳𝘮𝘴, 𝘣𝘳𝘦𝘢𝘬 𝘱𝘳𝘪𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘳𝘪𝘴𝘬 𝘧𝘢𝘤𝘵𝘰𝘳𝘴, 𝘦𝘹𝘱𝘭𝘰𝘳𝘦 𝘵𝘩𝘦 𝘧𝘶𝘭𝘭 𝘮𝘰𝘯𝘪𝘵𝘰𝘳 𝘰𝘯 𝘐𝘯𝘴𝘪𝘥𝘦𝘈𝘳𝘣𝘪𝘵𝘳𝘢𝘨𝘦. https://lnkd.in/g5ZgKNRm #MergerArbitrage #EventDriven #MergersAndAcquisitions #HSR #DealFlow #RiskArbitrage

CLARITY PARTNERS, a 30-person Danish strategy and M&A consulting firm founded by four ex-MBB’s, has been acquired by global player Teneo » https://lnkd.in/eDY9Mqfb

📍 DEX international M&A expands its presence with a new office in Rotterdam DEX International M&A continues its growth journey with the integration of Westeinde Business Builders and the opening of a new office in Rotterdam (Blaak 34). Founded by Kees-Jan van ’t Westeinde, Westeinde has built a strong reputation for providing high-quality M&A advisory services in the mid-market, with deep expertise in the business materials sector, supporting entrepreneurs, private equity firms and corporates. This integration further strengthens DEX’s core values - integrity, sharp strategic thinking, an entrepreneurial mindset and a strong focus on value creation - and expands the partner group, now consisting of Martijn Peters, Koen Andeweg, Floris de Klerk and Kees-Jan van ’t Westeinde. With a team of 10 professionals and offices in Oisterwijk and Rotterdam, DEX reinforces its position as a focused M&A boutique, advising business owners on mid-market transactions in the Netherlands and internationally. 👏 Congratulations to the entire DEX and Westeinde teams on this achievement. We wish you every success in this next chapter. 📌 Learn more: https://lnkd.in/eynx5Gzv #dexinternational #westeinde #globalscopepartners #globallyone #mergersandacquisitions #globalreach #globalscope #membersdeal #globalscopemember #globalscopenetwork

The stock market regulator has barred the sponsors, directors, and placement shareholders of Asiatic Laboratories Limited from selling their shares after irregularities were found in the use of funds from the initial public offering (IPO) and inconsistencies in the company’s expansion plans. #bangladesh #businessnews https://lnkd.in/gUGmpWzA

In an article for Law360, Orrick partners Eric Hochstadt, Craig Falls and Tony Chan highlight what industry innovators in life sciences and R&D-heavy sectors can learn from the FTC’s recent win in the District of Columbia blocking Edwards LifeSciences’ proposed acquisition of JenaValve, offering practical guidance for structuring deals and navigating antitrust risks. As the three authors see it, the case provides a cautionary tale and important guidance for how mergers between competitors with products still in development can face heightened antitrust scrutiny, especially when innovation competition is at stake. Read more: https://bit.ly/4bBxnEU

A recent win for the FTC has some important lessons for merging parties in industries where head-to-head R&D competition is critical.

The FTC is carefully evaluating the antitrust implications of proposed combinations and is taking swift and decisive legal action when it believes competition will be harmed by anticompetitive mergers. Orrick partners Eric Hochstadt, Craig Falls, and Tony Chan reveal lessons learned from the FTC's recent win in the District of Columbia, blocking Edward LifeSciences' proposed acquisition of JenaValve.