Insights

M&A

M&A in the AI Era: Key Antitrust and National Security Considerations

Companies pursuing AI-related targets should consider scoping out the regulatory risks early on and developing strategies to address the issues they may face in overlapping competition, national security and foreign investment reviews.

Europe’s Sharpened Focus on Defense Creates M&A and Investment Opportunities

As European countries boost military spending, they are emphasizing innovation, new technologies and dual-use products, creating opportunities for SMEs and their investors, and likely generating M&A activity in the defense sector.

Tax: Legislative Developments

The Senate Finance Committee’s tax proposals aim to deliver on Senate Republicans’ promise to make many of the Tax Cuts and Jobs Act’s individual and corporate tax measures permanent. Further amendments to the Senate bill are expected in the coming days.

The House bill extends or makes permanent select corporate, international and individual tax provisions from the Tax Cuts and Jobs Act. It also includes cross-border retaliatory measures and changes to the SALT cap and energy credits.

Tariffs

The evolving U.S. tariff regime has had profound impacts on commercial contracts. Commercial actors are evaluating their contractual commitments to determine the best way to address the liabilities the tariffs create.

Digital Assets

A growing number of companies are raising funds in the capital markets for the express purpose of accumulating cryptocurrencies as treasury assets. Expect a strong focus on differentiation and potentially consolidation in this segment.

The U.S. Senate has passed landmark legislation that creates the first federal regulatory framework for dollar-pegged stablecoins. If passed by the House and signed into law by President Trump, the law would authorize regulated banks and other private companies to issue stablecoins that are backed, on a 1:1 basis, by U.S. dollars or other highly liquid assets.

Hong Kong regulators have licensed dozens of asset managers to form virtual asset investment funds. New positions by the regulator make it possible for them to trade virtual asset derivatives and pursue increasingly complex investment strategies.