Linklaters has partnered with Business in the Community (BITC) on The Prince’s Seeing is Believing programme, which will enable more business leaders to connect and support communities and people across the country who need it most.

The Seeing is Believing programme was established by the then Prince of Wales in 1990, with the aim of closing the gap between the boardroom and the community by taking business leaders out to the communities.

To date, over 25,000 business leaders have taken part in the Seeing is Believing programme. The visits are designed to encourage business leaders to think strategically about how they can support people who are living and working in areas with high levels of deprivation.

Paul Lewis, Firmwide Managing Partner at Linklaters, commented:

“I’ve seen first-hand the impact that the Seeing is Believing programme is having on communities across the UK and have been blown away by the work being done. Business leaders, councils, the third sector, all coming together and taking action to support the communities who need it most. I’m delighted to be expanding our involvement and partnering with Business in the Community on this – and we want more businesses to get involved!”

John Studzinski CBE, Chair of The Seeing is Believing Council, said:

“The Seeing is Believing programme is one of the most powerful initiatives in the country to encourage business leaders to step up and help address the challenges facing people living in communities that have been left behind. I’m delighted that Linklaters has joined Salesforce as a partner supporting the programme. Their support will enable more people to benefit from business action.”

Mary Macleod, Chief Executive of Business in the Community, said:

“The leadership that Paul and Zahra have shown in supporting people and communities across the country has been incredible. The more businesses that step up, the more prosperous our country will be. BITC is delighted to be working with Linklaters and Salesforce on this important programme and I have no doubt that their leadership will encourage more business leaders to step up and act.”

Linklaters is committed to leveraging its expertise and resources to deliver positive social impact – find out more about the firm’s social impact work here.

Roberto Egori will be the new managing partner of Linklaters in Italy. Andrea Arosio will hold his position until the end of his current term on October 31, 2024, after which he will leave the firm to embark on a new and different professional path in the field of strategic consulting, with a focus on innovation and artificial intelligence.

Starting from the beginning of November, the baton will pass to Roberto Egori, who as the Italian managing partner will join the European board of the firm (EuroCom). Roberto has already been working with all the partners and the global management to ensure a transition marked by continuity and to shape the future strategic plan of the firm in Italy. Roberto, a renowned tax specialist, joined Linklaters five years ago and is currently the partner in charge of the tax department at the firm in Italy. Under his leadership, the tax practice has grown significantly, assisting in some of the most significant and complex transactions perfected in Italy in recent years and working alongside major Italian and international clients.

“In markets that are constantly transforming, marked by an ever-evolving geopolitical context, new challenges posed by AI, and the race towards energy transition, companies find themselves increasingly having to manage a complex interplay of variables. The response to this complexity – states Roberto Egori – will increasingly be given by the ability to unite and effectively coordinate the services offered into integrated solutions that can generate value for clients. The multidisciplinary profile of Linklaters Italy, the excellences in various areas of legal and tax competence, the attitude to teamwork, and the technological platforms developed by the Firm globally, will allow us to continue the path of growth and development traced."

Over the years, Linklaters has consistently grown year on year, evolving from a promising start-up in 2007 to being today one of the most important and recognised law firms in Italy and one of the few international full-service firms in our country. It has achieved this by progressively expanding its offerings, integrating high-level professionals and skills, and leveraging a network of excellence capable of supporting its clients wherever they operate.

"Reflecting on nearly twenty years spent leading Linklaters in Italy, I feel deeply proud of the milestones we have achieved – declared Andrea Arosio - The handover to Roberto not only marks the end of a path planned and shared with all the partners for more than three years, but it is also a moment that I welcome with great confidence and optimism for the future. This path has been carefully structured through constant dialogue aimed at ensuring business continuity anchored to the fundamental values of our Firm. I am proud of the history we have written together and I am sure that Roberto, with his qualities, will be able to lead Linklaters Italy towards new and further successes. His ability to enhance the talent and commitment of our exceptional team, which I have had the honour to lead, will be decisive. I leave a solid reality and a virtuous environment, certainly capable of continuing to write other extraordinary pages. I wish Roberto the best in his new role, confident that our excellence and commitment towards clients will remain the fundamental pillars on which to build the future." "I am honoured to take on the role of Managing Partner at Linklaters Italy and grateful for the trust that has been placed in me by the partners and the network – concluded Roberto Egori - My commitment will be to continue to build on what Andrea has achieved over the years, advancing our mission of innovation and excellence in client service. It will be my task to ensure that the Firm continues to evolve strategically and consistently with the needs of the global market, always keeping the client at the centre of our activities. On these solid foundations, Linklaters in Italy is ready to design its own future full of new ambitions and challenges.”

Linklaters has been shortlisted in five categories in the 2024 Financial Times’ Innovative Lawyer Awards Europe. The firm has also been shortlisted for Most Innovative Law Firm in Europe.

Greg Baker, Linklaters’ Global Head of Innovation commented:

“Creativity and innovation for the better of our clients and the world around us is at the heart of what we do. These projects which have been shortlisted are original and a real testament to the excellence of our people, an innovative mindset which runs throughout the firm and drive to continuously look for new solutions which have impact.”

Shortlisted: Innovation in Data-Enhanced Knowledge

The firm has been shortlisted in the Innovation in Data-Enhanced Knowledge category for its ReportiQ product. Linklaters developed ReportiQ, an innovative online platform tailored to streamline the complex due diligence processes inherent in multinational mergers and acquisitions (M&A). This tool addresses the challenge of efficiently managing vast amounts of data, diverse teams, and multifaceted processes, ensuring everything is tailored to client-specific needs, delivered swiftly and within budget constraints.

The platform enhances the due diligence phase by providing features such as real-time tracking of changes in virtual data rooms, an integrated Q&A tool for collecting queries, and capabilities for creating and automating the generation of tailored due diligence reports. This not only makes the process smoother but also more efficient.

Dr. Timo Engelhardt, Corporate Partner at Linklaters:

“Using ReportiQ has been game-changing, with both clients and internal due diligence teams immediately feeling the benefit. We achieved an enormous step-up compared to traditional approaches. The Linklaters team passionately developed this tool over a two-year period with a view to accelerating and streamlining the processes, enhancing accessibility of relevant information gathered whilst presenting key results in a significantly more user-friendly way. The careful design and building of ReportiQ demonstrates the innovative approach we take when building our tech workbench.”

Full press release here. 

Shortlisted: Innovation in Talent Management

Linklaters is proud to be spearheading City Century, a City of London Law Society led initiative, bringing together 50 law firms to significantly increase the number of solicitor apprentices entering the City of London each year. This project has been shortlisted in the Innovation in Talent Management category.

This project was instigated by Linklaters’ Firmwide Managing Partner, Paul Lewis, alongside leaders from five other spearhead firms – Allen & Overy, Eversheds Sutherland, Hogan Lovells, Norton Rose Fulbright and Osborne Clarke.

Linklaters’ Learning Director Patrick McCann, together with Joanna Hughes, have been the brains, energy and passion behind making City Century happen.

The initiative facilitates knowledge sharing between law firms on establishing solicitor apprenticeship programmes and successfully opening up the route into the profession – enabling students to earn while they learn and bypass the costs of traditional university entry routes which can be a significant barrier to pursuing a career in law.

Patrick McCann, Chair of City of London Law Society Training Committee and Learning Director at Linklaters, stated:

“When we spoke to 50 City law firms at the end of last year, it quickly became clear that the conversation was changing to ‘let’s get this done now’ – a real sense of City firms wanting to create an appealing hiring message and do something special. With solicitor apprentices we are competing with other employers and universities to bring in the most talented 18-year-olds. Working together helps get it done.”

City Century has been shortlisted now for nine national awards, winning four at the Legal 500’s ESG UK Awards 2024, Modern Law Awards and The Lawyer Awards 2024.

Full press release here.

Shortlisted: Innovative Lawyers in Pro Bono

Linklaters has been shortlisted in the Innovative Lawyers in Pro Bono category for our application of GenAI to a project seeking to improve the volume, success and judicial handling of human trafficking prosecutions.

In mainland Tanzania and Zanzibar, lack of local case precedent is a barrier to better enforcement, consistent sentencing and appropriate compensation for survivors. We deployed Laila, Linklaters’ legal GenAI chatbot, to help produce case summaries for a compendium resource of international judgments we compiled for our client, Lawyers Without Borders. The resource provides an insight into comparative jurisdictional approaches and highlights key evidential and procedural issues arising in connection with trafficking-in-persons cases. Lawyers Without Borders is using the resource in its work supporting prosecutors and the judiciary to eliminate trafficking-in-persons.

Elsha Butler, Head of Linklaters’ Pro Bono Practice:

“We saw the potential for this project to benefit from our in-house GenAI chatbot, and the benefits extended beyond time saved by our lawyers. The impact on our pace of output allowed for a more iterative collaboration with our client and ultimately a more bespoke end product. We hope this proof of concept inspires others on the potential of innovative legal technology in pro bono work to enhance the rule of law and protect human rights globally.”

Shortlisted: Innovative Lawyers in Sustainability & ESG

Linklaters has also been shortlisted in the Innovative Lawyers in Sustainability & ESG category for its role in developing the Sector Transition Acceleration Contract (STAC) – a new contract and legal framework to enable supply chains to work together to attract financeable upfront direct investment to accelerate the transition of higher carbon sectors towards a low carbon economy. The team worked with Scope 3 Climate Capital (S3CC) on a pro bono basis.

The contractual framework enables utilisation of climate action and offsetting budgets, or forward offtake commitments, or a combination of both, to underpin standardised instruments between direct or indirect users of carbon-intensive products (e.g. concrete or steel) and their suppliers, enabling suppliers to raise secured financing for investment in decarbonisation of their operations. The contract is designed to also accommodate a blended finance sidecar for matched funding by governments/multilaterals. The contract is part of a new S3CC ecosystem for standardised goal setting and assurance which underpins credible decarbonisation claims by virtue of using STACs.

Alex Shopov, Head of ESG Structured Finance at Linklaters, commented:

“To reach net-zero, businesses must address “Scope 3” supply chain emissions which, for so many of them, account for the majority of their GHG emissions. This groundbreaking approach, aligning incentives in a robust, transparent, contract-based way, uses the power of supply chains working together to unlock private capital and blended finance opportunities for direct investment to facilitate the transition to a low-carbon economy. Working with S3CC, their partner Impact Delta, and their advisory council on this project has been a rewarding experience, and we look forward to seeing the STAC take off and help lead us to a net-zero future.”

Full press release here.

Shortlisted: Innovative lawyers in the Technology Sector

The firm has also been shortlisted in the Innovative Lawyers in the Technology Sector category for its work in the Digital Financial Markets. The team advised Euroclear Bank on the development and launch of its Digital Financial Market Infrastructure (D-FMI). The infrastructure enables the creation, issuance, and settlement of fully digital international securities.

This innovation represents the first distributed ledger technology (DLT) deployment within an EU established central securities depository (CSD) capable of supporting securities governed by English law and the first such deployment by one of the CSDs known as ICSDs (International or cross border CSDs). This capability of handling English law securities is of particular importance, given that the jurisdiction of England and Wales is the leading legal jurisdiction for non-domestic international securities.

Michael Voisin, Capital Markets partner at Linklaters, comments:

“We are delighted to have advised on the development and establishment of Euroclear Bank’s D-FMI, which is a ground-breaking project and significant development in the journey towards increasingly digital financial markets. Our role in designing the infrastructure has been exciting and plays to our practice’s strength in advising clients at the forefront of the market.”

Full press release here. 

The awards take place at the Natural History Museum, London on the 12 September. More information can be found here.

Linklaters has achieved the number one position in Stonewall’s Top 100 Employers list for 2024. This comes after consistently making the top 100 for six years and securing ninth place last year.

LGBTQIA+ is one of the firm’s six priority strands of DEI and this recognition highlights Linklaters’ sustained commitment to fostering an inclusive workplace for everyone- where individuals can bring their whole self to work and preform at their best.

The list is compiled from Stonewall’s Workplace Equality Index, the UK’s leading benchmarking tool for LGBTQIA+ inclusion in the workplace. It recognises exceptional employers who are committed to supporting their LGBTQIA+ colleagues and advocating for LGBTQIA+ equality throughout the UK.

Angela Ogilvie, Linklaters’ Chief HR Officer and Executive Committee LGBTQIA+ Champion, comments:

“We're thrilled to be recognised as the top employer in this year's Stonewall Top 100 Employers list. Our people are the key to our success, and this ranking really highlights the inclusive and supportive environment we've built. Here, diversity is more than just supported—it's celebrated, sparking innovation and helping us better serve our clients and our community.”

Learn more about Linklaters’ global DEI strategy here.

Linklaters is pleased to announce that Yelena Nersesyan has joined the firm’s New York office as a counsel in the Corporate group, launching the firm’s Real Estate offering in the U.S. Yelena continues the growth of our U.S. offering for corporate clients, following the arrival of a market-leading six-lawyer New York M&A team led by George Casey earlier this year. 

Yelena works with clients on real estate matters for corporate and restructuring transactions, including mergers and acquisitions, private equity investments, and corporate finance. She also advises clients on joint ventures, acquisitions, dispositions, leasing, financing and refinancing of commercial real estate properties, including hotels, retail, industrial sites, office buildings and multifamily housing throughout the U.S. 

"We are thrilled to welcome Yelena Nersesyan to Linklaters as part of our strategic corporate expansion in the U.S.,” said Casey. “Yelena’s deep understanding of complex real estate transactions and her ability to navigate multifaceted corporate structures will greatly benefit our clients. Her contributions will be invaluable as we continue to build on our tradition of excellence in serving corporate clients across diverse sectors and geographies."

This follows another recent hire for Linklaters as Shruti Chopra joined as Counsel in the TMT/IP and Data Solutions practice in New York. The firm has made a series of other significant hires in the U.S. over the past 18 months, including across energy & infrastructure, financial regulation, capital markets, tax, executive compensation & employee benefits, environmental and other areas complementary to the firm’s corporate offering.

Linklaters has a pre-eminent global M&A practice, with over 650 M&A lawyers advising clients across the globe on their most complex and important transactions. The firm is Band 1 ranked by Chambers for Corporate/M&A in the UK, Europe, and Asia, as well as for Global Multi-Jurisdictional Corporate/M&A. In 2023, our global M&A team handled over 220 M&A deals worth a total of $136 billion. 

About Linklaters

Linklaters is a 185-year-old leading global law firm with over 3,100 lawyers across 31 offices in 21 countries. We combine legal expertise with a collaborative and innovative approach to help clients navigate constantly evolving markets and regulatory environments, pursuing opportunities and managing risk worldwide. In order to offer our clients the highest quality advice, our lawyers across three divisions — Corporate; Litigation, Arbitration, and Investigations; and Finance — specialize in industry sectors as well as practice areas.
 

Releasing our financial results for the year ended 30 April 2024, we have delivered strong global growth with a record and highly profitable revenue of £2.1bn, driven by investments in strategic priority areas.

Linklaters is pleased to announce that U.S. Restructuring and Insolvency Partners Penelope Jensen and Christopher Hunker have been named to Lawdragon’s List of 500 Leading Global Bankruptcy & Restructuring Lawyers for their work on corporate reorganizations, liquidations, complex chapter 11 proceedings, chapter 15 cases, and out-of-court restructurings. 

Lawdragon's list celebrates a diverse group of legal professionals, including traditional bankruptcy lawyers, leveraged finance specialists, restructuring experts, and litigators skilled in financial distress scenarios, who have consistently guided companies, financiers, and suppliers through challenging times. Attorneys are selected through a time-honed process that includes robust nominations, independent research, and peer vetting.

Linklaters' Restructuring & Insolvency team manages some of the world's most complex and significant domestic and cross-border restructuring and insolvency cases, spanning a diverse array of sectors and jurisdictions. Recently, the U.S. team successfully advised Crédit Agricole CIB on the cross-border restructuring of McDermott International. The team has also recently received The M&A Advisor’s Cross-Border Restructuring of the Year Award. 
 

Linklaters has been named as one of The Times Top 50 Employers for Gender Equality 2024 for the eleventh consecutive year. The annual awards, spearheaded by Business in the Community, are one of the UK’s most established benchmarks for employers dedicated to integrating gender equality into their business strategy at every level.

We are focused on fostering an inclusive environment that promotes equality for all genders. It makes our business stronger. Our ongoing gender diversity initiatives are a central part of our people strategy. They include:

• Developing a balanced and sustainable pipeline of female talent across all career stages.
• Providing women with access to mentoring and sponsorship opportunities, including our Women’s Leadership Programme and Stepping Forward group coaching programme.
• Pioneering comprehensive parental leave policies and support benefits.
• Adopting flexible approaches to working arrangements and career progression.
• Facilitating opportunities for our team to gain insights into diverse perspectives and experiences.

Aedamar Comiskey, Senior Partner and Chair and Executive Gender Champion at Linklaters, comments:

"Delighted to feature in The Times Top 50 Employers for Gender Equality list for the eleventh consecutive year. We’re proud of our inclusive culture. It’s key to attracting and retaining the best talent.”

• 2023 was the second-largest investment year in the past decade for investment in data centres globally, with capital reaching $36bn
• In the first five months of 2024, $22bn has been invested globally with 29% invested across Europe
• Asset-backed securitisations (ABS) are becoming an attractive option for financing these centres and, since 2018, the US has seen over $21bn in ABS issuance
• As appetite for data centres increases across Europe and the sector matures, the region is becoming primed for the emergence of ABS in the sector

Global investment in data centres reached $36bn last year with $22bn invested in the first five months of this year alone, according to analysis by global law firm Linklaters*, signalling robust growth in support of the digital economy.

North America leads with significant investment, accounting for 62% of the global total in 2023 and 69% of investments up to April 2024, equating to $15bn invested. Europe's market share has jumped from 6% in 2022 to 20% in 2023, with over $7bn invested in European data centres so far in 2024, giving Europe a 29% market share and highlighting the continent's growing importance in the data centre market.

While North America continues to hold a significant portion of activity, Europe stands out as the only region to build a year-over-year increase in transaction volume in 2023.

The Rise of Asset-Backed Securitisation

The financing strategy for data centres is evolving. As these centres reach income stabilisation, the transition to ABS offers a more cost-effective means to refinance existing bank debt, showcasing the versatility and appeal of the product in this sector.

The ABS market in the US experienced a resurgence in 2023 with $5.4bn in securities backed by data centre revenues issued, and the first five months of 2024 has already seen issuances totalling $3.7bn. This is a significant rebound following a contraction in 2022 due to elevated funding costs.

Since 2018, data centres across North America have seen issuance of over $21bn in asset-backed securities. This growth trajectory emphasises the sector's appetite for sustained development and the integral role that ABS financing will play at the appropriate phase in the lifecycle of these assets.

As data centre deals mature, expectations are set for a rise in activity in the European ABS sector. Europe’s data centre sector has just seen its first ABS issuance at £600m, with the growth in data centre transactions set to make the sector prime for further ABS uptake as owners look to optimise their financing and unlock capital, indicating the early stages of an emerging market with vast potential.

A key difference of the European sector compared to North America is the significant difference between legal jurisdictions across the continent. Pan-European ABS platforms have been successfully executed in other established sectors – this could be replicated for data centres.

Elisabeth Johnson, Structured Finance Partner at Linklaters (London) commented:

"Data centres have been the target of significant global investment, with appetite growing substantially within Europe. We're at the edge of witnessing asset-backed securitisations in Europe pick up pace as these ventures mature. This is an exciting time for the industry, where strategic financing structures will pave the way for the next wave of digital infrastructure expansion. Linklaters has successfully structured a large number of complex pan-European ABS structures and is expertly placed with its network of offices in all major European jurisdictions to advise on novel structures."

Patrice Doat, Structured Finance Partner at Linklaters (Paris), commented:

"Data centres have become an attractive asset class with predictable cash flows, making them ideal candidates for ABS. France, with its strategic location and strong regulatory framework, offers an attractive environment for such innovative financing structures. With this in mind, it will be essential for firms to navigate the specific legal and regulatory considerations, including compliance with the EU securitisation regulations and French commercial real estate laws, to fully leverage ABS in this sector."

Barbara Lauer, Capital Markets Partner at Linklaters (Frankfurt), commented:

“Data centres have seen exponential growth, driven by technological advancements and market trends such as the popularity of AI and the need for cloud-based storage. As the sector matures, ABS has potential to become an additional funding source noting that it will be crucial to apply the knowledge and experience gained on other more esoteric asset classes in structuring such deals in an insolvency remote manner. ABS may be used to enhance liquidity and potentially to lower capital costs.”

Linklaters is at the cutting-edge of the digital infrastructure sector and the remit of the team has widened as the market has grown to incorporate a growing number of digital infrastructure assets, including data centres, fibre, towers and satellites.

These transactions often involve multiple complexities of bespoke corporate and financing structures, an increasingly regulated investment sector, and complex development and offtake contracts driving value, playing into the combined strengths of the firm’s market leading corporate, finance, telecoms and regulatory teams.

Linklaters has been involved in a number of landmark deals in 2024, including advising Ardian on the acquisition of leading data centre platform Verne, and EXA Infrastructure sale of seven edge data centres in Europe.

*Based on Linklaters analysis of Inframation data.

Linklaters has partnered with Pilotlight, the UK’s leading cross-profession pro bono charity, to support the UK’s first social impact programme for climate action.

The programme aims to enhance the effectiveness of charities tackling climate and sustainability challenges by bringing in skills and expertise from businesses to assist. The initiatives included in the programme range from the Pilotlight Impact Day, a high energy event where teams of professionals take on specific, strategic challenges that charities face and provide suggested solutions, to the Pilotlight Insight programme, in which teams are matched to emerging and aspiring leaders of environmental charities to provide them with analysis and support on strategy choices over a three-month period.

Recent studies by Pilotlight show that two-thirds of environmental charities seek external expert support to address climate issues, yet only one in five knows where to find such assistance. This partnership will bridge this gap, enabling charities to amplify their impact and scale their solutions to environmental challenges.

Pilotlight amplifies the impact charities, businesses and individuals can bring to make a better world. Since 1996, it has helped over 1,000 charities who tackle social disadvantage to ignite change that lasts and supported individuals to apply their professional skills to those who need it.

Matt Sparkes, Sustainability Director at Linklaters, commented:

“Pilotlight’s leadership in bringing corporate expertise to high-potential and inspiring not-for-profits is renowned and Linklaters is delighted to be part of this hugely exciting initiative, facilitating intelligent, focused and meaningful engagement among leaders on critical environmental issues and across sectors.”

Linklaters is committed to leveraging its expertise and resources to deliver positive social impact – find out more about the firm’s social impact work here.

In the first five months of 2024, $22bn was invested globally in data centres. This follows a noteworthy year of activity, 2023 witnessed a significant $36bn in global investment in data centres, marking it as the second-largest investment year in the past decade. Data analysis from global law firm Linklaters* has revealed that the United States and Europe are emerging as the dominant jurisdictions.

This year’s figures set a positive tone for the year ahead and underscore the increasingly critical role that data centres play in supporting the expanding digital economy.

North America and Europe: Powerhouses of Data Centre Investments

1. Data centre transaction values have seen North America maintaining its lead, accounting for an impressive 62% of the global total in 2023 and 69% of investments up to April 2024, equating to $15bn invested, with the United States taking the largest share of the total.
2. Europe has shown a notable surge in activity, increasing its share from 6% in 2022 to 20% in 2023. So far in 2024, over $7bn has been invested in data centres across Europe taking a 29% share. This shift highlights Europe's growing importance in the data centre market.
3. While North America continues to hold a significant portion of activity, Europe stands out as the only region to build a year-over-year increase in transaction volume in 2023.

Rich Jones, TMT Partner at Linklaters:

“There is currently a real clamour for involvement in the data centre market, which is brought about by the sheer demand for data centre capacity (and the widely-accepted projections for the demand’s continued growth). Increasingly complex structures are now being used on data centre transactions, to open up the market as widely as possible and attract even investors who have not historically invested in digital infrastructure.” “With developers facing growing challenges in relation to resources (such as power supply and cooling), environmental requirements, financing, supply chains and local authority permits, data centre owners are using corporate structuring to put finished or “stabilised” data centre assets into separate corporate entities. Doing this helps to isolate investors from some of the risks of data centre development, and thereby encourages investment from funds and financial sponsors who would not typically have the appetite for the digital infrastructure market at all.” “This ability for new types of investors to be involved in the data centre market in turn fuels further investment demand (and exacerbates the development challenges) - it’s certainly an active time for the sector.”

Josh Feit, Counsel at Linklaters based in the United States:

“The substantial investment in data centers across North America underscores the critical role that data management and storage play in the modern economy and the high demand for cloud services and robust infrastructure to support data-intensive applications. Both the public and private sector are playing a role in this expansion: multiple state governments are facilitating the growth through the provision of low property and sales tax rates, while private companies are investing in cutting-edge technologies to create data centers that are competitive on a global scale, and aim to satisfy the sector’s accelerating electricity demands via clean energy technologies, such as solar power, which may trigger further tax incentive eligibility.”

European breakdown: France and Italy emerge as new hot spots

1. France is starting to emerge as a new jurisdiction to watch with nearly $4bn channelled into the sector through six M&A transactions in 2023. However, a significant level of investment came from Brookfield's acquisition of the Data4 data centre from AXA Investment Managers Real Assets for $3.8 billion, a transaction led by Linklaters.
2. Italy is emerging as a new hotspot for data centre investment, with over $1bn in greenfield investment across three deals. This includes the construction of two 40 MW hyperscale data centres in Bellini and near Milan.
3. In the last 5 years, 30% of data centre investment in Europe has been in the UK, a total of around $7bn over this period has been invested.

Daniel Law, Financial Sponsor Partner at Linklaters:

"Appetite for data centres within Europe is growing exponentially, driven by evolving technology such as AI. This surge in demand is fuelling a wave of investment geared towards developing robust digital infrastructure capable of supporting the continent's growing data needs.” “Private equity and other financial sponsors continue to be a driving force behind much of the activity in the last eighteen months. Some sponsors are having to get more creative when it comes to liquidity, as many of these data centre platforms are now incredibly large and for investors it could be hard to sell off their stakes. Some will look to IPO as a possible exit strategy. Others will look to sell partial stakes and/or bring in long-term hold investors alongside traditional private equity investors, with different holders selling down over time.”

Linklaters is at the cutting-edge of the digital infrastructure sector and the remit of the team has widened as the market has grown to incorporate a growing number of digital infrastructure assets, including data centres, fibre, towers and satellites.

These transactions often involve multiple complexities of bespoke corporate and financing structures, an increasingly regulated investment sector, and complex development and offtake contracts driving value, playing into the combined strengths of our market leading corporate, finance, telecoms and regulatory teams.

In 2024 Linklaters have already been involved in a number of landmark deals including advising Ardian on the acquisition of leading data centre platform Verne, Brookfield's acquisition of the Data4 data centre from AXA Investment Managers Real Assets for $3.8 billion and EXA Infrastructure sale of seven edge data centres in Europe. The platform also continues to advise DigitalBridge and Vantage Data Centers:

• in connection with Silver Lake and DigitalBridge’s US$6.4bn investment across North America and EMEA.
• on the completion of a €2.5b Investment Partnership with an Investor Consortium to Accelerate Growth in EMEA.
• on AustralianSuper’s €1.5bn investment in Vantage’s EMEA platform for a significant minority stake.
• DigitalBridge’s joint venture with Liberty Global and Telefonica to create AtlasEdge.

*Based on Linklaters analysis of Inframation data.

Linklaters has announced the appointment of Pam Shores, US Capital Markets Partner, as Global Head of US Capital Markets, and Christian Storck, Head of Finance Germany and partner in the firm’s Frankfurt office, as its new Global Head of Capital Markets. Linklaters is renowned for its global reputation across equity and debt capital markets, derivatives and structured products, and structured finance, and Pam and Christian’s appointments reflect the practice’s Tier 1 standing.

Christian joined Linklaters in 2003 and is an accomplished capital markets lawyer with specialised experience in debt capital markets, derivatives and structured finance. Qualified in both German and English law and a leader in the industry, Christian is a member of the drafting commission of the Loan Market Association. Christian recently advised KfW on their first electronic bond using Distributed Ledger Technology.

Christian succeeds Hwang Hwa Sim, who steps down to focus full time on his practice in the Asia region.

Based in London and New York, Pam will lead the firm’s US-qualified capital markets lawyers who are located globally across its US, UK, Europe and Asia offices.

Pam joined Linklaters in 1998 and is the firm’s Global Co-Head of Equity Capital Markets. She has led the team on many of the firm’s most complex cross-border capital markets transactions and has experience across many industry sectors, advising clients on the life cycle of equity capital markets activities, from late stage fundraising through to IPOs and secondary capital raisings, as well as on debt offerings and liability management transactions. Pam recently led the team representing the underwriters on the c.€2.3bn IPO of CVC Capital Partners.

Andrew Vickery, Global Head of Linklaters’ Finance Division, commented:

“The global capital markets have faced unique challenges, driven by macro developments such as economic volatility, geopolitical risk, and landmark elections across major jurisdictions. Alongside this, the market has also seen emerging opportunities and it has never been more critical for us to help clients navigate both. “Christian and Pam are both trusted advisors with extensive experience across the global capital markets and a strong track record of solving their clients’ most complex problems. Pam will provide strategic leadership to our global US capital markets lawyers as our clients around the world continue to pursue opportunities in the US markets. Globally, our capital markets practice will continue to thrive under Christian’s leadership. “I would also like to take this opportunity to thank Hwang Hwa on behalf of the firm, for his leadership and significant contribution in the role over the last three years.”

For more than two decades, Linklaters has been at the forefront of advising on many of the world’s largest and most complex capital markets transactions. The firm’s offering has incredible depth of expertise in this area with over 500 lawyers globally, with the team continuously ranked in Band 1 in Chambers for Capital Markets globally.

The firm’s US Capital Markets teams in the Americas, UK, Europe, and Asia regularly advise financial institutions, corporates and sovereigns on a full range of transactions and legal issues involving US and non-US issuers.

Linklaters has worked with Scope 3 Climate Capital (S3CC) on a pro bono basis to devise the Sector Transition Acceleration Contract (STAC) – a new contract and legal framework to attract financeable upfront direct investment to accelerate the transition of higher carbon sectors towards a low carbon economy.

The contractual framework enables utilisation of climate action and offsetting budgets to create financeable direct investment instruments between users of carbon-intensive products (e.g. concrete or steel) and their suppliers, enabling suppliers to invest in decarbonisation of their operations. The contract provides optionality though alternatives, such as a financeable committed advance order option. The mechanism, trademarked as the Scope 3 Market Mechanism, is designed also to accommodate a blended finance sidecar for matched funding by governments/multilaterals.

Together, S3CC and Linklaters designed the legal mechanism with a number of objectives in mind:

• Standardisation to drive adoption and marketplace growth
• A third-party goal-setting and monitoring body to drive confidence in the framework and ensure claims oversight
• A design that facilitates financeability
• A framework to enable participation from governmental and multilateral co-investors, bringing blended finance themes into Scope 3 efforts
• An ecosystem of linked instruments, which can reinforce each other and improve the opportunity for sector breakthroughs and value chain tipping points

S3CC was set up in 2023 as a UK Community Interest Company to address the challenges of decarbonisation, nature-positive solutions and climate resilience, with its initial work focused on how to enable supply chains to work together to tackle Scope 3 emissions and, by connecting them, unlocking the potential of investment (which can be leveraged) from within such supply chains. In 2024, in partnership with Impact Delta, a US-based consulting firm, S3CC has amplified its market presence to accelerate adoption of the Scope 3 Market Mechanism among off-takers and suppliers of transition-aligned solutions.

As the sole legal counsel to this initiative, Linklaters led the development of the legal framework for this project. Alex Shopov, Head of ESG Structured Finance, and Imogen Ormerod, Energy & Infrastructure Managing Associate, have spearheaded the initiative, designing the legal framework and developing the bespoke contracts. They have been supported by Rachel Barrett, Head of the ESG practice, and Leanne Banfield, Structured Finance Partner, who has market-leading experience in the carbon credit market.

Alex Shopov commented:

“To reach net-zero, businesses must address “Scope 3” supply chain emissions which, for so many of them, account for the majority of their GHG emissions. This groundbreaking approach, aligning incentives in a robust, transparent, contract-based way, will bring together supply chains and unlock private capital and blended finance opportunities to facilitate the transition to a low-carbon economy. Working with S3CC and their advisory council on this project has been an invaluable experience, and we look forward to seeing the STAC take off and help lead us to a net-zero future.”

Chris Perceval, Steering Committee Member, Scope 3 Impact Delta, commented:

“S3CC was formed to bring together ideas and perspectives of experts from across industry, finance, NGOs, academia, and government, around a shared vision and plan for driving a faster transition by leveraging the power and potential of value chains and a market-based approach. It’s been an exciting journey working with Linklaters over the last six months to get to this launch point. The engagement from market players has already been incredibly positive with the pipeline of activity growing. The transition goes beyond energy and emissions. It encompasses resilience, nature-positive solutions, and changes across entire economies.”

Find out more about the project and the STAC here.

Linklaters has been named “Innovative Lawyers in Unlocking Capital” at the prestigious FT Innovative Lawyers Awards Asia Pacific 2024, highlighting the firm’s reputation in legal innovation and dedication to using innovative approach to deliver exceptional service to clients.

The firm has been recognised for its innovative work on the establishment of The Swap Connect Scheme, which opened a new chapter in China’s financial market for the trading of over-the-counter (OTC) derivatives. Swap Connect allows international investors to tap into China’s onshore interest rate swap market via links with Hong Kong SAR. The Linklaters team, led by Asia Head of Structured Finance and Derivatives Chin-Chong Liew, advised Hong Kong Exchanges and Clearing on the design of the Swap Connect clearing link agreement, which allows foreign investors to remotely trade and clear renminbi interest rate swaps to hedge their debt exposure.

In addition to winning the “Innovative Lawyers in Unlocking Capital” award, the firm has also been recognised in the “Fintech and Digital Assets” category, advising on the standout HKSAR government’s first multi-currency digital green bond offering. The Linklaters team on this path-breaking transaction was led by capital markets partner Gloria Cheung. The firm was also shortlisted in the “Most Innovative Law Firm in Asia-Pacific (headquartered outside Asia-Pacific)” category.

The FT Innovative Lawyers Awards are one of the most significant legal awards in the region, recognising lawyers, law firms and in-house legal teams that are at the forefront of innovation. Entries are scored by independent experts who review the submission for originality, leadership and impact.

Full report available on Ft.com.

Linklaters | CreateiQ are pleased to introduce CreateiQ 2.0, the latest evolution of its contract lifecycle management (CLM) solution. With enhanced features and user-centric improvements, CreateiQ 2.0 has been designed to further streamline processes, mitigate risks, and drive efficiency like never before.

The platform upgrade is a testament to CreateiQ’s commitment to setting industry standards and responding to valuable user insights. CreateiQ 2.0 reflects the firm’s dedication to becoming the preferred CLM platform for capital markets documentation, offering a compelling, competitive, and consolidated solution.

CreateiQ 2.0 introduces:

• An intuitive, user-led interface simplifying documentation workflows.
• Updated industry-specific terminology.
• A more approachable and interactive "light" design theme.
• Impactful data insights seamlessly integrated into the user interface.
• Branded platform features providing clear descriptions of solutions.
• New and enhanced features including improved search, collaboration notifications, advisor tools, offline mode, and more.

Shilpa Bhandarkar, CEO at CreateiQ voiced her enthusiasm about the integration, stating:

“We are thrilled to unveil the latest iteration of our platform, this project has been designed with our users’ in mind, with the primary objective of delivering a more intuitive and engaging contract management experience.”

Deepak Sitlani, Partner, Capital Markets DSP Practice added:

“With CreateiQ 2.0, we’re empowering professionals in the financial markets with a cutting-edge contract lifecycle management tool. This upgrade demonstrates our commitment to consistently provide innovative solutions tailored to the needs of our clients.”

Douglas Donahue, Partner, CreateiQ SteerCo, expressed:

“The launch of CreateiQ 2.0 marks a significant milestone in our mission to deliver streamlined processes and enhanced efficiency in capital markets documentation.”  

For further information on how CreateiQ 2.0 is set to revolutionise Contract Lifecycle Management, please visit: CreateiQ 2.0: The future of contract management has arrived.

Linklaters has completed an independent review of the structure and governance of the Credit Derivatives Determinations Committees (DCs). The review, requested by the International Swaps and Derivatives Association Inc. (ISDA), covers the composition, functioning, governance and membership of the DCs. The report makes several recommendations about the changes that could be made to improve the structure of the DCs and is now available on the ISDA website for public consultation.

The recommendations made by Linklaters include the following:

General observations

• A determinations process is needed for credit default swaps and provides market stability as well as reducing costs.
• The existing DC process has been effective overall but there are some areas in which it could be improved.

Independence

• Concerns about conflicts of interest remain in some quarters, including on the part of regulators. Although it is not suggested that decisions have been influenced by conflicts, if an issue were to arise in the future, it could seriously disrupt the credit derivatives market and so is an area of risk.
• The point can be addressed in two ways:

1. DCs having an independent chairman and up to two other independent members (with appropriate experience and qualifications); and/or
2. DCs having a facility to refer decisions (especially difficult decisions) to an independent panel for resolution.

Representation and transparency

• It would be desirable for there to be more transparency in the DC process (for example, enhanced rules about the information that must be included on the DC website and how quickly it appears).
• The DCs Rules should be required to give reasons for all material decisions. The amount of detail required will depend on the decision.
• There is a strong argument that, within certain parameters, non-DC members should be able to advance arguments in favour of a particular outcome (although not necessarily anonymously).

Procedural clarity

• The DC Rules are unclear about some important issues, such as what information must be provided to ask a DC to determine whether a credit event has occurred.
• It should be made clear that the DCs’ role is to decide the issues referred to them on the evidence available and does not include finding the evidence in the first place.

Governance

• There should be a governance body with responsibility for overseeing the way the DCs carry out their functions.
• It would report periodically to the market, obtain feedback from market participants and have responsibility for making any changes to the DC Rules. It would potentially also be able to require DC members’ compliance with the DC Rules regarding conflicts to be audited.

Funding

• The existing funding model (which involves the dealer members of the DCs bearing all the costs) is unfair and should be replaced by a new funding model.
• This would ideally involve a transaction-based levy, although the exact mechanism requires detailed consideration.

Following the public consultation on the Linklaters recommendations, ISDA will work with its members to propose specific changes to implement any measures that receive broad public support. ISDA will then recommend these solutions to the DCs, which are solely responsible for agreeing and implementing any changes.

The Linklaters team was led by partner Simon Firth.

Simon Firth, commented:

“This has been the most detailed review of the DC process since the DCs were established in 2009. It’s reassuring that there is a broad consensus that the process has generally been effective and contributes to market stability. However, I also believe that there is an opportunity to make a number of improvements to ensure that the DCs continue to serve the needs of the market.”

Find the full report on ISDA’s website here.

Linklaters is pleased to announce that prominent M&A partner Richard Spedding is joining its Corporate team in London. Renowned for its M&A offering, Richard’s arrival further consolidates Linklaters’ market leading position in this space.

Simon Branigan, Global Head of Linklaters’ Corporate Division:

“We are thrilled Richard is joining our very strong global bench. He brings a wealth of experience in public M&A and equity capital markets and joins the most active team in the M&A market with leading mandates on the biggest and most complex deals around. We are delighted to have him on board to help deliver the excellent client service for which our team is renowned.”

Richard is recognised as a leading M&A lawyer with extensive experience in public M&A and the UK Takeover Code, having advised on a large number of public to private deals. He also advises corporates, investment banks, hedge funds and other financial intermediaries on equity capital markets deals.He is ranked as a Band 1 for Corporate M&A, Leading Individual by Chambers UK and recognised in the Hall of Fame by The Legal 500 in Equity Capital Markets.

This is the latest hire into the global Corporate practice, following the arrival of Sayak Maity, Hubert Segain, George Casey, Heiko Schiwek, Roger Cheng, John Guccione and Genna Marten.

Linklaters has a market leading global Corporate team which is consistently recognised as the leading practice for advice on all aspects of high-end M&A and other corporate activity.

In 2023, despite a market slowdown, Linklaters was one of the top firms for M&A across the UK and Europe, advising on deals with a value of $133bn. The firm has continued to demonstrate its market strength by topping Refinitiv’s rankings for both UK and European M&A (completed deals) for Q1 of 2024.

• Global public M&A reached $361bn in the first quarter of this year – the highest deal value the market has seen since Q2 in 2022 where it topped $511bn.

Simon Branigan, Global Head of Linklaters Corporate Division:

“The global public M&A market has seen a turbulent few years navigating geopolitical and economic challenges. The market now shows promising signs of an upward trajectory. In the first quarter of this year, global deal values reached levels similar to the bumper deal making period in 2021 and the first half of 2022. Some of the obstacles which have previously hindered deals are lessening, including access to debt and financing options. However, deals are taking longer to close and becoming increasingly more complex due to, in part, antitrust regulators becoming much more interventionist and less predictable. Clients are looking to us to support them on their large scale, cross-border, complex transactions due to the strength of our client relations and the unparalleled nature of our platform.”

Public M&A looks set to return to higher values in 2024, according to analysis by global law firm Linklaters*.

• The United States public M&A market topped $244.3bn, the highest value of deals since 2022 which reached $260bn in Q2.

• In Europe public M&A reached $47bn – this has largely been driven by the uptick in the UK market which has seen its highest quarter since Q2 2022, reaching $21bn.
• Asia saw the highest volume of public M&A deals since Q4 in 2021 which reached 790, seeing 644 deals take place already this year. However, the value of deals in the region is lower than this time last year where public M&A figures reached $58bn and currently reached $33bn.  
• Globally, the Technology sector saw the largest share of deals in the first three months of this year at 19%, a resurgence compared to its 14% share in 2023. Other active sectors in Q1 2024 include Energy & Utilities (15%), Banks (13%), Telecoms, Media & Business Services (TM&BS) (12%), and Healthcare (11%). See graph below:

Linklaters’ analysis has also revealed that public M&A levels are on an upwards trajectory by volume as well as value. The number of deals announced rose steadily from 1196 to 1299 in the first and last quarters of 2023 respectively, while 1213 deals announced in Q1 2024. This trend is particularly evident in the United States, see graph below:

George Casey, Global Chairman of Corporate based in the United States:

“With the increasing likelihood of the U.S. economy achieving a soft landing, cooling inflation, and expected interest rates cuts later this year, Boards and management are more confident in pursuing strategic transactions, and investors see a way to secure financing on acceptable terms and get deals over the finish line. Following 2023, one of the slowest years for M&A in quite some time, I am cautiously optimistic that the upward trajectory we saw in Q1 for M&A will continue, particularly in the energy, health care, industrials, and technology sectors and in cross-border deals. While concerns are still there about regulatory environment, we will likely see buyers and sellers getting more active across the board.”

Kristina Klaaßen-Kaiser, European Head of Corporate based in Germany:

“Public M&A has faced significant challenges over the last 18 months due to macroeconomic impacts, geopolitical conflicts and volatile energy costs. However, in the course of 2024 we are expecting to see the tide turn and there is momentum in the market. This analysis has underlined that Europe, outside the UK, is slightly slower to recover on the public M&A front and increased protectionism on the antitrust and foreign investment side continues to require thorough consideration but our practice is seeing a number of different strategies starting to play which we expect to drive activity this year. Investors are re-gaining confidence as well as access to financing and are looking for investments not only in markets that were struck most by the polycrisis. At the same time, companies are reconsidering their strategies and initiating implementation processes (selling off non-core assets, bringing in new capital). Particularly active sectors continue to be infrastructure, energy, healthcare and chemicals.”

Sophie Mathur, Asia Head of Corporate based in Singapore:

“Public M&A deal activity remains robust in Asia, as indicated by the analysis of deal volume. Looking at the Southeast Asia region in particular, Linklaters tops the M&A league tables both by value and deal count based on Mergermarket rankings for Q1 2024. Anticipating the remainder of the year, we foresee continued interest as strategic investors are actively exploring strategic acquisitions in the region, despite ongoing economic volatility. We are starting to see slower-growth regions, like Europe and the US, eye up targets across the Asia Pacific region. Sectors like digital infrastructure, healthcare and financial services continue to be of interest to investors.”

Iain Fenn, Corporate Partner based in the UK:

“It has been a busy first quarter for UK public M&A. There is momentum in the market with a significant increase in £1 billion plus bids. There is also an increase in competitive situations after a quieter year for competing bids in 2023. Non-UK bidders and financial sponsors continue to show a keen interest in UK public companies. This interest is driving activity as well as UK buyers seeking consolidation opportunities. Well-capitalised companies, having deferred strategic moves during the past year, are now actively seeking opportunities. Financial sponsors and sovereign wealth funds continue to have substantial capital at their disposal and are under increasing pressure to deploy available funds. Whilst predicting the outlook of this market remains challenging, the analysis from Q1 sets an optimistic tone for an increasingly busy 2024.”

Linklaters has a market leading global corporate platform which is consistently recognised as the leading practice for advice on all aspects of high-end M&A and other corporate activity. The firm has extensive experience advising on all aspects of public M&A.

In 2023, despite a market slowdown, Linklaters advised on $133bn in deals according to Refinitiv, marking it one of the top firms for M&A across the UK and Europe. The firm has continued to demonstrate its market strength by topping Refinitiv’s rankings for both UK and European M&A (completed deals) for Q1 of 2024. Linklaters have advised on some of the largest deals so far in 2024, including:

1. Linklaters advises Barratt Developments plc on its recommended all-share offer for Redrow plc

2. Linklaters advises Mondi plc in connection with its possible all-share combination with DS Smith plc

3. Linklaters advises Carrier Global Corporation on the sale of its Industrial Fire business for US$1.425bn

 

*This analysis has been pulled together using LSEG Workspace

Linklaters announces the hire of Sayak Maity as a partner in the firm’s corporate practice based in Singapore*.

Sayak joins from White & Case where he was a partner in the Mergers & Acquisitions and Private Equity practice group, initially based in London before moving to Singapore. Prior to that, was a partner with AZB & Partners in Mumbai, India.

Sayak’s addition will bolster the firm's India-focused Financial Sponsors related capabilities in Singapore. With his particular emphasis on Financial Sponsors, Sayak has strong experience in advising across a wide range of sectors including infrastructure, technology and e-commerce, pharmaceuticals, healthcare, and manufacturing across India and globally. Sayak joined the firm on 1 April 2024.

Sayak regularly advises global private equity funds on investments in India and the wider Asia-Pacific region.

Linklaters’ Asia Head of Corporate Sophie Mathur commented:

“I am delighted to welcome Sayak Maity to our top-ranked corporate practice. With Sayak’s focus on financial sponsors, I am confident that he will further enhance opportunities for corporate/ M&A work across the region as dealmaking activity shows signs of picking up.”

Linklaters' Head of India practice Amit Singh added:

“I am very pleased to welcome Sayak onboard. India is a critical jurisdiction for the firm and Sayak’s hire will significantly bolster our market-leading India practice, complementing our India-focused capital markets, banking and litigation, arbitration & investigations partners who are based in Singapore and our India-facing M&A team based out of London. I am certain that Sayak’s addition will also increase cross-selling opportunities for the wider team in the region.”

The firm moved the leadership of its India practice to Singapore in December 2023, with the appointment of Amit Singh as head of the group. It has also enhanced its India capabilities in Singapore with the recent addition of Rahul Chatterji into the Singapore banking practice, as well as the hire of Andrew Battisson and the promotion of Rebecca James in the Singapore international arbitration practice.

London-based Corporate partner Sushil Jacob continues to play a key role in Linklaters’ India practice working with the Singapore team to advise on India-related global mandates.

London-based India practice partners, Savi Hebbur and Narayan Iyer, are retiring from Linklaters at the end of this month.

*Singapore regulatory registrations pending

Linklaters U.S. Associates Lillian Childress and Charles Fraser have been named to The National Black Lawyers’ Top 40 Under 40 list.

Lillian and Charles have earned this prestigious honor through their commitment to legal excellence and their significant contributions to the legal field. The 2024 honorees were chosen from a competitive field of nominees based on their reputation among peers, the judiciary and the public, and their notable achievements. Membership to this list is exclusively by invitation, based on a rigorous vetting process and referrals from leading lawyers, existing members, and the National Black Lawyers’ Executive Committee.

Lillian is a Washington, D.C.-based Associate in Linklaters’ U.S. Litigation, Arbitration & Investigations practice. She has experience in class actions, internal investigations, sports law, government enforcement actions, and white-collar defense.

Charles Fraser is a New York-based Associate in Linklaters’ U.S. Investment Funds group. He advises fund sponsors and investors regarding the formation and operation of domestic and international private investment funds across diverse strategies.

The National Black Lawyers is a professional development and networking association comprised of the top Black lawyers from across the country. Learn more about the organization.