Dentons advised Marietton Développement, a leading travel group in France, on an owner buy-out (OBO) executed as part of its fourth leveraged buyout (LBO), enabling the group’s employees to increase their shareholding. Certares, the New York-based private equity fund and reference shareholder, will retain approximately 49% of the new structure, Havas Voyages Groupe, alongside historical shareholders Bpifrance and AfricInvest.

In this first issue, we spotlight early maneuvering in the 2026 election cycle, major policy debates such as income tax reform, and Atlanta’s upcoming municipal races. We also feature industry insight on Georgia’s medical cannabis and hemp study committee, with a partner’s perspective on what’s at stake in the year ahead.

Join host Danny Wakeling, Partner and National Co-Lead of the M&A Group for an insightful discussion with Sarat Maharaj, Partner in Dentons’ Edmonton Corporate and Commercial Group, Simon Gauthier, Partner and Co-Lead in Dentons’ Montreal Corporate and Commercial Group, and lead of the office’s M&A Group, and Mike Harris, Partner in Dentons’ Edmonton Tax Group, as together they unpack the pros and cons of asset vs. share sales, hybrid structures, amalgamations and reverse takeovers, and key tax considerations for buyers and sellers.

Tanzania: Tax compliance demands unwavering and strict adherence to statutory deadlines and procedures, particularly when claiming input value added tax (VAT). Missing the deadline for an input VAT claim can expose taxpayers to significant financial and legal risks. In the recent case Illovo Distillers (Tanzania) Limited v. Commissioner General, Tanzania Revenue Authority Civil Appeal No. 445 of 2023, the Court of Appeal of Tanzania (the Court of Appeal) delivered definitive guidance on section 16(5) of the Value Added Tax Act, 1997 now mirrored by section 73(2) of the Value Added Tax Act, Cap. 148 R.E. 2023 (VAT Act), clarifying whether a withdrawn input VAT refund application may be reinstated after the statutory period has lapsed.

New Zealand: Transforming Challenges into Opportunities: Delivering the next wave of infrastructure is the third edition in our infrastructure series. This series provides practical insights that help you anticipate change, manage risk and seize opportunity in a rapidly evolving infrastructure landscape.  

United Kingdom: As the regulatory landscape in Europe continues to shift, competition authorities in the EU and UK are re-examining the role of efficiency and innovation in merger control.

Ki-Soon Park, Senior Advisor at Dentons Lee (former Head of Samsung Economic Research Institute China and former Professor at Sungkyunkwan University’s Graduate School of China Studies), has joined the Financial News opinion column fn Gwangjang as a regular contributor.

Ki-Soon Park, Senior Advisor at Dentons Lee and concurrently Professor at Sungkyunkwan University, participated in the 2025 East Asia Future Forum and was honored with the East Asia Exchange & Cooperation Achievement Award.

Poland: The September issue of the TPcal Newsletter covers the real financial impact of an income assessment under transfer pricing rules – and spoiler alert: the math isn’t as simple as it might seem. Each article stands on its own, yet together they form a practical guide to help you understand the real risk in case of an audit or tax proceedings – and manage it wisely, step by step.