CAYMAN ISLANDS Law and Practice Contributed by: Shari Seymour, Kerry Ann Phillips and Michael Lockwood, Maples Group
1. Trends 1.1 M&A Market
Notable deals in 2025 involving Cayman Islands vehi - cles include the following. • SK Growth Opportunities Corporation completed a business combination with Webull Corporation (NASDAQ: BULL), a leading digital investment platform, pursuant to which SK Growth Opportuni - ties Corporation became a wholly owned subsidi - ary of Webull Corporation. The transaction valued the combined company at approximately USD7.3 billion. • Ares Acquisition Corporation II (AACT) completed a migration to Delaware and a subsequent merger between a merger subsidiary of AACT and Kodiak Robotics, Inc., in a transaction valued at approxi - mately USD2.5 billion. • Meta Platforms completed its acquisition of leading AI company Manus AI, in a transaction valued at approximately USD2 billion. • Dubai Aerospace Enterprise (DAE) Ltd completed its acquisition of Nordic Aviation Capital Designat - ed Activity Company and its consolidated subsidi - aries from NAC Holdings Limited, in a transaction valued at approximately USD2 billion. • Carestream Dental Ultimate Parent Ltd. completed a group restructuring for Carestream Dental Tech - nology Parent Limited, a global leader in digital transformation for the oral healthcare industry, in a deal valued at USD525 million. 1.3 Key Industries In the past 12 months, M&A activity in the Cayman Islands was largely concentrated in cross-border transactions, with the financial services industry continuing to play a central role. Financial services, technology (including AI and fintech), (re)insurance, biotech, pharma and healthcare, and energy and resources were the primary industries involved in M&A activity with Cayman Islands companies.
In 2025, the global M&A market saw an approximate - ly 40% increase in deal values compared to 2024 (USD3.4 trillion), reaching USD4.9 trillion, the second highest annual total on record. This growth was driven by several factors, including: • a resurgence of mega-deals (transactions valued at USD5 billion or more), which contributed over 70% of incremental deal value; • improved financing conditions as interest rates stabilised and eased; • strong equity markets; • private equity re-engagement; and • a more favourable regulatory environment in certain jurisdictions. Strategic acquirers focused heavily on technology (particularly AI and related infrastructure), healthcare and energy transition assets. The Cayman Islands remain a preferred jurisdiction for structuring cross-border M&A and investment transactions. The main types of entity incorporated or registered in the jurisdiction are the exempted company, the exempted limited partnership (ELP) and the limited liability company (LLC). Reflecting the broader upturn in global deal- making, the number of new incorporations and formations of Cayman Islands entities increased compared to 2024. Annual statistics for 2025 issued by the Cayman Islands Registrar of Companies, the Registrar of Exempted Limited Part - nerships and the Registrar of Limited Liability Com - panies show the following: • 10,343 exempted companies (8,913 in 2024); • 4,498 exempted limited partnerships (3,802 in 2024); and • 1,021 limited liability companies (859 in 2024). 1.2 Key Trends Supported by lower interest rates and strong equity markets, private equity firms continued to lead take- private transactions, while strategic acquirers pursued growth through technology and digital transformation.
2. Overview of Regulatory Field 2.1 Acquiring a Company
The primary legal structures for the acquisition of a Cayman Islands company are set out in the Compa - nies Act (As Revised), which provides mechanisms for the acquisition of a company by:
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