USA – NEW YORK Trends and Developments Contributed by: Karessa Cain, Gregory Pessin, Mark Veblen, Victor Goldfeld, George Tepe and Courtney Hauck, Wachtell, Lipton, Rosen & Katz
Conclusion We remain cautiously optimistic about the outlook for private equity M&A in the second half of 2025, and expect that dealmakers will continue to craft creative and tailored exits to leverage high levels of dry powder despite challenges in the regulatory environment and financing markets. Of course, as the ups and downs of the first half of 2025 have shown, the only predict - able feature of the M&A market is that some degree of unpredictability is inherent. As in prior years, we expect continued innovation and adaptation as pri - vate equity dealmakers navigate ever-evolving risks and opportunities.
ing period – a practice that ceased under the Biden administration. Although the incidence of early termi - nation appears to be lower than in prior years, this is to be expected as the HSR filings themselves contain more information and documents for the FTC staff to process and review. Unsurprisingly, in this regulatory environment, the negotiation of regulatory efforts and regulatory break fee provisions has retained prominence as an area of focus in many deal negotiations, with terms governing who has authority to decide on the scope of potential remedies rising to the top of dealmakers’ issues lists. Continued precision in drafting, hand in hand with input from business decision-makers, remains critical.
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