Exits are the lifeblood of private equity: for private equity investors, at the top of their list of priorities when making an investment is an understanding of when and how they will realise it in due course. The methods of exiting private equity investments have developed over the years, and particularly in the more challenging economic environment of recent times.
To the usual trade sales and initial public offerings (IPOs) have been added secondary, tertiary (and more) buy-outs, refinancings, partial sales, private equity house spin-outs and liquidations. In these uncertain times, private equity houses will continue to put a significant focus on what options might be available to them to realise their portfolio investments, being mindful of not just the economic risks, but also the legal, tax, regulatory and reputational issues at stake. Management teams are key to this process and their economic, commercial and personal priorities cannot be underestimated in what is a very complex environment of often conflicting aspirations.
This practical guide features contributions by leading specialists (including from Latham & Watkins, Linklaters, Macfarlanes and Ropes and Gray) on a range of topics linked to the exit of private equity investments. Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and perspectives from Luxembourg, the US and views on the emerging markets.
Together, the contributors provide an invaluable guide to the legal, regulatory, tax and practical elements in play. Whether you are a lawyer in practice or in-house, this commercially focused new title will provide you with an invaluable all-round overview of private equity exits.
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Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and perspectives from Luxembourg, the US and views on the emerging markets.
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Introduction 5
David Walker
Latham & Watkins
Preparing for exit 7
Philip Sanderson
Ropes & Gray
Vendor diligence 19
Stephen Drewitt
Macfarlanes LLP
Management issues 27
Emma Danks
Taylor Wessing LLP
Auction sales 37
Tim Wright
DLA Piper UK LLP
Partial exits 49
Neil Campbell
Tom Evans
Latham & Watkins
Private equity house spin-outs 67
Amy Mahon
Clifford Chance LLP
Private equity sponsored IPOs 81
John Lane
Alex Woodward
Linklaters
Financing issues on private equity exits 97
James Hogben
Chris McLaughlin
Weil Gotshal & Manges
Warranty and indemnity insurance 113
Richard French
Caroline Rowlands
Howden
Winding up 125
Philip Hertz
John MacLennan
Gabrielle Ruiz
Clifford Chance LLP
Tax issues 147
Stephen Brown
Sean Finn
Latham & Watkins
Private equity exits: a Luxembourg perspective 161
Pierre Beissel
Claire Guilbert
Arendt & Medernach
US private equity exits – key differences from UK practice 183
Timothy Dawe
Howard A Sobel
Latham & Watkins
Emerging markets exits 195
Kem Ihenacho
Linzi Mutter
Latham & Watkins
About the authors 203
Index 209
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Produktdetaljer
ISBN
9781911078098
Publisert
2016-09-01
Utgave
2. utgave
Utgiver
Vendor
Globe Law and Business
Vekt
520 gr
Høyde
240 mm
Bredde
160 mm
Aldersnivå
P, 06
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
218
Redaktør