Recent Insights

Istanbul
Insight
M&A in Türkiye continues to perform
M&A Explorer | Deal activity in Türkiye remained resilient in Q1 2023, despite pre-election uncertainty, record-breaking inflation, a devastating natural disaster and geopolitical concerns, mainly due to the Russia-Ukraine war
London hero image
Insight
UK M&A volume continues to impress despite value crunch
M&A Explorer | This year should continue to deliver a steady pipeline of deals in what remains one of Europe’s most dynamic markets
stock market
Insight
Europe’s PE market braces for impact
M&A Explorer | Despite a slow start to the year, fundraising for impact strategies in Europe is on the rise and the long-term prospects are bright
Jakarta, Indonesia
Insight
Indonesia is riding strong tailwinds
M&A Explorer | Solid growth and promising deflationary signals are fueling a kinetic deal market in Southeast Asia’s largest economy
skyscaper
Insight
High yield bonds held firm in the first quarter against a tough backdrop
Debt Explorer | Despite ongoing economic headwinds, global high yield bond markets showed gains in the first quarter of 2023.
stock market
Insight
Macro headwinds dampen loan activity
Debt Explorer | Stubborn inflation, ongoing interest rate hikes and the banking crisis in the US and Europe have slowed activity across global loan markets at the start of the year, but there are signs that loan issuance may start rebounding in the months ahead.
Screen with source code
Insight
Global software M&A volume rebounds
M&A Explorer | Tech valuations fell through the second half 2022 and M&A in the sector shifted gears producing a rise in lower-value deals, particularly among private equity (PE) firms. That trend continued in Q1 2023
Office building
Insight
Global PE activity returns to baseline as boom fades
M&A Explorer | Aggregate global buyout value dipped sharply in the second half of 2022 reverting to pre-pandemic levels—the first three months of 2023, however, have seen an uptick in volume
steel
Insight
At the leading hedge: Europe’s metal recycling and hydrogen push
Europe is turning towards metals recycling as a core component of an industrial hedging strategy around decarbonisation, reshaping its energy security in the process. 
M&A
Insight
Global M&A loses steam but powers on
M&A Explorer | Against the odds, dealmakers put in a solid performance in 2022, but this year has seen a slow start as buyers in the US M&A market clamor for much needed regulatory clarity
digital chart
Insight
US SPACs Data Hub
Welcome to the White & Case US SPACs Data Hub, which provides a quarterly review and analysis of key drivers and trends behind US SPAC IPO and de-SPAC activity.
London
Insight
Transatlantic M&A poised for a resurgence
M&A Explorer | After a year-long pause, US buyers are showing renewed interest in European assets, and analysts predict an M&A shopping spree in Europe over the second half of 2023 and beyond
Stock market graph
Insight
Global IPO markets pause to take a breath
Inflation concerns, rising interest rates and the specter of war cast a more sober tone over equity markets in 2022 and through Q1 2023, throttling appetite for IPOs in most regions—but not all
Birds eye view of a skyscrapers
Insight
Tech continues to dominate
Last year was a volatile 12 months for the tech sector, with a steep sell-off in growth stocks and a drop in IPOs—but, although the sector was down, it was by no means out
Stock exchange sign and building
Insight
Asia-Pacific's IPO market outshines
No region demonstrated more resilience than APAC in 2022, with the largest deal globally, the greatest total IPO value and volume, and the smallest year-on-year declines
Birds eye view of One World Trade Center
Insight
IPO hopefuls digest forthcoming regulatory changes
The US Securities and Exchange Commission has plans to regulate SPACs more closely and mandate ESG reporting—sponsors and companies should pay close attention
View of skyscrapers just right before sunset
Insight
Braving unsettled waters
Recent months have been exceptionally quiet, especially for the North American and EMEA IPO markets, as the bears have taken the upper hand—and investors and issuers are now hoping for a more active second half in 2023
worm's-eye view of tall buildings
Insight
Global IPOs: Seeking signs of stabilization
Global IPO markets faced unexpected headwinds in 2022, prompting some to postpone their deals until the dust settles, but the market remains resilient
arrows
Insight
Five things to consider when exiting a European joint venture
A range of contractual, legal and external factors come into play when it’s time to end one of these arrangements
windows
Insight
Private equity sponsors intensify focus on flexibility in portfolio company loan documents
Debt Explorer | As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents.
Insight
European leveraged finance battens down the hatches
Debt Explorer | The macroeconomic headwinds that buffeted European debt markets in 2022—from rising interest rates to volatile geopolitics and a tightening of financial markets—continue to weigh on activity in 2023
Stock market
Insight
Nine developments and trends shaping US shareholder activism in 2023
Following a busy 2022, a range of factors will likely influence activist campaigns during 2023 
Tunnel
Insight
Foreign direct investment reviews 2023: A global perspective
A guide to navigating the rules for investing in countries that require foreign direct investment approval.
Los Angels
Insight
US sustainable bond market well positioned despite general slowdown in bond financings
Although the issuances of sustainability-linked bonds declined by more than a third in 2022, government focus on delivering net-zero carbon emissions and companies and investors prioritizing ESG bode well for long-term SLBs prospects
Office building at night
Insight
Private debt players open for business, but only on the right terms
Debt Explorer | Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms
wind turbines
Insight
Asian ESG debt markets take a breath after record run
Debt Explorer | Although ESG and green debt activity in Asia may have slowed somewhat in 2022, it is now an established feature of the market
metal wall vertical line texture
Insight
SMRs: The answer to the world’s energy trilemma?
Small modular reactors can play an integral part in the energy transition and offer a solution without many of the drawbacks of its larger predecessors. Yet, there are challenges to overcome.
Data center
Insight
Digital infrastructure deals in Asia Pacific set a new record
M&A Explorer | The ongoing and rapid digitalization of economic and social activity in the region make data centers and fiber networks some of the most highly sought-after assets
Mining copper
Insight
Mining M&A just saw its strongest run in a decade
M&A Explorer | The industry’s deal rally in Q4 2022 sets the stage for a strong year ahead
Paris
Insight
France’s M&A activity remains steadfast
M&A Explorer | French deal volume in 2022 remained at historic levels, even while deal values dipped in the final quarter of the year
lighthouse
Insight
Global merger control trends 2022/2023
White & Case Antitrust/Competition Differentiator known for predicting legal trends before they enter the mainstream, while also analyzing whether or not that trend is relevant to your business.
Shanghai
Insight
APAC debt markets hang tough
Debt Explorer | Economic headwinds proved challenging for leveraged finance markets in Asia-Pacific in 2022, but rising issuance beyond the core Chinese market cushioned the impact of global macro dislocation. 
New York city photo
Insight
US leveraged finance slows in turbulent market
Debt Explorer | The US leveraged finance market ended 2022 in the red, as inflation and rising interest rates put the brakes on issuance  
cargo
Insight
Private equity could win big as it preps European logistics exit
M&A Explorer | The need for timely and sustainable delivery is buoying demand for everything from logistics outsourcing to drone drop-off services
Stockholm
Insight
M&A holds the line in the Nordics with robust performance
M&A Explorer | Corporate deals in the region proved to be more resilient than private equity (PE) as financing costs rose, with exits showing weakness
aerial view of forest roads in autumn
Insight
European leveraged finance: Choosing the right path
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
Vietnam
Insight
Vietnamese M&A proves resilient amid global economic adversity
M&A Explorer | One of Southeast Asia's most promising economies is becoming an increasingly compelling destination for deals
fine art
Insight
Global M&A slumps amid macro-economic tumult
M&A Explorer | M&A deal value falls by more than a third as dealmakers around the world hit the brakes in a volatile year
Columbus Circle, New York
Insight
Mixed Signals: US M&A FY 2022
Despite a strong start to the year, deal activity in the US faced new challenges in 2022 as headwinds gathered.
Madrid
Insight
Embracing change: Spain reforms restructuring regime
Lenders, borrowers and advisers are hopeful that Spain’s 2022 overhaul of its restructuring and insolvency regime will improve the country’s restructuring landscape