March 24, 2023
Happy Friday, fintech friends.
Situational awareness: Investors hammered European bank shares today, and Deutsche Bank was a top target, another pain point for the region's sector that is still digesting UBS' arranged acquisition of Credit Suisse.
🎺 Before we get into this week’s digest, we wanted to share some M&A insights from the Big Easy ...
1. Overheard in New Orleans
Oyster lunches, late-night jazz and lengthy talks about the depressed deal market — lawyers at the 35th Annual Tulane Corporate Law Institute tried to share positive takes about the state of M&A. Some panelists, though, not-so-subtly blamed regulators for holding up deals, Axios' Kerry Flynn reports.
Here's some of what was heard in New Orleans yesterday:
Sullivan & Cromwell partner Audra Cohen on alternative financing:
- "The positive news is that there is a lot of dry powder available. It may mean that you have to go to these new, nontraditional sources that are now becoming main market sources — sovereign wealth funds, pension funds, private equity — and the cash is available there."
Paul, Weiss partner Scott Barshay on antitrust regulators:
- "Jonathan Kanter at the DOJ and Lina Khan at the FTC, they're just anti-deal, and they're, in the sense, they're anti-the-law. They think the law on anti-trust is not robust enough. ... If there’s a deal with even a small amount of antitrust hair on it, there’s a very good chance they’re going to delay it and try and block it."