Skip to Main Content
Our Commitment to Diversity

2021 ABA Private Target Mergers Acquisitions Deal Points Study

Date: 31 December 2021
U.S. Corporate Alert

The American Bar Association’s (ABA) Business Law Section has released its 2021 Private Target Deal Points Study (the “Study”), the flagship product of the Market Trends Subcommittee of the Mergers and Acquisitions Committee. This publication is widely recognized as the gold standard for market metrics of key negotiated legal issues in acquisitions of U.S. private companies. K&L Gates partner Jessica Pearlman is Chair of the Study (a role she has held for over twelve years), leading the effort of the over 50-member working group including K&L Gates partners Andrew Lloyd, Shoshannah Katz, and Remsen Kinne.

The Study is the preeminent study of M&A transactions, utilized internationally by practitioners, investment bankers, corporate development teams, and other advisors. It examines the prevalence of specified provisions in 123 publicly-available private target M&A transactions from 2020 and the first quarter of 2021 with a purchase price between US$30 million and US$750 million.  

Although the 123 deals in the 2021 Study reflect a broad swath of industries, technology and health care together made up nearly one-third of the deals. The Study shows a dramatic increase in references to the use of representations and warranties insurance (now in almost two-thirds of the deals). New this year to the Study is a unique look at data on termination fees in the private target context, as well as data on provisions relating to COVID-19, including how an exception to the ordinary course covenant for responses to the pandemic grew over time. 

The 2021 Private Target Deal Points Study is available for download by M&A Committee members from the Market Trends Subcommittee’s page on the ABA’s website. More information about the study is available by contacting Jessica Pearlman.
 

Andrew R. Lloyd
Andrew R. Lloyd
Charleston
New York
View
Shoshannah D. Katz
Shoshannah D. Katz
Orange County
Los Angeles
View
Remsen Kinne
Remsen Kinne
San Francisco
Palo Alto
View
Find more items tagged as: Corporate, Mergers and Acquisitions
Return to top of page

Email Disclaimer

We welcome your email, but please understand that if you are not already a client of K&L Gates LLP, we cannot represent you until we confirm that doing so would not create a conflict of interest and is otherwise consistent with the policies of our firm. Accordingly, please do not include any confidential information until we verify that the firm is in a position to represent you and our engagement is confirmed in a letter. Prior to that time, there is no assurance that information you send us will be maintained as confidential. Thank you for your consideration.

Accept Cancel