Growth Equity and Venture Capital

We advised Giift, a Singapore-based leading provider.... Read more

We advised Giift, a Singapore-based leading provider of end-to-end loyalty program management solutions, on its acquisition of a strategic majority interest in PT InTouch Innovate Indonesia, a provider of loyalty solutions. Lawyers in our Jakarta and Singapore offices led the transaction.

We advised Lauxera Capital Partners as lead investor.... Read more

We advised Lauxera Capital Partners as lead investor on a £25 million financing round for OrganOx Limited, a medical technology company specializing in donor organ preservation. Lawyers in our private equity team in London led the transaction, with support from our Paris office.

We advised RTW Investments as a lead investor on a... Read more

We advised RTW Investments as a lead investor on a US$200 million Series A financing round for Cargo Therapeutics, a biotechnology company advancing a new generation of therapies for cancer. Lawyers in our Washington, D.C. office led the transaction.

We advised Verkor, a French industrial company.... Read more

We advised Verkor, a French industrial company, on its record financing of more than €2 billion to launch a high-performance battery gigafactory in France. Lawyers in our Paris office led the transaction, with support from our Amsterdam and London offices.

Sector performance

Headwinds in the growth equity and venture capital space, exacerbated by high interest rates and the market shockwaves from the collapse of Silicon Valley Bank, suppressed both deal volumes and values in 2023 compared to 2022. In particular, 2023 exit activity declined across Europe, while in the United States the number of active investors in the VC market decreased by a third.

However, there are reasons to be optimistic as investors prioritize portfolio building, focus on due diligence and financial metrics, and invest in growth areas, such as IT hardware, AI, and cleantech.


Hogan Lovells activities

In 2023, our global Venture Capital, Emerging Company, and Growth Equity team advised strategic investors, financial investors, and emerging companies on investments at every stage of the fundraising lifecycle from Series A through to exit.

Our performance in the growth equity market was particularly strong, reflecting the rise in popularity of this attractive asset class, following the technology sector’s rapid expansion over the last few years. We advised on numerous investments in high-growth companies by financial investors, strategics, and non-traditional sources of capital, including sovereign wealth funds and corporates.

The Hogan Lovells venture capital team routinely advises founding teams, financial investors, venture capitalists, and start-ups on the entire business lifecycle.”

Legal 500 EMEA, 2023

175+

Growth Equity and Venture Capital lawyers

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M&A Year in Review

Expander

Dear Clients and Friends,

Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024.

Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and aggregate deal value declined by 17%, marking the first time global deal value failed to reach US$3 trillion since 2013. 

A combination of factors led to this decline in dealmaking, including persistent inflation, heightened cost of capital, increased regulatory scrutiny, fears of recession, and conflicts in Europe and the Middle East.

During 2023, sponsor-related M&A experienced a significant downturn in both volume and value, with deal value falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of strategic deals declined 13% during the same period.

Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value transactions in the biotech and pharmaceutical sectors.

Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France, Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.

For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set forth within our 2024 M&A Outlook.

We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A transactions in the year ahead.

Best wishes for continuing success in 2024,

The Hogan Lovells M&A Group