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Briefing Notes
M&A
Elliott Advisors is reportedly weighing a £2bn bid for The Very Group as Carlyle explores an auction of the UK e-commerce retailer
A rapid PE resale within 18 months signals active auction dynamics — competition between Elliott and JD.com could push valuations and trigger regulatory review.
Regulation
Revolut gains PRA approval to exit mobilisation and launch Revolut Bank UK as a fully authorised deposit-taker
Full PRA authorisation switches on the entire regulatory compliance stack — Revolut now faces the same capital, conduct, and depositor-protection obligations as any high-street bank.
Banking & Finance
US direct lending activity falls to a near three-year low as dividend recapitalisations also trail well behind historical levels
Direct lenders losing share back to the BSL market is a structural reversal that reshapes which law firms see leveraged finance flow.
Energy & Tech
Volkswagen plans to cut 19,000 jobs by end of 2026 as CEO prepares to confirm binding 28,000-reduction target at AGM
28,000 cuts at VW's core brand by 2030 means years of employment, restructuring, and governance mandates across European practices.
Disputes
US Second Circuit upholds Sam Bankman-Fried's 25-year fraud conviction and $11 billion forfeiture order
An $11 billion forfeiture upheld on appeal sets a hard ceiling on crypto-fraud defendants' post-conviction arguments and emboldens creditor recovery efforts globally.
International
Sheppard Mullin Hires Senior PE Partner as New London Head in Sign of US Firm Expansion Push
US firms are using senior PE hires to buy market position in London, not just add headcount.
AI & Law
Law firm commentary argues that workflow redesign — not AI purchasing — is the critical factor in capturing technology value
Firms that redesign workflows around AI capture three times the value of those that simply buy tools and pilot them — implementation quality is now the differentiator.