03
Jul
Strategic sectors focus - Defence, energy and the future of ESG investment
A recent wave of foreign takeover approaches for companies in politically sensitive sectors, from semiconductor firms Arm and Newport Wafer Fab to cyber-security firm Darktrace and defence companies Cobham, Ultra and Meggitt, plus consistently low valuations, have left UK companies vulnerable to acquisition. This trend has raised questions about whether foreign ownership of strategic assets is in the country’s best economic and national-security interests. At the same time, the UK government has committed to increased defence spending, and BP has doubled down on their commitment to investment in oil and gas. What do these trends mean for the UK’s strategic industries and for domestic and foreign acquirers?
- What is the outlook for valuations of UK companies? Is the UK becoming more attractive to foreign buyers?
- With an increase in foreign ownership approaches of UK strategic assets, what regulatory responses might we expect?
- What does the UK government’s increase in defence spending mean for acquisitive firms? Can PE funds access opportunities in the sector due to constraints from LPs on investing in certain sectors?
- What is the future of renewables investing and ESG-focused investing given recent commitments to oil and gas?
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SpeakersLucinda Guthrie Executive Editor Mergermarket
Matt Mullan Chief Counsel M&A and Strategic Alliance BAE Systems plc.
Kate Cooper Partner Freshfields
Andy White Director, Deal Advisory KPMG
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Kate Cooper is an M&A and corporate partner based in London. Kate acts for international corporate and FTSE clients as well as some of the world’s largest financial sponsors. Her areas of practice include complex public and private M&A, UK public takeovers defence and activism as well as corporate restructurings, corporate governance and general UK listed company advice. Kate's varied experience spans a range of sectors, including TMT, Industrials, Consumer and Healthcare.
Kate joined Freshfields in 2006 as a trainee, and has been seconded previously to our Tokyo office, to the Organising Committee of the London Olympics and, as a senior associate, to Goldman Sachs’ European Investment Banking Legal team.
Before becoming a lawyer, Kate obtained a first class honours degree in English Literature and French from the University of Oxford.
Andrew is a strategy specialist with 12 years experience in the energy sector. He has a background in policy and regulation at the UK sector regulator (Ofgem), where he worked on power market design and infrastructure investment frameworks. Since joining KPMG’s Advisory practice in 2018, Andrew has demonstrated a strong track record advising energy sector clients on strategy development and execution. He has helped global O&G majors and large European utilities respond to the energy transition, delivering growth strategy, transaction and transformation engagements across renewables, CCUS, hydrogen and energy storage. He is currently the chair of KPMG’s Global Energy Storage Network.