Cross-Border Acquisition Financing – Navigating “SunGard” Conditionality and Certain Funds Requirements

This memo examines the key similarities and distinctions between US “SunGard” conditionality practices and European “Certain Funds” requirements for acquisition financings, providing practical guidance for structuring competitive bids and managing closing processes in cross-border transactions.

As cross-border M&A and private equity activity between the US and UK/European markets continues to grow, it is increasingly important for buyers and sellers alike to understand these fundamental differences and how successful deal execution depends on financing conditionality.

Continue reading on the Cleary M&A and Corporate Governance blog.