INTRODUCTION 2
Finance Monthly Deal Maker Awards 2025. INTRODUCTION 3 Welcome to the 2025 Finance Monthly Deal Maker Awards, where we celebrate the exceptional achievements of the industry’s most accomplished dealmakers—professionals whose strategic insight and transactional excellence are shaping the future of global finance. This year’s edition proudly features Luis Octavio Núñez of Kuri Breña, Sánchez Ugarte y Aznar, who played a central role in one of Mexico’s most intricate M&A transactions: the acquisition of Servicios Corporativos Javer by Vinte Viviendas Integrales. The deal, spanning antitrust, finance, securities, and corporate law, highlights the firm’s precision and leadership in navigating a 16-month, multi-stakeholder process through Mexico’s dynamic regulatory environment. Joining him are other remarkable professionals: Spencer Klein, global M&A co-chair and trusted advisor on over 200 major deals, whose recent mandates include the $1.85 billion sale of U.S. Silica Holdings and the headline-making KISS brand transaction; and Jochen Reis of Rödl & Partner, whose Transaction & Valuation Services team has guided more than 800 successful deals across Europe and beyond. Each of these distinguished professionals embodies the highest standards of legal and financial acumen. Their work demonstrates not only technical excellence but also a forward-thinking approach that drives meaningful impact across sectors and borders. These are just a few of this year’s award winners. Take a look inside to discover the full list of honorees recognized for their outstanding contributions to dealmaking across the globe. Congratulations to all our 2025 award recipients. Deal Maker Awards2025 FM
EDITOR’S CHOICE DEAL OF THE YEAR LUIS OCTAVIO NÚÑEZ Kuri Breña, Sánchez Ugarte y Aznar, S.C. M&A Lawyer of the Year SPENCER KLEIN Morrison Foerster Transactions Services Team of the Year JOCHEN REIS Rödl & Partner GmbH 6 10 12 Vinte Viviendas Integrales, S.A.B. DE C.V. Acquires Servicios Corporativos Javer, S.A.B. DE C.V.
Juan Carlos Córdova Associate José Alejandro Casas Counsel KURI BREÑA, SÁNCHEZ UGARTE Y AZNAR Kuri Breña, Sánchez Ugarte y Aznar played a central role in one of Mexico’s most complex transactions of the year: the acquisition of Servicios Corporativos Javer by Vinte Viviendas Integrales. With a legal strategy spanning M&A, antitrust, securities, and finance, the firm navigated a 16-month process involving multiple regulatory bodies and stakeholders. In this interview, the team at Kuri Breña shares insights into the legal challenges behind the deal, how they structured it for a smooth transition, and the firm’s broader approach to supporting clients through Mexico’s evolving corporate landscape. VINTE VIVIENDAS INTEGRALES, S.A.B. DE C.V. ACQUIRES SERVICIOS CORPORATIVOS JAVER, S.A.B. DE C.V. Luis Octavio Nuñez Partner 6
Daniel García Associate In this exclusive interview, we sit down with Luis Octavio Núñez, Partner at Kuri Breña, Sánchez Ugarte y Aznar. Luis discusses the complexities behind one of Mexico’s most significant recent M&A transactions—the acquisition of Servicios Corporativos Javer by Vinte Viviendas Integrales— and shares how his firm is navigating a rapidly evolving corporate landscape while positioning itself at the forefront of legal innovation and strategic client support. Luis, Congratulations on your recognition in the 2025 Finance Monthly Deal Maker Awards. What does this achievement mean to you and Kuri Breña, Sánchez Ugarte y Aznar? Thank you. It is indeed a paramount achievement derived from the great opportunity that our firm had to participate in all stages of this complex and relevant transaction, of a very important client that we have advised in numerous transactions since 2008, that is, for more than 17 years. Can you walk us through your role in the acquisition of Servicios Corporativos Javer by Vinte Viviendas Integrales? What were the key legal challenges in this transaction? Our firm advised Vinte in the preliminary stage of the evaluation and acquisition and through the M&A process, antitrust analysis, filing and clearance, securities regulatory approvals and tender offer process, corporate and creditors approvals, as well as equity and debt financing for the acquisition from various investors and lenders, including debt offering in the capital markets. The whole process lasted approximately 16 months. Jesús Sánchez Ugarte Partner Ana Paola Horta Associate Rodrigo López Partner 7
8 Finance Monthly Deal Maker Awards 2025. MEXICO The key legal challenges related to coordinating the various stages and parties involved, including investors, lenders and law firms, to achieve a smooth closing of the tender offer on the targeted closing date and tight deadline. All involve different practice areas and regulatory authorities. How did Kuri Breña structure the deal to ensure a smooth transition, and what strategies were used to address regulatory and compliance complexities? The different stages were led by a partner expert in their respective practice area, supported by a team of associates, all closely coordinated among us, the client, counterparty, co-counsel and opposing counsels. Filings for regulatory approvals were carefully reviewed and prepared, in close coordination with all parties involved, to ensure comprehensive and consistent work to secure unconditional and timely approvals. With Mexico’s evolving corporate landscape, what trends are currently shaping M&A deals, and how does your firm help clients navigate them? We focus on studying constantly, and recent legal reforms to identify potential challenges, obstacles, opportunities, alternatives and solutions for our clients and be close to their business needs to provide value-added solutions and careful analysis of such evolving landscape within their respective business activities and industries. Beyond transactional work, how does Kuri Breña support its clients in longterm corporate strategy, governance, and risk management? Our firm’s strategy includes constant study and evaluation of market trends for public companies, best practices and compliance requirements of sustainability, including ESG framework compliance requirements, as well as transparency and accountability. This allows us to better advise them in business and investing opportunities that require such assessment or compliance. What sectors does Kuri Breña specialize in, and how does this expertise give your clients a competitive edge in complex corporate deals? Large and complex businesses in various industries and commercial sectors, including manufacturing and logistics, automotive, real estate development, and financial sector, among others. The specialized and deep knowledge of the legal framework applicable to different industries and commercial sectors allows us to be prepared The teams were led by the following partners: Luis Octavio Nuñez M&A and corporate (overall transaction leading partner) Jesús Sánchez Ugarte Antitrust Rodrigo López Marquez Banking & Finance José Casas Farías Securities
9 Finance Monthly Deal Maker Awards 2025. MEXICO to assist a wide range of clients and combine the required expertise applicable to each case and demand. With cross-border transactions becoming more frequent, how does your firm assist international clients in navigating Mexico’s legal framework? We focus on constant efforts of continued education for our legal professionals regarding existing and evolving legal frameworks which may be relevant and applicable to international clients in the different industries and commercial sectors, in order to be able to efficiently describe and summarize the appropriate and important issues and requirements for each specific case, and also accurately address queries and concerns that may arise in the process. How does Kuri Breña integrate innovation and technology into its legal services to enhance efficiency and client outcomes? We have designated a team of professionals within the firm that, with the advice of experts, are leading the implementation of innovative technological tools that may result in more creative and efficient, but also ethical and reliable, work product solutions and assistance to our clients with their constant legal needs. Looking ahead, what’s next for Kuri Breña? Are there any upcoming developments or strategic goals that the firm is focusing on? Yes. The firm has implemented a drastic change in the partner compensation system to align and coordinate efforts focused on the greatest benefit for our clients. Also, with the advice of experts, we have reformulated leading roles for management and strategic areas in order to continue with the growth and productivity of the firm for future generations of professionals, facing the challenges of a constantly competitive and changing business environment. The specialized and deep knowledge of the legal framework applicable to different industries and commercial sectors allows us to be prepared to assist a wide range of clients and combine the required expertise applicable to each case and demand. www.ksa.mx
SPENCER KLEIN Spencer Klein is global M&A co-chair. He has advised on more than 200 successfully closed mergers, tender and exchange offers, stock and asset acquisitions, divestitures, and joint ventures. He is considered the firm’s go-to partner on hostile M&A and shareholder activism defense. Spencer frequently advises leading U.S. and multinational companies across multiple industries. His engagements include multibillion-dollar deals in healthcare and life sciences, financial services, technology, consumer products, manufacturing, retail, energy, and entertainment and media. In addition to prominent corporate clients and private equity funds, he has represented some of the world’s leading bulge bracket and boutique investment banks. Notable recent matters include representing: • The rock band KISS and its co-founders Gene Simmons and Paul Stanley in the sale of substantially all rights related to KISS to Pophouse Entertainment. • U.S. Silica Holdings in its $1.85 billion sale to entities affiliated with Apollo Global Management. • Ascendent Capital Partners in its $1.66 billion acquisition of Hollysys. M&A LAWYER OF THE YEAR Global M&A Co-Chair - Morrison Foerster USA 10 Finance Monthly Deal Maker Awards 2025.
FIRM PROFILE Morrison Foerster transforms complexity into advantage. With our collective intelligence, we shape powerful legal strategies that move your business forward while living our shared values. We solve your most critical multidimensional challenges in a way that provides clarity around the risk you are facing and gives you confidence in your chosen path. We pair diversity of perspective with a strategic consultative approach to craft the tailored strategies you need. We foster trusted partnerships that are defined by winning for you when it matters most. Our clients include some of the largest financial institutions, Fortune 100 companies, and leading technology and life sciences companies. We represent organizations—whether established for decades or just an entrepreneur’s idea—as they grow, innovate, disrupt, and develop into leading industry players and household names. PRACTICE PROFILE As a truly global practice with corporate/M&A lawyers located across three continents, we are considered a go-to firm for cross-border dealmaking, with over 50% of our transactions last year involving multiple jurisdictions. Our work includes carve-outs and other divestitures, sell-side engagements, private company acquisitions, public company mergers and tender offers, and some of the highestprofile contested public company matters. Our M&A lawyers also work as an integrated team with advisors in key areas such as intellectual property, antitrust, capital markets, litigation, tax, labor and benefits, finance and bankruptcy, real estate, regulatory and compliance, privacy and data security, and securities. Spencer Klein is global M&A co-chair and head of the Corporate Department in New York. He has advised on more than 200 successfully closed mergers, tender and exchange offers, stock and asset acquisitions, divestitures, and joint ventures. He is considered the firm’s go-to partner on hostile M&A and shareholder activism defense. Spencer frequently advises leading U.S. and multinational companies across multiple industries. His engagements include multibillion-dollar deals in healthcare and life sciences, financial services, technology, consumer products, manufacturing, retail, energy, and entertainment and media. In addition to prominent corporate clients and private equity funds, he has represented some of the world’s leading bulge bracket and boutique investment banks. Notable recent matters include representing: • The rock band KISS and its co-founders Gene Simmons and Paul Stanley in the sale of substantially all rights related to KISS to Pophouse Entertainment. • U.S. Silica Holdings in its $1.85 billion sale to entities affiliated with Apollo Global Management. • Ascendent Capital Partners in its $1.66 billion acquisition of Hollysys. MoFo advised the iconic rock band KISS and its co-founders Gene Simmons and Paul Stanley in the sale of all assets comprising KISS to Pophouse Entertainment. This transaction at the intersection of music and technology included not just the music catalogue, but also the brand name and likeness, including the famous KISS face paint designs and trademarks of KISS. Aligning on in-scope assets and navigating thirdparty rights posed challenges. The transaction included an agreement with Pophouse for future projects, including an avatar show based on state-of-the-art biometric and AI technology, making KISS the first rock band that will live forever. This industry-defining transaction showcased Spencer Klein’s legal knowledge, creativity, and veteran leadership, as guiding this sale required months of complex negotiations to create win-win solutions for both sides. As part of Pophouse’s partnership with KISS, Spencer successfully helped negotiate the terms by which Paul Stanley and Gene Simmons agreed to assist with the transfer of KISS assets and memorabilia and to consult and participate in the development of the avatar show and other new activities going forward. Spencer and the MoFo team dealt with the brand-new issues involved with the creation of digital versions of the band members and the allocation of the unique assets that embody KISS among the buyers and sellers. Morrison & Foerster guides rock band KISS on assets sale to Pophouse Entertainment www.mofo.com Finance Monthly Deal Maker Awards 2025. 11 USA
TRANSACTION AND VALUATION SERVICES LEADER OF THE YEAR JOCHEN REIS AREAS OF EXPERTISE • Comprehensive and tailored transaction advisory and business valuation services • Interdisciplinary national and international buy-and sell-side projects based on a one-stop-shop • Focus Transactions: financial due diligence, vendor due diligence, factbook, vendor support, SPA support • Focus Valuation: transaction and accounting related valuations (e.g., business valuations, intangibles & PPA valuations, fairness opinions, tax valuations, impairment tests), financial modeling, option valuations Co-Founder of the Transaction & Valuation Services (TVS) team at Rödl & Partner GERMANY 12 Finance Monthly Deal Maker Awards 2025.
ABOUT JOCHEN REIS & THE TVS TEAM Jochen Reis co-founded the Transaction & Valuation Services (TVS) team at Rödl & Partner alongside two colleagues and has been leading and expanding it ever since. As Head of Transaction Services at the Frankfurt/Eschborn office, he plays a key role in supporting cross-border transactions for private equity firms, strategic investors, and international groups. With over 800 successfully supported transactions across various industries, he brings extensive expertise in buy- and sell-side assignments. The Transaction Team supports buyers and sellers in all due diligence analyses, focusing on gathering transaction-relevant information for company valuation, purchase agreement negotiations, financing decisions, and post-merger integration. Their expertise ensures a seamless transaction process for private equity firms, German Mittelstand companies, and international groups. The Valuation Team conducts valuations and analyses of companies, business units, and business models in accordance with recognized national and international standards. Their work encompasses valuations for acquisitions, succession planning, financial reporting, tax matters, and legal disputes, ensuring clients have a robust foundation for strategic decision-making. FIRM PROFILE Rödl & Partner is an international, owner-managed firm and an integrated professional services firm offering legal, tax, audit and business management consulting services. Combining an interdisciplinary approach and a global reach and collaboration with their immediate colleagues, Rödl & Partner is the agile caring partner for Mittelstand shaped world market leaders. They believe that clients’ needs and projects cannot be separated into individual professional disciplines. As a result, Rödl & Partner stands for international expertise from a single source, for collaboration with immediate colleagues in 116 of its own offices in 50 countries instead of networks or franchise systems. CONTACT T: +49 6196 76114 775 M: +49 151 2285 9567 E: jochen.reis@roedl.com www.roedl.de/tvs Finance Monthly Deal Maker Awards 2025. GERMANY 13
Finance Monthly Deal Maker Awards 2025. USA
Finance Monthly Deal Maker Awards 2025. USA Contact us today to find out more. Visit www.infotrack.co.uk/REVEAL or call 0207 186 8090 Analysing company information and identifying links with individuals is time consuming. REVEAL interprets data from trusted sources including Companies House Direct and Companies House Beta and turns it into an interactive workspace making it faster and simpler to analyse. At the touch of a button, REVEAL makes analysis beautifully simple, reducing the process by hours. REVEAL: corporate structures simplified, beautifully. Company Shareholder Director
16 Finance Monthly Deal Maker Awards 2025. USA
17 Finance Monthly Deal Maker Awards 2025. USA
Real Estate Transactions Adviser of the Year DR WOLFGANG HERMANN Hermann & Kollegen Cross Border Transactions Law Firm of the Year ALEXANDRA PETSA Sardelas Petsa Law Firm Adviser of the Year JAMES TETHERTON GRAPH Strategy Corporate M&A Adviser of the Year MATTHEW FOSTER Norton Rose Fulbright Cross-Border M&A Adviser of the Year PHILIP WALTON Rödl & Partner 26 28 20 32 34
M&A Transactions Adviser of the Year AADEESH AGGARWAL Rothschild & Co TMT M&A Lawyer of the Year GARRETT BAKER Lazard M&A Advisory Services Leader of the Year JOHN HAYES Rothschild & Co Private Equity M&A Lawyer of the Year ZIYANDA NTSHONA Herbert Smith Freehills Kramer ADVISERS OF THE YEAR 36 38 40 42
GERMANY Finance Monthly Deal Maker Awards 2025. Partner at Hermann & Kollegen DR. WOLFGANG HERMANN We are excited to feature an exclusive interview with Dr. Wolfgang Hermann, a partner at Hermann & Kollegen. Dr. Hermann is known for his profound expertise in complex real estate transactions and today, he shares valuable insights into his firm’s strategies and experiences in the industry, particularly in managing high-stakes property deals like shopping centres and hotels. Join us as we explore the intricacies of these sophisticated transactions. REAL ESTATE TRANSACTIONS ADVISER OF THE YEAR 24
Finance Monthly Deal Maker Awards 2025. GERMANY Dr. Hermann, given your firm’s comprehensive advisory services on all variants of real estate transactions, including asset deals, share deals, and sale and leaseback transactions, could you share a standout experience that highlights your team’s expertise in handling complex properties like shopping centres and hotels? Very much so. The transaction involved legal advice on the buyer’s side for the acquisition of a shopping centre and an adjacent hotel. Both properties were strategically located but posed a number of challenges due to long-term leases, complex operating structures and regulatory requirements. It was also unclear at the beginning whether the transaction should be realised as an asset or share deal. One challenge was the complex lease structures and operational interdependencies: the shopping centre had various tenants with different terms and conditions, including some long-term leases that required special attention. The hotel was part of an international franchise and was subject to specific franchise agreements that had to be taken into account in the transaction. Both properties were subject to strict building and environmental regulations, which had to be analysed in detail and taken into account in the transaction planning. Our team carried out a comprehensive due diligence process covering legal, financial, technical and environmental aspects to obtain a complete picture of the risks and potential of both properties. Due to the complexity of the transaction, the team opted for a structuring that included asset deals for certain parts of the shopping centre as well as share deals for the hotel and other parts of the property. This mixed strategy enabled the tax burden and regulatory requirements to be optimised. The team negotiated intensively on guarantees and exemptions in order to minimise the risk for the investor group. In particular, this included aspects resulting from the long-term leases and franchise agreements. Together with our manager and his tax advisors, the team developed a long-term operating concept that ensured both the ongoing attractiveness of the shopping centre and the profitability of the hotel. This included strategies for tenant retention and acquisition as well as increasing operational efficiency. The transaction was successfully completed, and the investor group was able to integrate the shopping centre and hotel into its portfolio. Thanks to careful planning and comprehensive due diligence, the team was able to minimise the risks associated with the transaction and ensure a smooth transition to the new operating structures. This example underlines the importance of a comprehensive and strategic approach to complex property transactions. The combination of thorough preparation, detailed due diligence and innovative transaction structuring is crucial to ensure the success of such endeavours. With the firm’s emphasis on ensuring clients have a dedicated partner to lead their transaction, how has this approach enhanced the efficiency and outcomes of the deals you manage? A dedicated contact person ensures a direct and uncomplicated line of communication between the client and the firm. This reduces misunderstandings and ensures that information can be exchanged quickly and efficiently. Clients feel better informed and involved, which strengthens the relationship of trust. Through continuous support, the contact person gets to know the client’s specific needs, goals and preferences in detail. This enables tailored advice that increases the chances of a successful transaction A “Our team carried out a comprehensive due diligence process covering legal, financial, technical and environmental aspects to obtain a complete picture of the risks and potential of both properties.” 21
GERMANY 22 Finance Monthly Deal Maker Awards 2025. dedicated point of contact who is familiar with all the details of the transaction can react quickly to problems and find efficient solutions. This saves time and resources and can be decisive in meeting deadlines and ensuring the success of the transaction. Complex transactions often require expertise from different areas of law. A contact person can act as a central coordination point, ensuring that all specialists involved work together effectively and optimally integrate their contributions into the overall strategy. Ongoing support from the same contact person ensures consistent quality advice throughout the entire transaction process. This helps to avoid errors and maintain the integrity of the transaction. Clients who know that they have a reliable and competent contact person feel more secure and satisfied. Thus, the law firm can establish itself as a reliable partner that not only offers legal expertise but also actively supports its clients’ business success. Given the range of services that your firm provides, from establishing property companies and joint ventures to structuring the buying and selling process. Could you explain how the integration of these services benefits your clients throughout their transaction journey? This holistic advice enables transactions to be completed more efficiently, securely, and with greater strategic focus. Key benefits include (i) comprehensive strategic planning that takes into account all legal, financial and operational aspects, (ii) risk minimisation, (iii) increased efficiency, (iv) flexibility and adaptability and (v) cost efficiency by leveraging synergies and avoiding redundant services. If required, specialised services can be seamlessly integrated to respond to specific challenges or opportunities within a transaction. This ensures access to in depth expertise exactly when it is needed. This leads to a more secure, efficient and strategically focused execution of transactions. Reflecting on the past 12 months and considering non-confidential details, could you share insights into a transaction your firm has been particularly proud of, highlighting the challenges overcome and the innovative strategies employed? In the above example, the challenge was particularly the complexity of the transaction and the time aspect, as well as considering the turn of the year and the associated Christmas holidays. Everyone on the team was highly motivated, and there was no question of bringing the project to a successful conclusion that was in line with the client’s time requirements despite the Christmas holidays and the desire for family and time off. Everyone was there for each other and compensated for each other’s time off. Working from home also made things a lot easier. This united team effort from within the team makes me particularly proud and makes the transaction so important for our law firm. This is not an innovative approach (such as AI), but I am convinced that without the people behind it and a really well-functioning team, you cannot be successful. Legal due diligence is a cornerstone of your advisory services. How does creating a detailed due diligence report set the foundation for successful negotiations and transaction closures? Legal due diligence is a crucial step in transactions. It serves to identify, assess and ultimately minimise risks by thoroughly examining all legal aspects of the target “A dedicated contact person can act as a central coordination point, ensuring that all specialists involved work together effectively and optimally integrate their contributions into the overall strategy.”
Finance Monthly Deal Maker Awards 2025. GERMANY 23 company or investment object. The preparation of a detailed due diligence report can, in many ways, form the basis for successful negotiations and transaction closings: Risk identification and assessment: a thorough due diligence report uncovers potential legal risks, such as ongoing or impending litigation, regulatory violations, intellectual property issues and problems with contracts. By identifying these risks before the transaction is finalised, companies can make informed decisions and develop risk mitigation strategies. Negotiation basis: The results of legal due diligence provide a solid basis for negotiating purchase price adjustments, warranties, indemnities and other contractual clauses. They allow the buyer to address specific risks and negotiate protections that minimise their risk. Compliance assurance: The report helps to ensure that the target company fulfils all relevant legal and regulatory requirements. This is particularly important in highly regulated industries or where breaches of compliance regulations can cause severe financial and reputational damage. Increase investor confidence: A comprehensive due diligence report can increase the confidence of investors and financing partners by demonstrating that the investment has been thoroughly vetted and that known risks have been adequately addressed. This can facilitate the raising of capital and positively influence the valuation of the target company. Strategic planning: The findings from legal due diligence can be decisive for strategic planning after the transaction. They provide insight into legal obligations, contracts, and potential liability issues that are important for integration and future business strategies. Reputational protection: Careful review and documentation of legal relationships can also protect companies from unwittingly becoming involved in illegal activities or scandals that could damage their reputation. Overall, preparing a detailed due diligence report is not only a risk mitigation tool but also a key factor in the success of business transactions. It enables the parties involved to act with greater certainty and clarity and helps to maximise the value and stability of the transaction. The preparation of a detailed due diligence report can, in many ways, form the basis for successful negotiations and transaction closings:
When it comes to the drafting, negotiating, and processing of purchase contracts, what key factors do you consider to ensure that the contracts reflect the due diligence findings and safeguard your clients’ interests? These factors include: Detailed representation of assets and liabilities: The purchase agreement should contain an accurate and detailed statement of all assets and liabilities to be transferred. The results of the due diligence can help to identify unclear or potentially problematic aspects that need to be addressed in the negotiations and in the contract text. Adjustment of the purchase price: Based on the due diligence results, it may be necessary to adjust the purchase price to take account of any risks, identified defects or future liabilities. Mechanisms such as earnouts can also be agreed in order to link the purchase price to the future performance of the company. Guarantees and warranties: The seller should provide comprehensive warranties and guarantees regarding the accuracy of the information provided and the absence of hidden defects. These clauses should be specific to the findings of the due diligence and protect the buyer from unknown risks. Indemnities and limitations of liability: Indemnification clauses are critical to protect the buyer from future liability claims arising from prepurchase activities. At the same time, limitations of liability can be agreed to limit the seller’s exposure. Provisions for disputes: The contract should contain clear procedures for resolving disputes that may arise from the interpretation or application of the contract. This may include arbitration, mediation or other forms of dispute resolution. Compliance and regulatory approvals: The contract must ensure that all necessary regulatory approvals are obtained and compliance requirements are met. This also includes consideration of the results of legal due diligence with regard to regulatory risks. Transition and integration plans: For a smooth takeover, it is important to include detailed plans for the transition phase and the integration of the company’s activities in the purchase agreement. This includes provisions regarding personnel, IT systems and other operational aspects. Protection of intellectual property and other key resources: The agreement should ensure the protection and transfer of intellectual property and other critical resources and secrets of the target company. Clarity and precision: To avoid misunderstandings and later disputes, it is important that the contract is clear and precise. Each section should clearly define what is covered and clearly set out the terms and obligations of the parties. comprehensive advice that includes both project development-related aspects and other relevant areas of property law is crucial. GERMANY 24 Finance Monthly Deal Maker Awards 2025.
For transactions with project development potential, how does your extensive experience in project development complement your advice in other areas of real estate law, such as property developer law, to provide a holistic service to your clients? In transactions with project development potential, comprehensive advice that includes both project development-related aspects and other relevant areas of property law is crucial. My experience in project development complements my expertise in other areas of property law to provide clients with a holistic service. Knowing the different phases of a project development - from site acquisition, planning and approval to the construction phase, marketing and utilisation - enables us to proactively advise clients and identify potential legal hurdles at an early stage. Our experience in project development helps us to precisely understand the practical requirements and risks of the project and to address them adequately in the contracts. By combining project development-related knowledge with expertise in other areas of real estate law, such as construction law, planning law and tenancy law, we can comprehensively assess risks and develop strategies to minimise them. This includes advising on the structuring of transactions, the choice of the appropriate legal form and the preparation of collateral. www.hk-law.de www.linkedin.com/in/dr-wolfgang-hermann-5a204874 An in-depth understanding of the regulatory requirements applicable to project developments, including environmental assessments, planning permission and compliance with local building regulations, is essential. Project developments often require cooperation with professionals from various fields, such as architects, engineers, urban planners and environmental consultants. Our experience in interdisciplinary work enables us to liaise effectively with these professionals and ensure that all legal, technical and planning aspects of the project are aligned. By combining our knowledge of project development with comprehensive advice in other areas of property law, we are able to offer our clients a holistic service covering all legal aspects of their projects. This approach makes it possible to realise projects efficiently and with legal certainty while at the same time protecting and promoting the objectives and interests of our clients while minimising risks. Our experience in project development helps us to precisely understand the practical requirements and risks of the project and to address them adequately in the contracts. Finance Monthly Deal Maker Awards 2025. GERMANY 25
ALEXANDRA PETSA CROSS BORDER TRANSACTIONS LAW FIRM OF THE YEAR Managing Partner at Sardelas Petsa Law Firm Alexandra Petsa is a Supreme Court lawyer and has a broadly based Greek and EU legal practice, having acted for numerous domestic and international clients in high-profile transactions and litigation cases. Alexandra is an expert practitioner with long-time experience in the fields of NPEs, restructuring and insolvency, judicial enforcement, real estate, tax and employment & social security law, having handled advisory, transactional and litigation work in relation to said fields, for domestic and international clients from a variety of business sectors, including banking and financial services, NPE management, real estate management & development, IT, pharmaceutical and media & entertainment sectors. In addition to her expertise in the above areas of practice, Alexandra has considerable expertise and experience in the fields of capital markets & securities regulation, banking and finance and banking regulation, having handled domestic and cross border financial, DCM and ECM transactions, as well as major litigation cases mainly for financial institutions, securities firms, and listed corporates. Alexandra begun her legal practice in 2002. From 2006 to 2009 she was in-house legal adviser to the Agricultural Bank of Greece’s investment firm (ATE Securities) and from 2009 to 2013 in-house legal adviser in TT Hellenic Postbank S.A. From 2013, she is Managing Partner of Sardelas Petsa Law Firm, in charge of the firm’s NPEs, restructuring and insolvency, real estate, tax and employment & social security law practice, overseeing the relevant divisions of the firm. Alexandra holds a law degree and a postgraduate degree in Commercial law from the law school of the University of Athens. She is the author of “The Law of Stock Exchange Transactions” (in Greek), 2005, and has numerous contributions in academic and practitioners’ Greek and international legal journals, such as the Greek Commercial Law Review the Greek Business and Company Law and the International Comparative Legal Guides. GREECE 26 Finance Monthly Deal Maker Awards 2025.
Sardelas Petsa law firm is one of the leading Greek business law firms with strong international dimension, well known for its top drawer specialized professional service in high profile cross-border and domestic transactions and commercial disputes. We are recognized by international legal directories, and considered by clients and peers alike, as a legal practice with high expertise and experience, which comes up with business-oriented, practical and legally robust solutions in complex transactions, some of which are considered to be groundbreaking not only by Greek but also international market standards. We have one of the broadest range of practices among Greek firms and we provide comprehensive advice and support to domestic and international businesses, spanning to a variety of legal disciplines, including banking, finance, capital markets, energy, M&As, real estate, privatizations and development of public assets, public procurement and litigation. We represent and advise a wide range of foreign and Greek clients covering all key sectors, including international and domestic financial institutions and IFIs, funds, energy developers, producers and traders, real estate developers and managers, pharmaceutical and health sector companies, IT and telecommunications providers, food & beverage and retail goods and services companies, as well as public sector enterprises and entities. Our continuous aim is to strive for consistent professionalism and excellence by adopting a flexible structure that allows our clients to work closely with our teams in Athens and Piraeus and profit from our expertise and experience, while ensuring innovative, practical and legally sage solutions at competitive rates. CONTACT: Sardelas Petsa Law Firm 8, Papadiamantopoulou str. 11528 Athens, Greece office@sardelaslaw.gr Tel: +30 2107296550 Fax: +30 2107296549 www.sardelaslaw.gr Finance Monthly Deal Maker Awards 2025. GREECE
Senior Partner at GRAPH Strategy www.graphstrategy.com JAMES TETHERTON Finance Monthly is honoured to sit down with James Tetherton, Co-Founder and Senior Partner at GRAPH Strategy, to hear about how he has carved out a niche in strategy consulting through his two decades of experience in the industry. James tells us about GRAPH’s methodology, how his leadership approach has evolved over time, and how he plans to deal with the challenges facing the private equity industry in today’s business climate. ADVISER OF THE YEAR USA 28 Finance Monthly Deal Maker Awards 2025. UNITED KINGDOM
James, you have accumulated a wealth of experience and skills during your career. What is it about GRAPH Strategy that motivates you to continue your work in strategy consulting, and why is this area of business exciting to you? Whether it’s helping our clients to make acquisitions, develop new business models, or exploit new value opportunities, the work we do is always fast-paced and incredibly interesting. I’ve always relished investigating new businesses and tackling difficult questions. That’s really what’s kept me in the business of strategy consulting for the last 20 years. We work with private equity investors and founders of businesses, all of whom are brilliant and passionate about what they do. Our team at GRAPH is also an immensely capable and driven group of individuals, who have chosen to work for a fast-growing boutique firm; we all share a vision of how we can grow and create value and impact together. So, if I were to sum up what drives me forward – and what really is the ethos of GRAPH – it is the idea that we are constantly doing great work, with great people, for great clients. What is your leadership approach and what core values inspire this? How do you successfully share responsibilities with colleagues in order to manage the business and for employees to have a secure management? As a leader, I think I’m fairly hands-on in some aspects, and good at delegating in others. I still really enjoy the day-to-day work of consulting, so I like working alongside my team and being as involved and accessible to clients as possible. A key thing I’ve learnt in my career is that you can’t succeed unless you surround yourself with really great people. At GRAPH, we go out of our way to hire the very best. In addition to direct referrals from existing team members, we also have good relationships with top universities in the US and UK to bring in fresh talent. Once you’ve got great people on your team, I think that leadership becomes focused on creating an environment in which those people feel enabled – where they can thrive and have maximum impact. Less hierarchy means that team members can take on responsibility early in their career and feel a sense of ownership in the team’s successes. The other big thing I spend time thinking about is how we maintain our culture. How can we make sure that GRAPH is a firm that people feel is the very best place to build a career in consulting? There’s also the challenge of how to balance time spent working in the business versus on the business – it’s a challenge that I think every business leader will recognise. One of the investments we’ve recently made to address this challenge is creating a new Chief of Staff role in the UK office, to help ensure we’re heading in the right direction and that our key operations are positioned for success as we continue to scale. What is the philosophy behind the GRAPH Blueprint™️ and how has this methodology become a part of GRAPH? What makes this an effective delivery model? Fundamentally, our work involves helping clients make difficult decisions under tight time pressures. To be able to consistently deliver excellent outcomes, you need a repeatable process that doesn’t leave room for error. This is the idea behind the GRAPH Blueprint™️, our 5-stage delivery model. Our best practices provide more valuable data and analysis, more creative and constructive ideas, and avoid risky shortcuts and costly rework. Beyond the GRAPH Blueprint™️ , there are a range of tools, such as our Diligence Matters® toolkit and GRAPH Papers® article series, that we’ve developed Finance Monthly Deal Maker Awards 2025. UNITED KINGDOM 29
over the years to share best practices with our team and our clients to ensure we collaborate more effectively. Can you share your process of investigation? How have you refined this procedure to allow for greater success? The process of investigation starts with a very clear definition of the questions we’re trying to address: what is the investment thesis, and what are the key issues we have been brought in to tackle? We’ve found that initial precision regarding scope allows you then to spend time effectively on digging into the critical issues, rather than becoming overly broad and generic as you try to “boil the ocean”. Sourcing is another area we pay a lot of attention to. We try to bring in as many sources as we can to fuel our insights. A lot of that is quantitative, namely, opensource and proprietary management data. But I think a big differentiator for GRAPH is our strong belief in the value of qualitative insights, particularly ‘voice of customer’. We often deal with niche sectors where there’s not a lot of publicly available historical data. Having deep interviews with a representative range of key stakeholders and current decision makers lets us get ‘under the skin’ of the business. It enables us to get a view on how the sector is going to perform in the future, who the likely winners will be, and what value creation and differentiation opportunities the business has. At what stage of need do clients usually come to you for professional guidance? We’re lucky to have the chance to work with clients across all stages of the economy, from first-time founders seeking initial capital, all the way to large-cap funds who are investing in world-leading businesses. We often meet businesses that are taking on external investment for the first time and work with them through the commercial due diligence process. As a people-led business, GRAPH has a strong entrepreneurial culture that particularly suits our work with founder-led businesses. Post-investment, we might then help the business map out their growth strategy, whether it’s through organic options like launching new products or refining their pricing strategy, or the inorganic route through bolton acquisitions. Then in a few years, at exit, we might support the business with sell-side diligence as they take on investment from a larger PE fund. Can you tell us about some of the successes you have seen at GRAPH, particularly in terms of your client relationships? For us, a big measure of success is the length of relationship that we can build with our clients. We’re grateful to have clients that we’ve worked with since we set up the business and that we’re still working with 7 years later. We don’t take those partnerships for granted. Our success is underpinned by us consistently taking a long-term view in the way we operate and making sure that we’re always doing the very best possible work, and finding new ways to add value in those client relationships. We’re grateful to have clients that we’ve worked with since we set up the business and that we’re still working with 7 years later. UNITED KINGDOM 30 Finance Monthly Deal Maker Awards 2025.
Obviously, the other thing that powers our growth is continually winning new clients. It’s particularly fulfilling when those clients come to us through referrals and introductions from people we know, which is a testament to the quality of the work and the value we deliver. What are the biggest challenges facing private equity firms and global corporations in today’s business climate? Where do you see the industry heading, what changes do you expect to see, and how do you plan on making sure GRAPH stays current and competitive in the industry? Everyone knows that the deal environment has changed significantly over the last 18 months. Compared to 2021 and early 2022, private equity firms are operating in a market characterised by higher interest rates and lower growth. Private equity will continue to face challenges from a range of factors, such as macroeconomic volatility and stricter regulations. With the new market conditions, there’s been a ‘back to basics’ shift in PE, with a stronger focus on business fundamentals and value creation opportunities. Despite the challenges it faces, PE is still incredibly vibrant, exciting, and growing, and its importance in the overall economy and its contribution to growth shouldn’t be underestimated. As market complexity increases, commercial due diligence becomes more crucial in guiding investment decisions and ensuring sustainable growth. We’ve seen more clients come to us with a desire to do early-stage work, ahead of the transaction process, to help them build a unique investment case and value creation strategy. We’ve also seen an increase in demand for commercial due diligence to support bolton acquisitions as that has become a more popular lever for value creation. The best CDD work will offer an adaptable, creative, and forward-thinking approach. The skills, insights, and relationships offered by boutique consultancies like GRAPH will prove invaluable in navigating the challenges and seizing the opportunities of the evolving market. GRAPH’s ongoing success, even in the face of the market turbulence that characterised 2023, is a testament to the strength of our boutique offering and the merits of the long-term approach we take to running the business. Finally, what does winning this award mean for you personally and for GRAPH too? What else can we expect to see from GRAPH in the future as you continue to grow and succeed? We’re delighted! It’s been an incredibly rewarding journey as an entrepreneur to grow GRAPH internationally by building a great team and a network of strong client relationships. This award is an incredible recognition of the success and impact we’re having in the market. We started 2025 with a very strong team, exceptionally robust pipeline, and a great market reputation, backed by a high referral rate among clients and increasing industry recognition such as this award. Within the business, we’re incredibly excited about the future – we’ve got a clear view of our path to 2030 and, with every passing day, we’re actively working to make that plan a reality. Private equity will continue to face challenges from a range of factors, such as macroeconomic volatility and stricter regulations. Finance Monthly Deal Maker Awards 2025. UNITED KINGDOM 31
MATTHEW FOSTER Matthew Foster is a recognized expert advising banks and insurance clients on complex corporate transactions across Europe and Africa. As a Chambersranked partner in Norton Rose Fulbright’s London office, he leads the global W&I practice and provides regulatory guidance in insurance, a go-to specialist for high-stakes M&A. Clients describe him as commercially astute, dependable, and technical, consistently delivering clarity amid regulatory complexity. Partner Norton Rose Fulbright LLP CORPORATE M&A ADVISOR OF THE YEAR Foster specializes in M&A, jointventures, restructuring, and other significant corporate transactions within the banking and insurance sectors . He also leads the firm’s global Warranty & Indemnity (W&I) practice, providing advice on W&I coverage to major clients including AIG, AXA, QBE, Liberty GTR, and Euclid . In addition, he is a trusted advisor on regulatory insurance matters and a frequent commentator on UK and European M&A trends . UNITED KINGDOM 32 Finance Monthly Deal Maker Awards 2025.
Norton Rose Fulbright is a top-tier international law firm delivering comprehensive legal services to some of the world’s most prominent corporations and financial institutions. With more than 3,000 lawyers operating in over 50 offices globally—including strategic presences in London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney, and Johannesburg—the firm offers seamless support across major business hubs in Europe, the Americas, Asia, Africa, the Middle East, and Australia . The firm is organized around a diverse range of sectors, ensuring industry-aligned expertise. Core industries include financial institutions; energy, infrastructure & resources; technology; transport; life sciences & healthcare; and consumer markets . The global strength of these teams is complemented by specialist service lines in M&A, banking & finance, capital markets, antitrust, litigation & disputes, intellectual property, employment, tax, fintech, and cybersecurity & data privacy. Norton Rose Fulbright prides itself on providing full-spectrum legal counsel across entire deal lifecycles—whether structuring financial transactions, navigating regulatory regimes, or resolving cross-border disputes. The firm coined NRF Transform, a global innovation and service-design programme launched in 2016. This initiative optimizes client solutions through legal technology, alternative resourcing models, and advanced operations—supporting a more efficient, scalable service delivery. With over 550 M&A mandates in the past three years—including 350 deals valued at over US$250bn, Norton Rose Fulbright has one of the industry’s most formidable teams. It offers integrated service, drawing on more than 450 M&A partners and 700 lawyers globally. Housing more than 1,300 lawyers, the firm is renowned for advising on pioneering, first-oftheir-kind projects across sectors—ranging from oil & gas, LNG, nuclear, and renewables to mining, ports, and agribusiness. It consistently earns Band 1 rankings in Chambers and Legal 500. The firm’s integrated, sector-led structure allows it to anticipate client needs, drawing on deep market knowledge. In emerging markets spanning Africa, Latin America, India, the Middle East, and Asia, the firm delivers strategic, locally informed counsel while maintaining the consistency and standards expected in global business transactions. Organized as a Swiss verein, Norton Rose Fulbright coordinates its international member firms under shared principles of quality, unity, and integrity . The firm is widely acknowledged for its commitment to Diversity, Equity & Inclusion, including consistent recognition on The Times Top 50 Employers for Women list. Norton Rose Fulbright’s journey underscores a strategic vision grounded in industry specialization, technological efficiency, and global collaboration. Through initiatives like NRF Transform and its ongoing investment in emerging markets and fintech infrastructure, the firm is evolving alongside client needs. Norton Rose Fulbright aims to remain a trusted advisor—united in values, innovative in delivery, and proficient across every phase of modern business law. FIRM PROFILE www.nortonrosefulbright.com Finance Monthly Deal Maker Awards 2025. UNITED KINGDOM 33
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