Many private company share purchase transactions have a significant international element to them. Whilst there is no strict definition, a transaction will generally be considered a 'cross-border' M&A transaction where the parties are not all located in the same jurisdiction (with the target company in a different jurisdiction to one or both of the buyer and seller) and/or where the governing law of the transaction documents is different from the nationality/jurisdiction of the parties.
For a detailed consideration of the practical and legal issues that can arise when advising on a cross-border private M&A transaction, see Practice Note: Cross-border private M&A transactions. See also Checklist: Cross-border private M&A transactions—checklist.
For a comparison of issues and practices in private company acquisitions in a number of different jurisdictions, see: Lexology Panoramic: Private M&A and Panoramic Next—M&A.
Some particular issues likely to arise on cross-border transactions are:
the need to instruct local counsel and project manage their input on due diligence and obtaining any relevant clearances or approvals (see Practice Note: Cross-border private M&A transactions—Initial steps—compliance, project management and local counsel)
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