Differences Between US and UK M&A Market Practices
LP Partner Christopher Andres-Pochon and John Young, a Corporate Commercial Partner at Kingsley Napley in the UK, delve into distinctions in market practices of M&A transactions in the UK and the US in an article published in the GGI Global Alliance Newsletter. Among other differences, the two explained different practices regarding representations and warranties.
“The most frequently disruptive disconnect is an insistence by US counsel on sellers ‘warranting and representing’ matters relating to the target. In the US this is uncontroversial, as ‘represent’ and ‘warrant’ amount to broadly the same thing. In the UK, by contrast, market practice is that sellers never ‘represent’ anything.”