Trends in international joint ventures

Since the financial crisis we have seen an emerging trend of companies entering into joint ventures rather than 100 per cent acquisitions, particularly in Europe and the MENASA and Asia-Pacific regions.

A joint venture can ease entry into a new and fast-growing economy, be used to combine complementary businesses, help overcome capital constraints, enable cost savings and synergies to be realised, or be dictated by foreign investment restrictions.

Our sense has always been that there is no accepted formula for dealing with many of the issues that arise in negotiating a joint venture. To test this, we analysed the terms of 50 international joint ventures that Allen & Overy advised on between 2011 and 2013, looking at commonly used structures, funding obligations, decision-making and governance processes, and exit rights…

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