“To understand the legal aspects, you have to understand how these deals are done,” says Mark Campbell, a partner at Clifford Chance, a law firm that has been more active in European venture-capital transactions than most.
Often a deal is the result of a European conglomerate selling off a division. The bidders may include a trade buyer, a venture-capital company and a financial buyer (such as Nomura, which has a portfolio of industrial businesses). “The seller is looking for amount, certainty and speed,” says Campbell.
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