Alexander "Stefan" Rieger

German partners at Latham & Watkins, Hengeler Mueller and elsewhere are forecasting a surge in dealmaking in 2026 as Trump-driven geopolitical upheaval reshapes the M&A landscape and prompts clients to spend more to protect their investments. Latham M&A partner Alexander 'Stefan' Rieger, regional chair of the corporate department in Continental Europe, said fewer clients—sophisticated players with big budgets—now control more of the activity. “There is a consolidation of the market when it comes to top-tier clients, i.e. private equity or those with a limited partner base.” The instability is keeping lawyers busy. Latham has been riding high in Germany so far this year, advising on a $7.5 billion fitness merger and €2.1 billion ($2.4 billion) Worthington steel takeover of Klöckner, and with Rieger himself advising on a data centre investment that market sources say is worth up to $4 billion. “What we see is generally a more careful approach to counsel selection, so limited partners are always protected in the best possible manner,” Rieger said. “This is a switch to a more focused approach with stronger relationships with top firms in developed markets rather than a broad coverage.” Business as Usual? GlobalData ranks Latham as the top global M&Afirm in FY2025 in terms of deal value, advising on deals worth $740 billion, while Kirkland & Ellis ranked first in terms of volume by advising on 537 deals. A Latham source confirmed that their numbers are realistic and called their growth “astonishing”. Latham, Freshfields, Wachtell Lipton, Rosen & Katz and a range of others advised on the $53 billion merger of mining giants Anglo American and Teck, while Wachtell and Skadden, Arps, Slate, Meagher & Flom are among the advisers on Union Pacific‘s proposed $85 billion railroad tie-up with Norfolk Southern. Kirkland, meanwhile, appeared unstoppable in 2025, by advising on three European megadeals in July alone, including a $2.5 billion cash bid for Germany’s Ceconomy. GlobalData’s analysis found that all of 2025’s top 20 M&A firms by deal value saw their totals rise—with three firms, Watchtell, Paul Hastings, and Jones Day—increasing their total M&A deal value by more than 230%. “In general, what we are getting is a positive sentiment for the year, but we will have to see if this holds,” said Hengeler Mueller M&A partner Oda Goetzke, who also advised on the Klöckner steel takeover by Worthington. ”We have seen businesses work as they do over past years, so I have optimism.” M&A and Geopolitical Instability Global instability and shifting trade conditions are expected to drive companies to reorganise and pursue M&A. "Overall, I think the world will become more fragmented, more fragile, less competitive overall and less sustainable,” said Linklaters M&A partner Timo Engelhardt. “Whenever there is a shift in the prevailing paradigms, you will have to reorganise your business and that will induce M&A activities.” In a stable, low-tariff environment, companies don’t need to build or acquire local production to serve the North American market. But if U.S.–Europe tensions signal less global stability, firms will rethink production locations—driving demand for legal advice and likely more, smaller-value transactions than in 2025. “Mega transactions are something that makes more sense in a globalised world rather than in a fragmented world," Engelhardt said. As the saying goes, markets don't like uncertainty. But Mark Barron, a London M&A partner and head of Taylor Wessing's inward investment practice, believes increased geopolitical volatility is priced in now and that was evident in 2025's robust transaction volumes. "Based on what I'm hearing, I also expect 2026 to be a very buoyant year for M&A, with the transatlantic capital corridor remaining one of the strongest drivers of activity," Barron said. Central and Eastern Europe is also on a clear M&A upswing, with 2025 seeing record deal volumes and values in 2025 as the region—led by Poland—delivered bigger, more frequent transactions across key sectors. “Poland is the story," Greenberg Traurig M&A partner Stephen Horvath said.

Feb 9

3 min

Latham & Watkins LLP has advised Wintershall Dea AG on the sale of its 50.02% stake in WIGA Transport Beteiligungs-GmbH & Co. KG and WIGA Verwaltungs-GmbH (together WIGA) to Berlin-headquartered company SEFE Securing Energy for Europe GmbH (SEFE). SEFE currently holds a 49.98% stake in WIGA and, upon closing of the transaction, will become the company’s sole shareholder. The German Federal Government notified an amendment of the original approval decisions for the recapitalization of SEFE with a view to the applicable acquisition ban. The relevant state aid approval was adopted today. The transaction is subject to merger and subsidy control approval by the European Commission and is expected to be completed in summer 2024. WIGA is the sole shareholder of German regulated gas transmission system operators GASCADE Gastransport GmbH and NEL Gastransport GmbH. These two independent subsidiaries of WIGA operate onshore gas transmission networks in Germany with a combined length of around 4,150 kilometres and a direct connection to five European countries. With its high-capacity gas transportation infrastructure, WIGA plays a key role in ensuring Europe’s energy security. The Latham team was led by Düsseldorf partner Tobias Larisch and Frankfurt partner Stefan Rieger with Düsseldorf associates Katharina Intfeld, Alexander Belk, Ivo Veit Wanwitz, Alexander Pfeifer, Nikolaus Becker, Florian Feistle, Katharina Steinbrueck, and Jan Hendrik Gocha. Advice was also provided on regulatory matters by Frankfurt counsel Joachim Grittmann; on tax matters by partner Hamburg Tobias Klass with associate Julia Wenzel; on FDI matters by Hamburg partner Jana Dammann de Chapto; on corporate/IP matters by Frankfurt partner Susan Kempe-Mueller and associate Daniela Jaeger; on employment matters by Munich counsel Florian Dehmel and associate Christian Strauß; on real estate matters by Frankfurt counsel Sven Nickel; on finance matters by counsel Daniel Splittgerber and associate Ralph Dräger; and on compliance matters by counsel Stefan Bartz.~~

Mar 26

1 min

Latham & Watkins has advised NorthC, a leading European provider of regional data centers, on its entry into the Frankfurt data center market. After meeting the required framework conditions, including the acquisition of a suitable plot of land, the company will now commence the development of a 5 MW data center in Frankfurt. The Latham team was led by Frankfurt partner Alexander Stefan Rieger, with counsel Sven Nickel and associate Johannes Groß.~~

Jan 11

1 min

Latham & Watkins has advised Mainova AG on the sale of 50.1% of its shares in Mainova WebHouse GmbH (Mainova WebHouse) to a fund managed by BlackRock's Diversified Infrastructure Team (BlackRock). The sale of the shares is the result of a structured and competitive bidding process. Mainova WebHouse, a subsidiary of Mainova AG, operates in the digital infrastructure business segment and focuses on the development, construction, and operation of data centers. With this partnership, Mainova WebHouse taps into new growth potential for the planning, construction, and operation of sustainable data centers in Frankfurt and the Rhine-Main region. The transaction follows shortly after the same Latham team advised Mainova WebHouse on a joint venture with Tishman Speyer for a specific data center project in Frankfurt as part of Mainova WebHouse's project pipeline. The Latham team was led by Frankfurt partners Alexander Stefan Rieger and Otto von Gruben and associate Pascal Wagenführ, with counsel Sven Nickel, partner Susanne Decker, and associates Joscha Müller, Johannes Groß, and Janina Fey. Advice was also provided on IP matters by Frankfurt partner Susan Kempe-Müller; on regulatory matters by Frankfurt counsel Joachim Grittmann; on antitrust matters by Hamburg partner Jana Dammann de Chapto, with Frankfurt associate Helena Hofmann; on tax matters by Hamburg partner Tobias Klass, with associate Julia Wenzel; and on employment matters by Munich counsel Florian Dehmel.~~

Jun 11

1 min