Buyouts

Buyouts

This overview is a guide to the Lexis+® Corporate content within the Buyouts subtopic, with links to the appropriate materials.

Private equity buyout transaction collection

The Private equity buyout transaction collection is a guide to private equity management buyout (MBO) transactions. It provides an overview of each phase of an MBO transaction and the tasks that lawyers are required to complete as part of each phase. The collection includes links to Checklists, Precedents (with drafting notes), forms, Practice Notes and an explanation of the key drafting and negotiating points to consider in MBO transactions.

See: Private equity buyout transaction collection for a guide to using the collection, an overview of the issues it covers and the relevant materials contained within it.

Management buyout background and financing

An MBO, or management buyout, is an investment in which the incumbent management of an established business (with a proven revenue stream and generating positive cashflow) acquires the business with private equity funding.

In most cases management will have a minority stake post-acquisition and the private equity fund will retain the controlling interest. Variations of this form of investment include:

•
MBI or

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Corporate News

LSE publishes AIM feedback statement with immediate rule changes and derogations

The London Stock Exchange (LSE) has published its feedback statement on the future development of AIM following consultation responses to its April 2025 discussion paper. The LSE has implemented immediate changes through derogations and updated guidance, including permitting dual class share structures meeting Main Market requirements for AIM companies and modifying AIM Rule 13 requirements for director remuneration where nominated advisers are satisfied with contractual protections. The statement introduces flexibility for reverse takeover classifications under AIM Rule 14, removes automatic trading suspensions for certain reverse takeovers, and permits incorporation by reference for historical financial information and use of UK GAAP (FRS 102) rather than requiring IFRS. The LSE will dispense with Admission Document requirements for second lines of securities and is engaging with the FCA on liquidity management rules and the FRC on proportionate audit approaches for AIM companies. A consultation on comprehensive AIM Rule changes and new technical guidance for nominated advisers is planned for the first half of 2026, alongside proposals to digitise Admission Documents and enhance trading systems.

FRC publishes thematic review on corporate reporting by smaller listed companies

The Financial Reporting Council (FRC) has published its thematic review, examining the corporate reporting quality of 20 smaller listed companies outside the FTSE 350, spanning both the Main Market and the Alternative Investment Market. The review specifically focuses on four key areas: (1) revenue recognition; (2) cash flow statements; (3) impairment of non-financial assets and (4) financial instruments. The report provides practical insights and hypothetical examples based on actual casework, offering guidance to help companies enhance their reporting standards and avoid FRC enquiries.

Corporate weekly highlights—20 November 2025

This week's edition of Corporate weekly highlights includes: a news analysis of the timelines and steps for individuals to verify their identities at Companies House and the publication of guidance by Companies House on how it will enforce compliance with new mandatory identity verification requirements, the publication of the FRC’s annual review of corporate governance reporting under the 2018 UK Corporate Governance Code, and details of executive remuneration in the Investment Associations' principles of remuneration for 2026.

DBT publishes PSC guidance under the Economic Crime and Transparency Act 2023

The Department for Business and Trade (DBT) and Companies House have published new statutory guidance following the implementation of a new regime for people with significant control (PSCs), which came into force on 18 November 2025 under the Economic Crime and Transparency Act 2023. The revised framework enhances transparency and accountability in corporate ownership by clarifying the meaning of ‘significant influence or control’ for eligible Scottish partnerships (ESPs) and related entities. The guidance explains how to identify individuals or legal persons who exercise significant influence or control over an ESP and sets out the corresponding reporting duties to Companies House. Failure to comply with these statutory obligations may constitute a criminal offence punishable by fines or imprisonment.