CASE HUB ARCHIVED—this case hub reflects the position at the date of the decision on 6 March 2025; it is no longer maintaied. See further, timeline. Case facts Outline UK merger investigation into the completed acquisition by Global Business Travel Group, Inc of CWT Holdings, LLC. The transaction involves horizontal overlaps in relation to the supply of business travel agency services (BTA) to global and multinational customers (GMN). Latest developments On 6 March 2025, the CMA issued its final report, in which it confirmed the findings in its supplementary interim report that the merger may not be expected to result in an SLC in the global market for the supply of BTA services. In particular, the CMA concluded that: (i) CWT is a significantly weaker competitor than in the past and is likely to continue to weaken in the future; and (ii) there are other suppliers who will offer customers an alternative to the merged business. Parties • Global Business Travel Holdings, Inc (GBT): GBT is a travel management

Introduction ARCHIVED: This Practice Note was archived and is no longer maintained. Global depositary receipts, or GDRs, are securities issued by a depositary bank that represent another security held by that depositary bank, such as shares. An issuer typically sets up a depositary receipt programme through a depositary bank to enable institutional investors to invest in the issuer’s shares. Such programmes are popular with issuers domiciled in emerging markets in which there are local laws or regulations, such as taxes or onerous registration requirements, that make it impractical or undesirable for foreign investors to hold shares directly. GDR programmes can, therefore, provide issuers with access to a larger pool of investors than a local offering of shares would achieve. GDRs are typically listed on major stock exchanges (primarily London), offering greater liquidity to investors and potentially larger offering volumes or higher valuations for issuers. Although issuers often have the option to list their shares directly on foreign stock exchanges, listing, reporting and corporate governance requirements are typically more stringent than

ARCHIVED: This Precedent was archived and is no longer maintained. [ISSUER] Offering (the ‘Offering’) of [●] global depositary receipts (the ‘GDRs’), each GDR representing an interest in [●] ordinary share[s] of nominal value [●] (the ‘Shares’) _____________________________________________ 1 Parties involved in the offering Issuer (ILC) Custodian (Custodian) Clearstream Banking, société anonyme (Clearstream, Luxembourg) Issuer’s Counsel (IC) Manager’s Counsel (MC) Euroclear BankS.A./N.V. as operator of the Euroclear System (Euroclear) Issuer (Company) Selling Shareholder(Selling Shareholder) Manager 1 ‘[●]’ and ‘Stabilisation Manager’ Manager 2 ‘[●]’ and ‘Settlement Agent’ London Stock Exchange (LSE) Manager 1 and 2 (Managers) Depository (Depository) The Depository Trust Company (DTC) Financial Conduct Authority (FCA) Auditors (Auditor) 2 Time and place of signing The signing of the legal agreements outlined below will occur at [TIME] on [DATE]. 3 The following matters to have been dealt with prior to the signing meeting 3.1 Press release and price range press release agreed and issued—All 3.2 Preliminary prospectus to have been printed—All 3.3 Roadshows held—Managers 3.4 Engagement Letter, forms of Comfort Letters and forms of Bring-Down Comfort Letters to have been agreed—Auditor/Managers/IC 3.5 [ [Managers

Law360: Global IT disruption caused this summer by a botched update to CrowdStrike, the technology platform, might fuel calls for a more comprehensive form of cyber-cover, a financial consultancy said on 16 September 2024, after businesses met with little success when they claimed on their policies.

This is an American system of measuring investment performance that is gaining credence in the UK, especially as multinationals seek to compare the performance of their pension funds.

Law360, London: Insurance claims connected with corporate mergers and acquisitions (M&A) fell worldwide by approximately a fifth in 2023, Liberty Mutual said on 13 November 2024, in line with a dip in the total number of transactions.

Law360, London: Insurers are seeing growing demand from businesses for protection from risk connected to mergers and acquisitions (M&A), amid a global recovery in deal making in 2024, a survey by Marsh McLennan has found.

CASE HUB ARCHIVED—this archived case hub reflects the position at the date of the judgment of 15 November 2013; it is no longer maintained. See further, timeline, commentary and related cases. Case facts Outline Appeal by Global Radio Holdings Limited against the Competition Commission’s decision in the Global Radio/GMG merger investigation and the order to divest seven radio stations. The appeal was dismissed by CAT on 15/11/2013. Parties Global Radio Holdings Ltd (Global ), a privately-owned commercial radio company which operates one national station (Classic FM) and other local stations broadcasting under brands Heart, Capital, Choice, LBC, Xfm and Gold. Global completed its acquisition of Real and Smooth Limited (RSL),then GMG Radio Holdings Limited, on 24 June 2012. RSL operates local and regional radio stations broadcasting as Real, Real XS and Smooth.Competition Commission (CC) Market(s) UK radio market. A 'two-sided' market

CASE HUB (appeal lodged in Global Radio Holdings v Competition Commission) ARCHIVED–this archived case hub reflects the position at the date of the decision of 21 May 2013; it is no longer maintained. See further, timeline and related cases. Case facts Outline UK merger investigation into the anticipated acquisition by Global Radio of GMG Radio Holdings (since renamed Real and Smooth radio). Latest developments The Competition Commission issued its final report on 21 May 2013, clearing the transaction subject to remedies. Global was ordered to divest some of the acquired Real & Smooth stations, or its own stations, in seven areas of the UK: the East Midlands, Cardiff, North Wales, Greater Manchester and the North-West, the North-East, the South and West of Yorkshire; and Central Scotland. Final undertakings were agreed in relation to remedies on 9 February 2014. Global divested seven stations to Communicorp under a brand licence model. The sale of Capital South Wales, Capital Scotland, Smooth East Midlands, Smooth North West, Smooth North East. Real North Wales, Real Yorkshire and Real XS Manchester is subject

The Department for Business, Innovation, Science and Trade (DBIST), UK Research and Innovation (UKRI) and the Home Office have announced an expansion of the Global Talent visa route, enabling more than 100 UK research-intensive businesses to support eligible international researchers to come to live and work in the UK through the UKRI Endorsed Funder pathway. The expansion builds on the extension of the UKRI Endorsed Funder pathway announced in May 2026 and changes made in April 2026 to broaden the Global Talent visa's fast-track Academic Appointments pathway. Commercial research businesses will now be able to host researchers through the UKRI Endorsed Funder pathway alongside approved universities and research institutes. The businesses covered by the expansion fall within the eight high-growth sectors identified in the Modern Industrial Strategy, including advanced manufacturing, digital and technologies, clean energy, life sciences and the creative industries. Researchers using the pathway must have expertise recognised through a funded research grant. Those whose expertise is recognised through a research grant may be able to switch to a new organisation or establish their own spin-out company, subject to the requirements of the Global Talent visa route.

The Global Talent route is designed to attract leaders in their field in certain disciplines, or those who have the potential to become leaders. These disciplines cover: • arts and culture (including architecture, fashion design, design, and film and television) • digital technology, and • science, engineering, humanities and medicine The route is found in Immigration Rules, Appendix Global Talent, which came into force on 1 December 2020 and was introduced by Statement of Changes in Immigration rules HC 813. It was previously contained in Appendix W of the Immigration Rules and largely replaced the Tier 1 (Exceptional Talent) route, which was closed to new applicants and those extending their stay from 20 February 2020. Persons with permission as a Tier 1 (Exceptional Talent) migrant must apply for settlement under the Global Talent route (when they are eligible to do so). Those looking to extend their permission must switch to the Global Talent route before the expiry of their existing permission. The Practice Note: Global Talent: endorsement criteria looks

Overview The Global Talent route is designed to attract leaders in their field in certain disciplines, or those who have the potential to become leaders. These disciplines cover: • arts and culture (including architecture, fashion design, film and television and design) • digital technology, and • science, engineering, humanities and medicine The standalone design pathway was added from 1 July 2026. The route is found in the Immigration Rules, Appendix Global Talent, which came into force on 1 December 2020 and was introduced by Statement of Changes in Immigration Rules HC 813. It was previously contained in Appendix W of the Immigration Rules, and had largely replaced the Tier 1 (Exceptional Talent) route, which was closed to new applicants and those extending their stay from 20 February 2020. For those who are eligible to apply, it is a highly attractive and flexible route, because: • it is a non-sponsored route, so a person with permission in the route is able to work in any employed or self-employed role (and switch between roles)