English High Court rules on MAC clause

English High Court rules on MAC clause

Thursday, February 18, 2021

It has become a truism for UK mergers and acquisitions lawyers to say that Adverse Change Clauses (MACs) are rarely triggered in practice. A recent English judgment in Travelport Ltd v Wex Inc [2020] EWHC 2670 (Comm) will be of interest to parties to M&A transactions as it highlights the English courts’ approach to one of the key aspects of these claims.

In a trial on preliminary issues, the High Court considered the construction of a MAC clause in a share purchase agreement for the entire share capital of two related B2B payment companies. The deal was …

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