Any of you recently seen ESG issues impact transactions?

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I’ve seen it impact sec filings and related workstreams. Dealwork no.

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I’ve had RE deals get put on ice pending flood issues

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I wish but no. Even the investor side letters I see that have ESG provisions are super squishy.

In my experience the ESG side letter requests have gotten much more robust in the past 1-2 years.

Nope, almost nothing in M&A/PE. One time I did a pubco deal in energy where the target was desirable for ESG reasons, but that was it.

The human species is going to die. Some states are passing laws against it where pension money is involved

It helps to be more precise about the question- all deals had some sort of ESG component to them, whether it be human capital/labor, governance practices, reputation or environmental- as part of diligence and reps, even if the term “ESG” is never used. Wanting to see ESG strategy, metrics, goals and reporting, as well as things like net zero commitments, started several years ago mostly in European deals, then VC deals with European and socially responsible investors, now it’s very common all around especially in the PubCo space and in industries where big purchasers are requiring certain targets to be met.

I think it’s a good practice if representing the buyer to ask this question, ask your client what they expect to see in terms of strategy and reporting, and mention it in the diligence memo or try to get reps if necessary.

We're seeing some of it in Delaware, and it's going to be an expanded consideration in post-deal litigation. Especially with how prolific Strine's writing is becoming on the subject.

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