Insights

Chicago – November 13, 2025: Crowell & Moring represented EMX Royalty Corporation in its public company merger with Elemental Altus Royalties Corp., creating a combined company with an implied market capitalization approaching $1 billion.

Chicago – October 23, 2025: Crowell & Moring represented publicly traded NGEx Minerals Ltd. in a complex cross-border precious metals spin-out transaction.

Chicago – October 20, 2025: Crowell & Moring represented Vancouver-based Sandstorm Gold Ltd. as lead U.S. deal counsel in the closing of its public company acquisition by Denver-based Royal Gold, Inc. (NASDAQ: RGLD) in an all-stock transaction valued at over $3.5 billion. This cross-border transaction is believed to be one of the largest precious metals royalty and streaming M&A deals in history. Crowell also represented Sandstorm in the related public company sale of its investment in Horizon Copper Corp. to Royal Gold for approximately C$196 million.

On October 4, 2023, Deputy Attorney General (DAG) Lisa O. Monaco announced the Department of Justice’s (DOJ) new safe harbor policy for voluntary self-disclosures made in connection with mergers and acquisitions (Safe Harbor Policy).  Following other announcements from DOJ over the past two years aimed at encouraging voluntary self-disclosures, the Safe Harbor Policy was adopted because DOJ does not want to “discourage companies with effective compliance programs from lawfully acquiring companies with ineffective compliance programs.”  Through this new policy, DOJ is aiming to incentivize acquirers to timely disclose misconduct discovered during the M&A process (including pre-closing diligence and post-closing integration).

A new Belgian law, passed on August 14, 2021, has introduced several important changes to the 2002 law on combating late payment in commercial transactions. These changes entered into force on February 1, 2022.

On November 1, 2019, the Federal Trade Commission (FTC) issued a unanimous opinion unwinding the consummated acquisition of Freedom Innovations by Otto Bock HealthCare. Although the case involves prosthetic knees, the case offers several important lessons for companies within and outside the health care sector contemplating mergers, particularly companies where innovation is a key aspect of competition.

The 8th Annual Forum will closely examine deal activity in one of the nation’s hottest regions. Hear from law firm leaders, general counsel and the top executives in the financial industry.

On June 1, 2022, the various governments of Belgium reached a cooperation agreement on a screening regime for foreign direct investments (FDI). The new regime aims to protect Belgium’s national security, public order, and strategic interests. To that end, transactions in a wide range of sectors, and regardless of their size, will be subject to mandatory and suspensory notification to a new body, the Interfederal Screening Commission (ISC). The new regime is currently expected to enter into force by mid-2023.