Insights

On 5 January 2026, the OECD published the Side-by-Side (SbS) Package. This package complements the OECD Inclusive Framework's model rules aimed at securing global 15% minimum taxation for large multinationals (referred to as "Pillar 2"). These minimum taxation rules have been implemented within the EU with effect from 1 January 2024.

IP law in the European Union is always "on the move", and we expect this to be no different in 2026. This article outlines the most anticipated developments across all areas of IP law. From landmark cases before the Court of Justice of the European Union (CJEU) to pivotal legislative reforms, we explore the key trends and decisions that will shape the future of IP in the EU.

With the new Energy Act (Energiewet) entering into force on 1 January 2026, the Electricity Act 1998 (Elektriciteitswet 1998) and the Gas Act (Gaswet) are now integrated into a single legal framework. The Energy Act modernises Dutch energy law to reflect the energy transition, evolving market dynamics and updated EU regulations. A key question is how it will affect transactions in the energy sector, especially given the new approval requirements and notification obligations that may be triggered. We outline below the key implications, particularly the new notification obligations for changes of control or for permit transfers.

De Brauw Blackstone Westbroek has acted as Dutch counsel to Comvest Credit Partners in the refinancing of Italian football club AC Milan. The transaction involved the refinancing of the acquisition-related vendor financing originally provided by entities advised by Elliott Advisors UK Limited in connection with RedBird's acquisition of AC Milan in 2022. The existing financing was replaced by new institutional debt facilities arranged by Comvest Credit Partners. The refinancing strengthens AC Milan's capital structure and supports AC Milan's continued growth trajectory as one of Europe's most prestigious football clubs.

De Brauw has advised a consortium consisting of Advent, FedEx, A&R Investments and PPF on an all-cash offer for InPost S.A., a leading European e-commerce solutions enabler specialising in out-of-home delivery and automated parcel lockers. The offer values InPost at approximately EUR 7.8 billion and is unanimously recommended by InPost's executive board and supervisory board.

De Brauw advised TenneT Holding on the sale of a 25.1% stake in TenneT Germany for EUR 3.3 billion to Kreditanstalt für Wiederanbau (KfW), acting on behalf of the German State. The German State has also committed to participate in primary equity contributions up to an amount of EUR 2.3 billion to uphold its stake once further capital contributions are made. With this transaction, TenneT Germany is valued at an enterprise value of approximately EUR 40 billion representing an EV/RAB multiple of 1.09. This transaction marks another significant milestone contributing to a robust and resilient European electricity system and therefore shaping the future of critical energy infrastructure.