2019 MAC Survey

We are pleased to present the findings from our 2019 MAC Survey.

For years, Nixon Peabody has tracked the evolution of Material Adverse Change clauses in acquisition agreements. This year’s survey suggests we continue to observe in MAC clauses an awareness of geopolitical and legal developments as they affect deals. Global economic uncertainty, global security concerns, Brexit risks, trade tensions, and changing regulations on foreign investment are all likely to affect the way bidders and targets allocate risk.This year’s survey found that despite the economy’s continued stability, caution and an ever-present concern for unforeseeable changes seem to have inspired nearly all sizable M&A transactions to include detailed MAC clauses. The continued widespread inclusion of elaborate MAC clauses in these agreements suggests that these complex clauses now have become a permanent fixture in M&A deals.

We hope you enjoy reading this year’s survey. We will continue to closely monitor how the dealmaking market responds to these, and other developments in the years to come.

Nixon Peabody M&A MAC Clause Survey

The Nixon Peabody 2019 MAC Survey takes a close look at MAC clauses and serves as a pulse check on the market’s response to shifts in economic and social forces shaping the deal-making environment.


The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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