非洲投资并购趋势2023-英

M&A

IN

AFRICACurrent

Trends,

20231INTRODUCTIONInthis,ourannualAfricaM&Aroundup,

we

discussinbriefthedeveloping

trends

from

2023,

followed

by

a

targetedreviewofselectjurisdictionaldevelopments.M&AinAfricahasnotbeenimmunetoglobalchallenges,butremains

resilient.

There

havebeennotabledevelopmentsinthefintechandrenewable

energy

spaces

respectivelyandanincreaseindemandfor

African

exportsastheglobaldemandfor

essential

minerals

continues

to

rise.

The

AfricanContinentalFree

Trade

Area(AfCFTA)

andrelatedagreementsandprotocols

aregainingtraction,

already

growing

regional

valuechainsandenhancingcollaborationandcapabilities.Africandealmetricshave

remained

largely

constant.

Therehasbeenanuptickincross-borderdealsandrestructurings,anemerging

trendofjointventuresandthere-emergenceofauctionsales.Across

Africa,

exchanges

arecuttingredtapeandembarkingonsimplificationprojectsinaneffort

to

increase

listingsamidtheuptickintake-privatesandunbundlings.Regulatory,publicinterestandlocalownership

considerationsandshareholderactivismare

playinganincreasing

roleindealstructuringacross

Africa.Sotoo

are

in-countryriskfactors.Highlynegotiatedclausesincludelimitationofliabilityprovisions,

security,

conditionality,

purchase

pricemechanisms,material

adversechangeandforce

majeureclauses.Theuseoflegaltechnologyiscommonplaceandpocketsofdifferentiation

are

emergingascorporatescapitaliseonartificialintelligence,

automationandlegalservice

improvement

initiatives.MARKET

ANALYSIS•••Growth

ratesYoung

populationIImpactinvesting,sustainabilitylinkedinitiatives••AfCFTAHealthcare,fintech,minerals,

renewableenergy,agriculture,tourism••••GlobaldisruptionEmerging

marketchallengesPoliticalchangesDeveloping

infrastructure2The

current

hurdles

that

are

affectingjurisdictionsgloballyare

havinganequal,ifnotmore

severe,impactonAfrica.2023hasalsoseentherenewed

focusandacceleratedimplementationoftheAfCFTA,whichissettobethelargest

free

trade

zone

globally.Theseincludesubduedgrowth

exacerbatingdebtservicing,disruptionsinsupplychains,geopoliticaltension

stemming

fromtheRussia/Ukraine

conflictandotheremergingorthreatened

conflicts,andtheimpactsofinflation.Otherchallengesinclude

accountdeficits,exchange

ratefluctuations,andhighinternational

prices.Alsorelevant

fora

numberofjurisdictionsare

climateshocks,infrastructurechallenges,pocketsofinternalinstability,and

forthose

with

upcomingelections,

potentialpoliticalandeconomic

reform.Presently,54countries

have

become

signatories

totheAfCFTA

agreement,with46countries

having

ratifiedtheagreement,thusbecoming

State

Parties.

Protocolscovering

tradeingoodsandservices,

disputesettlementmechanisms,intellectual

property,

investment,

competitionpolicy,

e-commerce,anddigitaltrade

haveeitherbeensettledoraremakingsubstantialprogress.

AfCFTA

islookingto

boostthecontinent’s

economic

growth.

Dataisalready

showinganincreaseinintra-African

trade.Otherimmediatebenefitsencompass

stimulated

productionviathedevelopmentofregional

valuechains,enhancedcapacitiesofAfrican

companies

to

serveglobalmarkets,andfortified

economicandcommercial

diplomacy.Notwithstandingchallenges,Africa

remains

resilient.SouthernAfrica,witha

dynamicprivateandpublicsectorcoupledwitha

reputable

regulatoryandjudicialsystem,remainsafavourable

investment

destination.

East

Africa,withitsdiversified

production

structure,hasa

higherthanprojected

growth.

Central

Africaisbenefitingfromitspositionasa

netexporterofoil,mineralsandtimber.

WestAfricaisinvesting

heavilyinstrategic

infrastructureandrenewable

energyandNorthAfricaiscapitalisingonitsproximity

to

Europe.

Additionalupsideisalsoanticipatedfromtheincreaseindemandfor

African

exports.Othertradeblocsacross

Africa

arealsostrengtheningties.Asanexample,theG20hasadmittedtheAfricanUnion.Itincludes55memberstatesaspermanentmembers.Bricshasrecently

agreed

to

inviteEthiopiaandEgypt,amongothers,tojoinSouthAfrica,

Brazil,

Russia,IndiaandChina.This

pavestheway

fora

moreformidablevoiceinglobalpolitics,institutionsandfinancialsystems.OtherunionssuchastheGulfCo-operation

Council

arealsocapitalisingonpartnershipsacross

Africa,tappingintoopportunitiesandinvestingcapital.African

companies

have

enhancedtheircapitalallocationstrategies.

They

are

now

consolidatingwitha

focusontheirkey

investment

areasordiversifyingtheirrevenuestreams.AlthoughM&Aisdownonprevious

years,itremainsa

meanstoimplementstructuralchangeandunlocklong-term

valueorexit

strategy.TRANSACTIONSTRUCTURINGThere

are

severalnotablesectors

receiving

attentioninAfrica.

Africahasevolved

intoa

thrivingmarket

forimpactinvestingandothersustainabilitylinked

initiatives,aimingto

drivesocialandenvironmental

change.SPAsJVsTake

privatesUnbundlingsRestructuringsInsolvenciesApproximatelyhalfoftheworldwideimpactinvestmentcapitalisflowing

into

Africa.

Africa’s

telecommunicationsectorhasalsoemergedasoneofthefastest-growingindustriesonthecontinent.Itispoisedto

driveAuctionsconsiderable

economic

growthinthefuture.

Significantly,fintech

companies,whicharehighlyregardedintheAfrican

technology

sector,

are

attracting

more

investmentduetotheirfocusonfinancialinclusionandthepotentialforhigherreturns.Anothersector

thathasseenaresurgenceistheminingandminerals

sectorastheneedfor

essential

minerals

like

copper,

nickel,lithiumandcobaltgloballyisontherise,althoughcommodityprice

deteriorationanduncertaintyishavinga

significantimpact.Renewable

energyisemergingasa

burgeoningsectorinAfricainitsownright,witha

focusonanincreasingnumberofsourcesofrenewable

energy(for

example,

green

hydrogen).

The

healthcare

sectorisexperiencing

rapid

growthandmakinga

significantsocietalimpact.Bowmansadvisedonthe‘take

private’Mediclinictransaction,whichwas

valued

atGBP6.1

billion.Alsonotableisthetourism

sector,whichhasexperienceda

steady

return

tohealthposteasingoftravel

restrictionsandvisarequirements.NewlistingsDualtrack

processesMergersBuy-backsAfricandealmetricshave

remained

largely

constant.

Therehasbeena

notableincreaseinintra-African

cross-bordertransactionsandinternational

cross-border

transactionswithAustraliaandEurope.Followingthepauseinauctionsalesduringthepandemic,we

areseeingthismeansofdealmakingontheriseonceagain,althoughnotyet

atthelevels

pre-pandemic.Insomemarkets,

increased

uncertaintyhasresultedinauctionprocessesnotdeliveringthelevelofinterestorprices

that

werehopedfor.Contrastingwiththestagnationanddeclineobservedinmore

developed

regions,

Africa’spopulationisprojectedto

experience

swift

growth

throughoutthecentury.

Thisrapidpopulationincrease

makes

Africaanappealingmarket

forM&A.Jointventures

are

emerging

more

frequentlyasameansfor

corporates

tocapitaliseonstrategic

growthopportunitiesfast.This

trend

offersopportunitiesfor

companies

to

accessa

larger

consumer

base,tapintothetalentpool,acquirevaluable

resources,

forge

strategicpartnerships,andconsolidatetheirpositioningrowingindustries.3Shareholderactivismisplayinganincreasing

roleindealstructuringacross

Africa.Sotoo

arepublicinterestandlocalownership

considerations.

These

developmentstracktheglobaltrend

towards

regulatorsadoptingprotectionist

measuresandtheelevationofpublicinterestconsiderationsinmerger

control.

Therehasbeentheexpected

spikeinformal

restructuringsandinsolvencies.Also,

forjurisdictionswithexchanges,

therehasbeenthecontinueduptickintake-privatesandunbundlings.Theuseofdualtrack

processes

that

wasontherisepre-pandemicinjurisdictionswithsophisticatedcapitalmarketshasnotmadeitswaybackontotheagenda.Mostexchanges

are,

however,

actively

investigatingandrollingoutinitiativescuttingredtapeinaneffort

to

increaselistings.Ethiopiaisalsointheprocessoflaunchingitsnewexchange.Notwithstandingthisperceivedrisk,inmostjurisdictionsinwhichwe

operate

we

havemanaged,throughearlyengagementwithregulatorsandstrategicstructuring,to

avoidtheseoutcomes.Engagingwithregulatorsearlyandinthecorrectmannerandunderstandingthelocalregulatoryandpoliticallandscaperemainsa

key

metricofdealsuccess.Outliersthat

are

materially

reducing

regulatory

burdenandcuttingredtapeareZambia(whichhasmadeheadlinesforitspoliticalstability,

investmentfriendlypoliciesandeaseofdoingbusiness)andMauritius(whichiscapitalisingonhavingbeenremoved

fromtheFinancialAction

Task

Force(FATF)

grey-listandisdrivingitsinvestorfriendlypolicies).We

are

starting

toseeinstancesofcorporatesutilisingbuy-backsasa

meansto

returncapitalto

shareholders.Mostnotablyincircumstances

where

there

are

limitedgrowthopportunitiesorthedeploymentoffinancialresources

areotherwiserestrictedornotalignedtostrategy.

Thishasbeenmore

evidentinthetech

sector.Corporates

contemplating

repurchases

must

howeverbecognisantoflocaltaxlawsandotherregulation

linkedtotheuseofbuy-backsinlieuofdividendsoutsideofaccepted

marketnorms.DEALMAKINGTERMSREGULATION

ASA

KEYDEALCONSIDERATION

INM&ADealmakingterms100%80%60%40%20%0%Therehasbeena

degreeofhesitancytocapitaliseonpotentialM&Aincertain

sectors

for

fearofcomingunderregulatory

scrutiny.

Thisinaneffort

to

avoid

delaysbetweensigningandclosingandtheriskoffacingexpensive

conditions.

This

comes

ata

timeofincreasedregulationinsomejurisdictionsandtheuptickinpublicinterestandlocalisationconditionsimposedby

existingregulatorsinothers.We

have

highlighted

belowsomeofthemore

recentdevelopmentsindealmakinginAfrica.Topical

rightnowistheapproach

thatChinahastaken

tolanguageusedtodescribeChina-related

businessrisksincompanies’offshorelisting

documents.Thisis

nothing

newto

African

corporatesandadvisorswhohave

overtimedevelopeda

deftnessincountryriskfactors

tomeetboththeregulatory

requirementsininternationaljurisdictionswithoutoffending

hostjurisdictions.Noteworthy

examplesincludetheimminentintroductionofex

ante

merger

control

regimesinEgypt,

LesothoandUganda.Examplesofjurisdictionswell

known

forimposingpublicinterest

factorsincludeBotswana,NamibiaandSouthAfrica.

TheadoptionoftheAfCFTACompetitionPolicyisalsonoteworthyinthatitprovidesfortheestablishmentofa

continental

competitionregulator

enforcing

merger

controlandcompetitiononacontinental

level.ThenegotiationofMACsandforce

majeureclauseswassignificantduringCovid.Althoughjurisprudencehassettledtheseprinciplesinseveraljurisdictions,thepreference

for

arbitrationordelaysinthecourt

systemshavemeantthat

manyjurisdictionsstilldonothave

wellestablishedcommon

lawonthetopic.

Forthisreason,detailsneedtobespecificallydealtwithinagreements.Across

Africa,

market

MACs

arenotcommonandbuyersneedtounderstandtheecosystemsinwhichtheyplantooperate.4Limitationofliabilityhasalwaysbeena

heavily

negotiatedpointacross

Africa.

Very

fewjurisdictionshavea

clearlyaccepted

market

practiceoncaps,collars,barsordisclosures.Variance

injurisdictionalpassageofriskisnoteworthy(i.e.thefactthatpassageofriskistypicallyatsigninginEastAfricaasopposedto

atcompletioninSouthernAfrica).

Particularlyinnegotiatingrepetitionofwarrantiesandthemannerinwhichfundamentalandotherwarranties

are

treated.

Disclosure

letters

remainmore

commonthandisclosureofthefulldata

room.However,

thefrequencyofdealspushedtodisclosethefulldata

room

continues

to

rise,

coupledwithnegotiationregarding

what

constitutes‘fair’

disclosure.oftheparties(asisincreasinglythecase,particularlyinjurisdictionslike

Kenya,SouthAfricaandTanzania).Althoughonlyseenona

minorityofdeals,insomejurisdictionswheretheimpositionofonerous

conditionsistypical,partieshavebeenknown

to

agreeinsideletterstotheconditions

they

wouldbewillingto

accept.

Thereisa

lotofjurisdictionalvarianceinthisspace.

Regulatoryengagementupfront

remainscritical.Anotherdeveloping

trendpertainstofinancingconditions.Althoughfinancingisontheriseacross

Africa,itistypicallystillanabsolute

certainty

requirement

beforecloseratherthana

condition,andinsomeinstances,injurisdictionswhereriskpasses

atsigning,notentertainedatall.Warrantyandindemnity(W&I)

insuranceisstill

rarethrough

mostofAfrica.Itismost

prominentlyseeninSouthAfrica

whereitisstillonlyusedona

minorityofmattersbutisincreasingly

utilizedoutsideofprivateequitydealswheretheinsurance

originatedinthemarket.

Therehasalsobeena

recentuptickinthistypeofinsuranceinKenya.Althoughtheuseofthisinsurance

wasontherisepre-Covid,theboominglobalM&Ain2021/2resultedinunderwriters,spoiltfor

choice,

increasinglyplacingonerous

termsandhigherpricingonmoreemerging

marketsandriskierdeals.Notwithstandingeconomicshiftsin2023,

thereisstillsomeresistanceinthesystem

for

transactingpartiesto

investintheleg-work

associatedwithtakingoutW&I

insurancewithoutthecertaintyofsufficientcover.

Many

key

sectors

acrossAfrica

require

warrantiesandindemnitiesfor

areastypicallyexcluded

fromtheinsurance

(i.e.

environmental).UnlikeinEurope,intheAfrican

marketthisoftentimesresultsintheneedtoruna

dualprocess

for

excludedwarranties,negatingthebenefitoftheinsurance.The

declarationofdividendsandpaymentofcashbonusespre-transactioncameunderscrutinyinAfricaduringCovid.

Interestingly

we

haveseena

few

instancesrecentlyofcorporatesdecidingnotto

paydividendsbutrather

to

keep

valueinthecompany.

Insteadoptingforshareholders

to

receivea

greater

purchase

consideration.Acrosstheboard,duediligence

remainsa

criticalsuccessfactorindealmaking.Attention

remains

focusedonregulatory

matters,publicinterest,localisation,nationalsecurity,

data

protectionandinsomejurisdictions,ESGandsustainability.

Central

African

regulatory

disputesinvolving

international

conglomerates

havealsoreceivedrecentlimelight.Therehasalsobeena

flurryofactivitywithregard

toLIBORandSOFRtransitionamendments.LEGALTECHANDDEALEFFICIENCIESPurchase

pricemechanismshave

alwaysbeenjurisdictionspecific.Lock

boxmechanismsbasedonhistoric

accountsare

moretypicallyusedinEast

Africa.

Workingcapitalornetassetadjustmentsbasedoncompletion

accounts

havetypicallybeenfavouredinMauritius,SouthernAfricaandZambia.Althoughdealsizeandbuyer

powerhasalwaysbeenaninfluencingfactor,

Covidhadalljurisdictionspivotingslightlytowardsadjustmentmechanisms.Businesseshadto

re-evaluatecapitalandcashflowbasedonimmediateshorttermneedsandcost

controlmeasures.

2023isseeinga

slightshiftagainto

pre-Covidtrends

across

Africa,

coupledwiththenegotiationofexchange

rate

protections

to

protect

againstthestrongUSDollar.

Thereisa

marginaluptickincashandsharedealsanda

notableincreaseinthirdpartyfunding.Theapproach

to

deferred

considerationisalsonuancedperjurisdictionwiththeslightuptickinearn-outsinsomejurisdictionspost-Covid

(likeSouthernAfrica)indicatingtheneedto

demonstratefullvalue

before

buyerswillpay.

ThisincontrastwithZambia,asanexample,

whereholdbackmechanismsandparent

company

guaranteesarenotatallcommon.Theuseoflegaltechnologyinduediligence,

eDiscovery,thesigningandclosingofdealsandotherancillarymattershasbecome

common

place

across

mostofAfricaindealmaking.Someofthemore

investment

heavy

technologies,whichrequire

trainingofAImodelsandautomationofprecedents,

combinedwithlegalservice

improvementinitiatives,

projectmanagementandinnovation,maximisingefficienciesindealmaking,havebeenasweetspotfor

differentiationindealmaking.ThetrueimpactandopportunitiesoflargelanguagemodelsondealmakinginAfrica

remains

tobeseenandtheflurryofactivityinthisspacewillnodoubtresultinnotablereformsoonerthansomemightanticipate.Froma

conditionalityperspective,

aforementionedcompetition/antitrust,

foreign

investmentandotherregulatory

reformisnoteworthy.

Therehasbeentheresultantandanticipateduptickinnegotiationofhellorhighwaterclauses,break

feesandreasonableorcommercial

endeavourundertakings.Absolutehellorhighwaterclausesremain

rareinAfrica.Itismore

likelythattheconditionwillbeworded

to

require

that

approvalbeunconditional(asisthecaseinjurisdictionswhereregulators

arenotyetadoptingprotectionist

measures)orwithconditions

that

are

acceptable

tooneorboth5JURISDICTIONALANALYSISWe

setoutbelowa

targeted

reviewofselectjurisdictionaldevelopments.PRIVATE

M&A:MOSTIMPORTANTCONSIDERATIONS/MATERIAL

CHANGESPUBLICM&A:MOSTIMPORTANTCONSIDERATIONS/MATERIAL

CHANGESKEYSECTORSOVERTHENEXT12MONTHSDEALFLOWOVERTHENEXT12MONTHS6ETHIOPIAMICAEL

SEHULPartnerAmanandPartnersLLPAddisAbaba,EthiopiaEthiopiahasthesecond

largestpopulationinAfrica.Italsohasoneofthefastest

growing

economiesintheregion.

By

2025,thecountryaimsto

reachthestatusofa

lower-middle

income

country.The

countryisintheprocessofrollingoutthesecondphaseoftheHomeGrown

Economic

Agenda.

The

economic

reformagendaisfocusedon,T:

+25111047

2868E:

micael.sehul@

amongotherthings,fosteringa

private

sector.The

promotionofpublic-privatepartnershipsinkey

strategic

sectorsisontherise.Froma

sector

perspective,Ethiopiahasrecentlyopenedupthetelecommunicationsanddigitaleconomy

market,creatingfurtheropportunitiesfor

foreign

competition.Othernotablesectorsincludeenergy,

agriculture,

services,manufacturing,mining,tourism,

trade,andlogistics.Recentpolicydirections

indicate

thatthebankingsector

couldbepartiallyopenedto

foreign

investors.

This

couldbecomea

significantgamechangerinthefinancialsector.M&Aintheregion,whilepredominantly

private,isshiftingfocusasthecountrygearsupforitsnew

stock

exchangewhichissetto

becomea

reality

by

2024-25andresultinaninfluxofcapitalmarket

transactions’.PRIVATE

M&AMOSTIMPORTANTCONSIDERATIONS/MATERIALCHANGES•

Duediligence•

Regulatory

environment•

Foreign

currency

access•

Tax

implicationsDuediligenceremainsa

criticalfirst

stepinthedecision-makingprocessinstructuringfroma

commercialandlegalperspective.

The

regulatory

framework

requiresa

complexunderstandingoftheprocesses,whichcantakeasignificantamountoftimeandeffort.

Availabilityofforeign

currencyhasbecomeoneoftheprimeconsiderations

fordealstructuringinadditiontotaximplications.PUBLIC

M&AMOST

IMPORTANT

CONSIDERATIONS/MATERIAL

CHANGESThecapitalmarketofEthiopiaisexpected

tobelaunchedin2024/25.

The

remaininglegislationisplannedtobecompleted

next

year.DEAL

MATRIXKEY

SECTORS

OVER

THE

NEXT

12

MONTHS•

Manufacturing•

Agro-processing•

Energyandmining•

Telecommunications•

DigitaleconomyDEAL

FLOW

OVER

THE

NEXT

12

MONTHSThereisanoverall

expectationthattherewillbegrowing

interest

followingtheliberalisationofcertain

sectorsandtheintroductionofcapitalmarkets.7GHANANANAAMA

BOTCHWAYManagingPartnerN.Dowuona&CompanyAccra,

GhanaThe

macroeconomic

environmentinGhanaoverthepast

12-18monthshasbeenchallenging.The

externalshocksoftheRussia/UkrainecrisisandtheCovid-19pandemicexacerbated

pre-existingfiscalanddebtvulnerabilities,resultingincredit

rating

downgrades,a

lossofaccess

to

internationalcapitalmarkets,andtheexitofnon-resident

investors

fromthedomesticT:

0302738882/

0302632043

bondmarket.

TheGhanaianCedi

facedsignificantdepreciationandinflationE:

nanaama@

hitrecordhighs.To

managethesechallenges,theGovernment

instituted:a

domesticdebtexchange

programme;a

suspensionofalldebtservicepaymentsundercertain

categoriesofitsexternaldebt;andreturned

totheInternationalMonetaryFundtoseeka

USD3

millionextended

credit

facility.ALEX

CALLOWAYInternationalTransactionAdvisor–UKCounselN.Dowuona&CompanyAccra,

GhanaInthisenvironment,M&Aactivityinevitably

slowedin2023,

followingabusy

yearin2022.However,

despitethedifficultconditions,theM&Amarkets

are

stillopenandtherehasstillbeena

reasonable

levelofactivity,asbusinessesactto

consolidatetheirmarketpositions,restructuretheiroperationsandstrategicallyposition(or

re-position)

themselves

to

take

advantageofthelonger-termopportunitiesexpectedwhenmacroeconomic

conditionsturnthecorner.T:

+233557

889299E:

alex@Intheminingsector,

for

example,GoldFieldsandAngloGoldAshantiannouncedinMarch

2023a

proposedjointventure

to

combinetheirneighbouringTarkwa

andIduapriemmines,to

createthelargestgoldmineinAfrica,andwhichisintended

to

provide

operational

synergies

fortheyears

to

come

by

consolidatingtheinfrastructure

forthesetwoadjacentmines.Challengingmarket

conditions

havealsoledtoM&Aactivityasbusinesses–

particularlymultinationals-lookto

exitorto

rationalisetheiractivitiesinGhana.InFebruary

2023,

for

example,theVodafone

Group

completedthetransferofits70%majoritysharesinVodafoneGhanatotheTelecel

Group,aspartofthegroup-widesimplificationofitsAfrican

portfolio,andAker(anditsco-shareholder,

The

Resource

Group)

agreed

tosellitsGhanaianupstream

businessto

AFC

Equity

Investment,a

company

owned

by

Africa

Finance

Corporation.Ghanaiancompanies

havealsofelttheimpactofbroader

continentalandglobaltrends,includingtheimpactofdigitalisation,theenergy

transitionandtheincreasing

significanceofESGconsiderationsasa

driverofM&Aandinvestment

activity.

For

example,thegrowingglobaldemandforcriticaltransition

mineralshasledtofurtherinvestmentintolithiumprojects

operated

by

AtlanticLithiumandCAAMining,and2023hasseencontinued

growthinGhana’simpactinvestment

sector,particularlythroughsupportandinvestment

fromthedevelopment

financeinstitutions.Morebroadly,

privateequityandventurecapitalinvestors

havecapitalisedonthevalueopportunitypresented

to

well-fundedbuyers

by

businesseslookingto

bolstertheirequitybalancesheetsandfalling

valuations,particularlyforthosewhocanbenefitfrom

currency

arbitrage.

We

haveseencontinued

strongactivityinthefintechandfinancialservices

sectors,aswellasinlogistics,FMCG,

agricultureandagtech,educationandhealthcare.PRIVATE

M&AMOSTIMPORTANTCONSIDERATIONS/MATERIALCHANGES•

Regulatory

considerations•

Tax

considerations•

Dealstructuring•

DuediligenceGhana

has

not

been

immune

to

the

global

M&A

trend

of

increased

government

and

regulatory

involvement.

Although

Ghana

doesnot

havea

general

merger

control

competition

law

regime,

it

does

have

sector

specific

requirements,

which

have

become

moreexpansive

and

significant

in

recent

years.

Local

content

and

local

participation

r