The "Business Asset Transaction" consent exception
and its application to share sale transactions
Share sale transactions commonly involve the disclosure of data,
financial information and key contracts of the target company to
the buyer, before a share sale agreement is signed. Such
disclosures are often made during the process of due diligence in
order to allow the prospective buyer to consider the risks and
benefits involved in the potential purchase. While general
considerations of confidentiality of the target's information
have long been a factor in managing information flows in an M&A
transaction, more recent developments in the importance of
"data" in business models and laws protecting
"personal data" mean it is relevant to consider in
particular how the relevant data protection law applies to
disclosure to a prospective buyer of personal data of the target
company's employees and customers.
