Philip Gutwein Talks ESOPs in Mergers & Acquisitions Space With The Indiana Lawyer

In an article for the Indiana Lawyer, benefits and executive compensation partner Philip Gutwein discussed his work with employee stock ownership plans (ESOPs) in the context of mergers and acquisitions.

The article noted that, as ESOPs become more commonplace, many companies are looking to blend ESOPs and large M&A deals. Gutwein, who helped lead a panel on this topic at Faegre Drinker’s 2025 Indianapolis M&A conference, said deals involving ESOPs have become more desirable in recent years, with ESOP-owned companies representing a growing market opportunity for clients. He noted that there are about 7,000 U.S. companies that maintain stock-ownership plans for their employees.

“For years and years, that number has remained absolutely steady,” Gutwein noted.