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Private Equity
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May 06, 2024
British National Admits To Coworking Business Ponzi Scheme
A British citizen pled guilty Friday in Manhattan federal court to participating in a scheme to solicit investments using fraudulent misrepresentations about a coworking company where he was a principal.
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May 06, 2024
Private Equity Pro Rejoins Akin In Houston From McDermott
Akin Gump Strauss Hauer & Feld LLP announced Monday that a Houston-based partner who spent the last couple of years practicing at McDermott Will & Emery LLP has returned, bolstering its private equity practice and deepening its energy sector bench.
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May 06, 2024
Orrick Adds 7-Atty M&A Team From Shearman Italian Arm
The former head of Studio Legale Associato Shearman & Sterling LLP's Italian mergers and acquisitions practice joined Orrick Herrington & Sutcliffe LLP's M&A and private equity team in Milan, the firm announced Monday.
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May 06, 2024
Perficient Stock Soars On $3B Buyout By EQT Asia Fund
St. Louis-based digital consultancy Perficient Inc. said it has agreed to be taken private by an affiliate of Swedish private equity firm EQT's Baring Asia Private Equity Fund VIII at an approximately $3 billion enterprise value, a disclosure that sent Perficient's stock soaring more than 50% on Monday.
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May 06, 2024
3 Firms Build $6.2B Take-Private Sale Of Allete Energy Biz
A consortium of buyers led by the Canada Pension Plan Investment Board and Global Infrastructure Partners unveiled plans Monday to buy and take private Minnesota-based energy company Allete Inc., in a $6.2 billion deal put together by at least three firms.
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May 06, 2024
Hospital Chain Steward Health Hits Ch. 11 With Over $1B Debt
Embattled hospital operator Steward Health Care filed for Chapter 11 protection Monday in a Texas bankruptcy court with more than $1 billion in debt, blaming rising costs and falling government reimbursement rates.
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May 03, 2024
HR Biz Kelly Buys Talent Solutions Co. MRP For Up To $485M
Human resources consulting services company Kelly, guided by Jasso Lopez PLLC, on Friday unveiled plans to buy BakerHostetler-advised Motion Recruitment Partners LLC from Greenwich, Connecticut-based private investment firm Littlejohn & Co. LLC for up to $485 million, marking Kelly's largest-ever acquisition.
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May 03, 2024
Chancery OKs Extra Digging Into Trump Media Share Dispute
The sponsor of a special-purpose acquisition company that took Donald Trump's social media venture public earlier this year won Delaware Court of Chancery approval Friday to briefly dig deeper into disputed share-exchange terms for the deal, with more than $58 million on the line.
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May 03, 2024
How Big IP Judgment Winners Are Insuring 'Nuclear Verdicts'
Until a few years ago, intellectual property plaintiffs who scored large monetary awards — often referred to as "nuclear verdicts" — had to wait out a lengthy appellate process before knowing how much money they would end up with. But a relatively new type of insurance policy is allowing plaintiffs to insure part of their judgment in case it gets reduced or wiped out on appeal.
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May 03, 2024
FTC Requests Additional Info On $16.5B Novo-Catalent Deal
The Federal Trade Commission is seeking additional information on Novo Holdings' planned $16.5 billion acquisition of pharmaceutical services company Catalent in order to examine whether the blockbuster deal passes antitrust muster, according to a Friday securities filing.
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May 03, 2024
Chancery OKs Record-Breaking $100M Pattern Energy Deal
A $100 million settlement ending state and federal court litigation over Pattern Energy Group Inc.'s $6.1 billion go-private sale in 2020 got the nod from Delaware's Court of Chancery on Friday, along with a requested $26 million fee award and two $25,000 incentive awards for the lead shareholder plaintiffs.
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May 03, 2024
Stockbridge Real Estate Fund Raises $709M
San Francisco-based Stockbridge Capital Group said Friday that it had closed on a real estate investment fund with $709 million in commitments last month, the largest in its history.
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May 03, 2024
Exxon Closes $60B Pioneer Purchase After FTC Agreement
Exxon Mobil Corp. said Friday that it has closed its $60 billion acquisition of Pioneer Natural Resources, one day after the Federal Trade Commission gave the oil giant a conditional green light to move ahead with the deal.
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May 03, 2024
US Investors Make $835M Offer For Swedish Legal Info Biz
The board of Swedish professional information services provider Karnov Group said Friday that it is backing a 9.06 billion Swedish kronor ($835 million) takeover offer from U.S. investment firms Greenoaks Capital Partners LLC and Long Path Partners LP.
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May 02, 2024
Latham, Skadden Grab Spotlight As Large IPOs Surge In April
Latham & Watkins LLP guided five initial public offerings in April, while Skadden Arps Slate Meagher & Flom LLP advised the company bringing to market the largest IPO of 2024, concluding the busiest month for new listings year to date.
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May 02, 2024
Activist Files New Proxy Fight In REIT Takeover Attempt
Activist investor Blackwells Capital LLC continued its campaign against hospitality executive Monty J. Bennett by separately urging shareholders of Braemar Hotels & Resorts Inc. and an advisory firm that Bennett controls to approve a board shake-up during upcoming annual meetings.
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May 02, 2024
Investors Not Entitled To Info, Sequel Youth Tells Chancery
A once-thriving chain of youth treatment facilities that came under scrutiny after a private equity firm bought it in 2017 urged Delaware's Court of Chancery on Thursday to toss a lawsuit from two former executives who demanded financial information about their "eviscerated" investments, arguing that the company didn't have to provide it.
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May 02, 2024
Immigrant Bond Co. Buyer Wants In On $811M Fine Appeal
Libre Immigration Services has moved to intervene at the Fourth Circuit to fight an $811 million judgment against companies it recently acquired that the Consumer Financial Protection Bureau sued over abusive immigrant bonding practices.
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May 02, 2024
Plastic-Film Maker Announces $200M Recapitalization
Plastic-film maker Transcendia Holdings announced Thursday that it had reached a recapitalization deal that will cut $200 million in debt, provide $114 million in new capital, and hand majority ownership of the company to private equity firm Industrial Opportunity Partners.
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May 02, 2024
DLA Piper Investment Funds Leader Joins Willkie In Chicago
Willkie Farr & Gallagher LLP has announced that the former co-head of DLA Piper's investment funds practice joined the firm's asset management group as a partner in its Chicago office.
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May 02, 2024
Recent BigLaw Moves Show Boston Is 'Clearly On The Map'
Three BigLaw firms' recent moves to build out physical footprints in Boston are a testament to the region's thriving technology, healthcare, life sciences and finance industries — a trend that shows no signs of slowing down, experts say.
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May 02, 2024
New DC Stadium A Step Closer With RFK Demolition Approved
RFK Stadium in Washington, D.C., has been cleared for demolition by the National Park Service, another step forward in the city's attempt to build a new stadium to lure back the NFL's Washington Commanders.
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May 02, 2024
Securities Firm Must Face Ex-Worker's Age Bias Suit
A Colorado federal judge refused to throw out a lawsuit a former securities sales representative lodged against a firm accusing it of firing him and replacing him with two younger workers, saying he put forward enough detail to keep his suit afloat.
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May 02, 2024
Snell & Wilmer Adds Armstrong Teasdale Tech Pro In Denver
Snell & Wilmer LLP's Denver outpost has added a new transactional partner to its corporate and securities team, bringing with him 18 years of experience including co-founding the technology transactions group for Armstrong Teasdale LLP and leading its technology industry group.
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May 02, 2024
Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants
Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
Expert Analysis
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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The Impact Of Proposed HSR Form Changes On Agency Staff
The Federal Trade Commission's recent proposed changes to the Hart-Scott-Rodino Notification and Report Form will have the unintended effect of drastically increasing the burden on agency staff without an appreciable increase in their ability to detect potentially anti-competitive transactions, say Amanda Wait and Andrew Eklund at Norton Rose.
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FTC's Health Co. Suit Indicates Agency's Private Equity Focus
The Federal Trade Commission's latest lawsuit against an anesthesia company and its private equity investor highlights the agency's willingness to regulate the health care industry even when relevant acquisitions are relatively dated or when the controlling entity's economic interest is under 50%, say attorneys at Simpson Thacher.
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Top 4 Antitrust Enforcement Issues In Health Care Today
The Federal Trade Commission's recent lawsuit against U.S. Anesthesia Partners exemplifies antitrust enforcement authorities' efforts to aggressively reshape the health care industry, ranging from new proposed rules to withdrawals of previous guidance, say attorneys at Fried Frank.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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SEC Risk Alert Provides Helpful Info For Adviser Exam Prep
The U.S. Securities and Exchange Commission's recent risk alert makes clear that as the registered investment adviser population continues to grow in size and complexity, the Division of Examinations will keep pace by examining a significant number of advisers each year through its sophisticated and coordinated program, say attorneys at Simpson Thacher.
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Alleged $636M Deal Error Highlights Ethics Considerations
Adelman v. Proskauer, a malpractice suit that allegedly arose from a cut-and-paste error resulting in potential damages of $636 million, presents an intriguing juxtaposition of facts and legal issues — and practical ethical considerations for transactions attorneys, says Richard Leisner at Trenam Law.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.
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Alleged $636M Deal Error Shows Value Of Old-School Methods
Though Proskauer Rose has now settled claims involving a copy-paste error in deal documents that could have resulted in $636 million in damages, the debacle reminds attorneys that classic revision methods using paper copies can help avoid drafting errors and actually save time in the long run, says Richard Leisner at Trenam.
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Series
ESG Around The World: European Union
As the EU makes ESG regulation a priority, companies — both those based in the EU and others just doing business there — need to keep abreast of myriad new legislation that has either already taken effect or will in the near future, as noncompliance could result in fines, damages and director liability, say attorneys at Steptoe & Johnson.
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Issues Ahead As Psychedelic Medicine Faces Pivotal Moment
Recent regulatory changes and decriminalization efforts have opened doors for research and development in psychedelic medicine, but challenges like stigma, access and funding persist, meaning companies will need to address these issues to support the industry’s credibility, say consultants at FTI Consulting.