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Private Equity
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August 06, 2024
Life Sciences Credit Firm Symbiotic Launches With $600M
A new credit firm led by veterans in the healthcare industry announced its launch Tuesday, with more than $600 million in capital earmarked for loans to life sciences companies.
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August 06, 2024
Funko Settles Derivative Litigation In Delaware, California
Pop culture lifestyle brand Funko Inc. has agreed to resolve derivative claims in multiple stockholder suits in California federal court and Delaware's Court of Chancery by implementing corporate governance reforms and paying up to $2.15 million to plaintiffs' attorneys, the company has announced.
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August 06, 2024
AI Security Biz Sets Sights On IPO After $5.1B Valuation
Artificial intelligence company Abnormal Security, advised by Cooley LLP, announced Tuesday that it has hit a $5.1 billion valuation after closing its Series D funding round with $250 million in tow.
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August 07, 2024
Simpson Thacher Pilots Stonepeak's $3B Opportunities Fund
Private equity firm Stonepeak, advised by Simpson Thacher & Bartlett LLP, raised $3.15 billion for a fund dedicated to opportunistic investing in the infrastructure sector, beating the fund's target by over $600 million, according to a Tuesday announcement.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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August 06, 2024
Ex-Barnes & Thornburg, Apollo Atty Joins Perkins Coie
A former Barnes & Thornburg LLP attorney and one-time Apollo Global Management counsel is the latest funds attorney to join Perkins Coie's New York office, the firm said Tuesday.
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August 06, 2024
Rising Star: Skadden's George Gray
Skadden Arps Slate Meagher & Flom LLP partner George Gray has used his expertise to navigate Markerstudy Group's $1.6 billion merger with an insurance brokering giant and to help private equity firm HgCapital LLP exit its investment in Argus Media, earning him a spot among private equity practitioners under age 40 honored by Law360 as Rising Stars.
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August 06, 2024
Gibson Dunn Guiding Veritas On $2.45B Cloud Banking Buy
Gibson Dunn is advising Veritas Capital on a deal to purchase the cloud-based digital banking business of NCR Voyix Corp., represented by King & Spalding, for $2.45 billion in cash plus a potential future payment of up to $100 million, NCR Voyix said in a statement Tuesday.
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August 06, 2024
Paul Hastings Gains Tax Pro In Dallas From McDermott
Paul Hastings announced Tuesday that its meteoric growth in Texas is continuing with the addition of a partner in Dallas who strengthens its global tax practice and came aboard from McDermott Will & Emery LLP.
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August 05, 2024
Inari Agriculture Can't Sink Patent Case Over Corn Seed
A legal fight between a DowDuPont spinoff and a Massachusetts plant breeding startup over the exporting of patent-protected corn seed will continue to grow in Delaware federal court, unimpeded by DuPont researchers' decision to publicly deposit their seeds.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
Freshfields, Wachtell Guide $925M CVC, Mallinckrodt Deal
Dublin-based pharmaceutical company Mallinckrodt has inked a deal to sell its immunotherapy business Therakos to Luxembourg-based private equity firm CVC Capital Partners for $925 million, Mallinckrodt said in a Monday statement.
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August 05, 2024
Rising Star: Dechert's Sam Whittaker
Sam Whittaker of Dechert's work helping Singaporean sovereign wealth fund GIC Pte. Ltd. coinvest in deals like the $17 billion acquisition of Athenahealth and the more than $15 billion take-private of media data giant Nielsen has kept a "cornerstone client" happy and made him one of the Law360 Rising Stars in private equity under age 40.
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August 05, 2024
AI Biz Hits $2.8B Valuation After Latest Funding Round
Artificial intelligence inference platform Groq on Monday announced that it reached a $2.8 billion valuation after successfully closing a $640 million Series D funding round.
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August 05, 2024
PE Firms Carlyle, Quantum Ink $3B Deal For US Power Co.
Houston-based Quantum Capital Group said Monday it has agreed to purchase Cogentrix Energy, a U.S. independent power producer, from Carlyle for about $3 billion.
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August 05, 2024
3 Firms Guide $1.75B Thoughtworks-Apax Deal, Stock Soars
Chicago-based Thoughtworks said it will be sold to British private equity firm Apax Partners LLP at a roughly $1.75 billion enterprise value, a deal that sent the technology consultancy's stock soaring more than 25% on Monday morning.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Chancery Won't Force Open Paramount's Books On Skydance
A pension fund shareholder that sued Paramount Global for more information on its pending merger with Skydance Media may not have access to the entertainment company's corporate documents because the pension fund hasn't shown a "credible basis" to suspect wrongdoing, Delaware's Court of Chancery ruled Friday.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ares Sees Single-Best Fundraising Quarter In Firm History
Asset management giant Ares Management Corp. on Friday boasted its most successful period of fundraising in the firm's 27-year history, raising $26 billion of capital in 2024's second quarter and marking $43 billion raised year-to-date.
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August 02, 2024
Real Estate Recap: Grants Pass, Population Data, CMBS Risk
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including city and state reactions to the U.S. Supreme Court's ruling on homeless encampments, a new proptech venture leveraging population data for investors and developers, and one BigLaw leader's view of which sectors are most sensitive to commercial mortgage-backed securities distress.
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August 02, 2024
Ex-Loeb Tax Atty Latest Addition To Kilpatrick's NY Team
A former Loeb & Loeb LLP attorney is bringing his experience in U.S. federal tax matters and real estate transactions to Kilpatrick Townsend & Stockton LLP, the firm announced Thursday.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 02, 2024
Ex-CFO Of Embattled PE Firm Sues In Del. For Legal Fees
The former chief financial officer of 777 Partners LLC has sued the private equity firm in Delaware's Court of Chancery, seeking advancement of his legal fees in connection with a fraud investigation and at least 20 civil lawsuits related to the company's business.
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August 02, 2024
Banking Vet Still Has Work To Do As Paul Weiss M&A Head
After a long tenure in banking, including as Morgan Stanley's global head of mergers and acquisitions, Rob Kindler could have rested on his laurels. Instead, Kindler joined Paul Weiss as its global chair of M&A and has led the team that represented Envestnet Inc. on its July 11 deal to sell the business to Bain Capital for $4.5 billion. He spoke with Law360 about what he sees ahead.
Expert Analysis
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.