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Private Equity
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February 05, 2025
'Dog Eat Dog' Contract Raises Connecticut Justice's Hackles
A Connecticut Supreme Court justice on Wednesday challenged private equity firm members fighting a former member's trial court victory in a breach suit over the partnership, suggesting that the winner may have had a viable fiduciary duty claim over the "dog eat dog" operating agreement that apparently allows members to "screw" a minority shareholder.
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February 05, 2025
Judge Won't Pause Crowdfunding Case After Fraud Indictment
A target of the U.S. Securities and Exchange Commission's first crowdfunding enforcement action can't pause that three-year-old case to defend himself against unrelated charges that he ran a pump-and-dump scheme with a hallucinogenic mushroom company, a Michigan judge ruled Wednesday.
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February 05, 2025
Chancery Tosses Challenge To $1.1B Smart & Final Sale
Writing that nothing in a "grab bag" of stockholder claims amounted to disclosure failures, Delaware's chancellor dismissed a suit challenging the $1.1 billion April 2019 sale of Smart & Final Stores Inc. — formerly controlled by funds of Ares Management Corp. — to interests of Apollo Global Management.
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February 05, 2025
Insignia Gets Third $1.9B Bid As Brookfield Joins The Fray
Insignia Financial Ltd. said Wednesday that Brookfield has become the third investment firm to offer more than $1.9 billion to buy the Australian financial services company.
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February 05, 2025
Entertainment-Focused SPAC Raises $200M To Purse Merger
Special purpose acquisition company K&F Growth Acquisition II began trading publicly Wednesday after raising $250 million in its initial public offering, which will be used to help the SPAC merge with a target in the in-person and mobile experiential entertainment sector.
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February 05, 2025
MoFo Adds BraunHagey Corporate Leader In San Francisco
Morrison Foerster LLP continues expanding its emerging companies and venture capital team, announcing Wednesday a BraunHagey & Borden LLP startup and venture capital specialist has come aboard as a partner in its San Francisco office.
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February 05, 2025
Missile-Defense Firm Karman Launches Plans For $400M IPO
Missile-defense and space programs company Karman Holdings Inc. launched plans Wednesday for an estimated $400 million initial public offering that would raise fresh funding for the private equity-backed business and its shareholders, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Latham & Watkins LLP.
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February 05, 2025
Latham Adds Ex-SEC Pro, GC To NY Roster
The former acting director of the U.S. Securities and Exchange Commission's enforcement arm and a private capital specialist with in-house and private practice experience have come aboard Latham & Watkins LLP, the firm announced Wednesday, marking the latest in a flurry of lateral hires entering Latham's New York office since fall 2024.
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February 05, 2025
Sheppard Mullin Adds Healthcare Reg Partner From Troutman
Sheppard Mullin Richter & Hampton LLP on Wednesday announced the arrival of a healthcare partner joining from Troutman Pepper Locke LLP, continuing a streak of recent additions to its healthcare practice.
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February 05, 2025
Private Equity Group Of The Year: Debevoise
Debevoise & Plimpton LLP steered private equity giant Clayton Dubilier & Rice in its $15.5 billion acquisition of Truist Insurance Holdings and led Windstream Holdings in its $13.4 billion merger with Uniti Group, earning the firm a spot among the 2024 Law360 Private Equity Groups of the Year.
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February 05, 2025
Activist Nominates 4 Director Candidates To Kenvue Board
Activist investor Starboard Value LP on Wednesday unveiled its slate of four director candidates to be nominated to consumer products company Kenvue Inc.'s board of directors, saying that significant changes to the board are necessary to ensure the company is managed and overseen in a manner consistent with the best interests of its shareholders.
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February 04, 2025
OpenAI Judge Rips Musk's 'Broad' Bid To Block For-Profit
A California federal judge indicated Tuesday she'll likely deny Elon Musk's bid to preliminarily block OpenAI Inc. from transitioning into a for-profit enterprise, criticizing Musk's filings for being vague and broad and saying she'll toss some claims, while adding "something is going to trial in this case."
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February 04, 2025
SEC Receiver, Atty Agree To Settle Fraud Transfer Claims
A court-appointed receiver for a U.S. Securities and Exchange Commission case has reached a settlement with parties who allegedly received hundreds of thousands of dollars' worth of transfers from a fraudulent foreign exchange trading scheme, including the attorney and family of a convicted executive.
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February 04, 2025
McKesson Paying $850M For Top Stake In Eye Health Co.
Irving, Texas, healthcare services company McKesson Corp. said Tuesday it had agreed to buy a controlling interest in PRISM Vision, an ophthalmology services provider, from private equity firm Quad-C for $850 million.
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February 04, 2025
Real Estate PE Firm Closes $125M Sunbelt-Focused Fund
Tioga Capital LLC collected $125 million worth of capital commitments for a fund that aims to invest in real estate in the Sun Belt, the Atlanta-based real estate investment firm announced Tuesday.
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February 04, 2025
PE-Backed Identity Software Firm SailPoint Primes $1B IPO
Cybersecurity firm SailPoint on Tuesday unveiled plans for an estimated $1 billion initial public offering that would mark its return to public markets three years after a private-equity buyout, represented by Kirkland & Ellis LLP and the underwriters' counsel, Davis Polk & Wardwell LLP.
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February 04, 2025
Private Equity Group Of The Year: Skadden
Skadden Arps Slate Meagher & Flom LLP has been handling private equity deals since before they were called private equity and continues to be a leader in the field, in the past year helping Visma hit a $21 billion valuation, assisting in BlackRock's $12.9 billion acquisition of Global Infrastructure Partners and advising Permira on its investment in PharmaCord, earning it recognition among the 2024 Law360 Private Equity Groups of the Year.
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February 04, 2025
Greenberg Traurig Biz Pro Joins Holland & Knight In Texas
Holland & Knight LLP announced Tuesday that it has fortified its corporate mergers and acquisitions and private equity practice with an Austin, Texas-based partner who came aboard from Greenberg Traurig LLP.
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February 04, 2025
'Is This A Joke?' Judge Denies Atty Fees For Grocery Patrons
A California federal judge had so little tolerance for shoppers claiming victory and seeking attorney fees from the abandoned Kroger-Albertsons merger that in tossing their motion and underlying lawsuit he noted with incredulity, "Plaintiffs are actually making these arguments."
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February 04, 2025
KKR Raises Fuji Soft Offer In Blazing Battle With Bain
A contentious bidding battle between KKR and Bain Capital intensified Tuesday as the buyout firms continued their fight to take control of Japan's Fuji Soft, with KKR disclosing it has once again raised its tender offer price.
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February 04, 2025
Judge Rejects Blink Fitness Ch. 11 Plan Exculpations
A Delaware bankruptcy judge Tuesday rejected Blink Fitness' request to shield the administrator of its Chapter 11 wind-down plan from legal liability, saying she can't release claims for future acts.
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February 04, 2025
Pearl Energy Closes $999.9M Fund, Tioga Raises $125M
Kirkland & Ellis LLP-advised Pearl Energy Investments on Tuesday revealed that it clinched its fourth flagship fund after securing $999.9 million in investor commitments, while Atlanta-based multi-strategy real estate investment firm Tioga Capital closed its fourth fund after raising $125 million in capital commitments.
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February 04, 2025
Trump Taps GOP Senate Staffer For Treasury Bank Policy Role
President Donald Trump on Monday nominated Luke Pettit, a senior adviser to Sen. Bill Hagerty, R-Tenn., and former Federal Reserve policy analyst, to become the U.S. Department of the Treasury's top bank policy official.
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February 04, 2025
Mintz Adds Dentons West Coast Corporate Head In San Diego
Mintz Levin Cohn Ferris Glovsky and Popeo PC continues growing its corporate team, announcing Monday it is bringing in a Dentons emerging companies and venture capital specialist as a member of its San Diego office.
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February 04, 2025
Advertising Biz StackAdapt Secures $235M Investment
Canadian advertising platform StackAdapt, advised by Dentons Canada LLP and Skadden Arps Slate Meagher & Flom LLP, on Tuesday revealed that it closed a growth capital raise after securing $235 million of investor commitments, which will be used to help the company expand its footprint.
Expert Analysis
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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Series
Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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Strategies For Home Equity Investment Providers In 2025
The home equity investment product market is thriving even amid consumer concerns, regulatory scrutiny and conflicting court decisions, setting the stage for a promising but challenging environment for providers in 2025, say attorneys at Sheppard Mullin.
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Opinion
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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From Football To Pickleball, Sports Investing Evolved In 2024
The NFL's decision to allow private-equity investments in football franchises capped off a transformative year in U.S. sports that also included landmark PE transactions in emerging sports ranging from women's soccer to pickleball, say attorneys at Weil.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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Preparing For The New Restrictions On Investment Into China
In light of a new regulatory program governing U.S. investments in China-related technology companies of national security concern, investors should keep several considerations in mind, including the rules' effect on existing and new investments, compliance hurdles, and penalties for noncompliance ahead of the rules' January implementation, say attorneys at Gunderson Dettmer.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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Back To The Future? Antitrust Enforcement Under Trump 2.0
While the transition to the second Trump administration's antitrust policy should be accompanied by less uncertainty, we're unlikely to get a full sense of the true focus and tenor of competition enforcement under Trump 2.0 before late next year, say attorneys at Simpson Thacher.
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FTX Exec's Sentencing Shows Pros And Cons Of Cooperation
The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.
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SEC Custody Rule Creates Crypto Compliance Conundrum
While the U.S. Securities and Exchange Commission's application of the custody rule may be a good faith attempt to enhance consumer protections for client assets, it doesn't appreciate the unique characteristics of crypto-assets, forcing advisers to choose between pursuing their clients' objectives and complying with the rule, say attorneys at Willkie.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.