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Private Equity
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July 18, 2024
Kirkland-Led Calif. PE Firm Secures $1.5B For 3rd Fund
Los Angeles-based private equity shop Kingswood Capital Management LP, advised by Kirkland & Ellis LLP, on Thursday announced that it clinched its third fund after raising $1.5 billion of capital commitments, bringing the firm's total assets under management to roughly $3.2 billion.
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July 18, 2024
PE Firm's £432M Deal Awaiting NSIA Clearance Pushed Back
Wealth management firm Mattioli Woods said Thursday that its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital that is awaiting national security clearance is now likely to close a month later than expected.
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July 17, 2024
Politan Sues Masimo Over Delayed Board Election Meeting
Activist investment firm Politan Capital Management LP launched a lawsuit Wednesday against Masimo Corp. in Delaware Chancery Court just days after the medical technology company accused it of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 17, 2024
Nasdaq Seeks To Tighten Delisting Rules Governing SPACs
Nasdaq is proposing to strengthen its rules governing delistings and trading suspensions of special-purpose acquisition companies that fail to complete mergers within 36-month deadlines or that violate other listing standards.
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July 17, 2024
Warburg Pincus Pours $100M Into Brazilian Fintech Biz
Brazilian banking software provider Matera on Wednesday revealed that it received a $100 million investment from private equity giant Warburg Pincus, which will be used to fund the fintech company's expansion into the North American market with a focus on growing its product development.
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July 17, 2024
Telecom Co. Stockholder Seeks Fees For Beefing Up Proxy
A shareholder of Consolidated Communications Holdings Inc. is suing for his legal fees in Delaware's Court of Chancery, saying he brought "substantial" benefits to shareholders by forcing extra disclosures about the company's pending $3.1 billion merger with Searchlight Capital Partners LP and the British Columbia Investment Management Corp.
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July 17, 2024
Top Vista Investor Opposes $2.1B Kinetic Sale To Czech Co.
Gates Capital Management Inc., a top shareholder in Vista Outdoor Inc., is urging the sporting goods maker not to move ahead with a plan to sell part of its business to a Czech defense group, pushing instead for a spinoff or sale of the entire company, according to a Wednesday letter.
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July 17, 2024
Latham Adds Ex-Kirkland Private Equity Pro In Boston
An experienced private equity attorney has jumped from Kirkland & Ellis LLP to Latham & Watkins LLP in Boston.
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July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
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July 17, 2024
PE Firms Plug $300M Into Digital Infrastructure Developer
Digital infrastructure site developer Cloverleaf Infrastructure on Wednesday announced that it has received more than $300 million in commitments from private equity shops NGP, advised by Willkie Farr & Gallagher LLP, and Kirkland & Ellis LLP-led Sandbrook Capital.
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July 17, 2024
Ex-Goldman Sachs Analyst Gets Over 2 Years For Insider Tips
A Manhattan federal judge hit a former Goldman Sachs analyst with a 28-month prison sentence Wednesday for tipping his stepbrother and a friend to market-moving information, saying the Long Island native wanted to be "the big man" among his peers.
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July 17, 2024
KKR, Carlyle Buy $10.1B Student-Debt Portfolio From Discover
Investment management giants Carlyle and KKR have teamed up to buy a roughly $10.1 billion portfolio of prime student loans from Discover Financial Services in a deal built by four law firms.
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July 17, 2024
Iger, Willow Bay Ink $250M Deal For Angel City Football Club
The Angel City Football Club has agreed to sell a controlling stake to Bob Iger, CEO of the Walt Disney Co., and his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, at an enterprise value of $250 million, the team said Wednesday.
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July 16, 2024
Masimo Accuses Politan Of Deceit In Hostile Takeover
Masimo Corp. has hit the activist investment firm Politan Capital Management LP and its top brass with a lawsuit in California federal court, accusing the hedge fund of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 16, 2024
Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up
A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.
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July 16, 2024
Manatt Adds Healthcare Transactions Partner From McDermott
Manatt Phelps & Phillips LLP has added a new healthcare partner to its Boston office.
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July 16, 2024
Heart-Focused Biotech Closes $260M Series B Funding Round
Clinical-stage biotechnology company Cardurion Pharmaceuticals Inc. on Tuesday announced that it has raised $260 million in Series B financing that will go toward helping the Burlington, Massachusetts-based company continue developing therapies for the treatment of cardiovascular diseases.
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July 16, 2024
Stradley Ronon Hires 2 Corporate Attorneys In DC
Stradley Ronon Stevens & Young LLP has hired two corporate partners in Washington, D.C., and one of those new additions will co-lead the firm's private investment funds practice, according to a Monday announcement.
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July 16, 2024
Kirkland-Led Blue Owl Buys Atalaya Capital For Up To $800M
Kirkland & Ellis LLP-advised private-equity shop Blue Owl Capital Inc. on Tuesday unveiled plans to buy alternative credit manager Atalaya Capital Management LP, led by Cravath Swaine & Moore LLP, for up to $800 million, continuing a trend seen earlier in the year of private-equity firms merging with or acquiring other asset managers.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Latham-Led Warehouse Giant Launches Potential $3.6B IPO
Cold-storage warehouse giant Lineage Inc. on Tuesday set a price range on an estimated $3.6 billion initial public offering, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP, bolstering the near-term IPO pipeline.
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July 16, 2024
PE Firm Sells 3% Stake In Trustpilot For £27.5M
Private equity shop Vitruvian Partners LLP said on Tuesday that it has sold a 3% stake in Danish review website Trustpilot for £27.5 million ($35.7 million).
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July 15, 2024
CD&R Tells Del. Court Covetrus Sale 'Fully Informed'
An attorney for private equity firm Clayton Dubilier & Rice LLC told a Delaware vice chancellor Monday that stockholders of animal health company Covetrus Inc. were fully informed when they approved a $21-per-share takeover by CD&R and TPG Capital in 2022, disputing allegations of knowing standstill agreement violations and disclosure failures.
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July 15, 2024
Pump Co. Execs Must Face Trustee's $59.7M Transfer Suit
A Connecticut federal judge won't toss a Chapter 7 bankruptcy trustee's lawsuit claiming that three former engineering company executives transferred $59.7 million to a holding entity and sent the company into ruin to avoid paying asbestos claims, ruling Monday that the suit plausibly alleges that the executives had conflicts of interest and concealed their conduct.
Expert Analysis
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.
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Challenges Remain In Financing Energy Transition Minerals
COP28, the latest U.N. climate conference, reached a consensus on a just and equitable transition from fossil fuels to renewable energy, but more action and funding will be needed to ensure that developed countries responsibly source the minerals that will be critical for this process, say attorneys at Watson Farley.
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Loan Transparency Proposals May Bring Some Clarity
U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Navigating New Regulations In Healthcare And Other M&A
While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.
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New CMS Rule Will Change Nursing Facility Disclosures
A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.