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Private Equity
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September 05, 2024
Debevoise, Cravath Steer Verizon's $20B Frontier Takeover
Debevoise & Plimpton LLP is guiding Verizon Communications Inc. on a deal disclosed Thursday that will see the telecommunications giant absorb Cravath Swaine & Moore LLP-advised Frontier Communications at a $20 billion enterprise value.
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September 12, 2024
Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth
Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.
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September 05, 2024
CVC Raises €7.4B Of Capital In 1st Results After Listing
European private equity firm CVC Capital Partners PLC said Thursday that it has raised €7.4 billion ($8.2 billion) in fresh capital during the first six months of 2024 as it published its first set of results since its €2 billion flotation in Amsterdam.
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September 04, 2024
SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal
The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.
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September 04, 2024
PE Advisers Flouted Registration Requirements, SEC Says
A pair of Florida-based private equity advisers and their CEO have agreed to settle U.S. Securities and Exchange Commission allegations that they broke federal securities laws by improperly declaring themselves exempt from registering as advisers to private funds, according to the agency.
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September 04, 2024
Icahn Enterprises Investor Sues Alleging 'Ponzi-Like' Scam
An Icahn Enterprises LP investor hit the partnership's billionaire founder Carl Icahn and its board with a derivative suit in Florida federal court Tuesday, accusing them of hiding "highly significant" risks, including the partnership's alleged "Ponzi-like" structure, which purportedly inflated its price and exposed it to regulatory probes and litigation.
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September 04, 2024
Cheer Parents Request $35M In Fees, Costs For Antitrust Deal
Three moms that reached an $82.5 million settlement with Varsity Brands in litigation claiming the cheerleading giant stifled competition and raised participation costs asked a Tennessee federal court Wednesday for $35 million of that fund to pay their attorneys' fees and costs.
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September 04, 2024
Ex-CEO Sues Ferry Co.'s Private-Equity Buyer
The former CEO of a company that operates a ferry service has told a Michigan federal court that he was wrongly terminated and then badmouthed by the company's new private-equity owners.
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September 04, 2024
Apollo Defends $570M Controller Deal In Chancery Suit
An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.
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September 04, 2024
Orrick-Led Epam Systems Buys Neoris In $630M Cash Deal
Orrick Herrington & Sutcliffe LLP-steered software engineering business Epam Systems Inc. will acquire Miami-based advanced technology company Neoris for $630 million in cash, the companies announced Wednesday.
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September 04, 2024
Fintech Investor Tries To Undo 'Formulistic' Nix Of NCino Suit
A pension fund invested in financial technology company nCino Inc. urged Delaware's Supreme Court on Wednesday to revive its suit against company directors and investment firm Insight Venture Partners over a $1.2 billion acquisition, arguing the Chancery Court "missed the mosaic for the tiles" by dismissing the case.
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September 04, 2024
Nordstrom Family Makes Takeover Offer, Valuing Biz At $3.8B
Nordstrom Inc. confirmed Wednesday that it received a proposal from a group that includes its CEO Erik Nordstrom and brother Pete to acquire the company for $23 per share in cash, which values the company around $3.8 billion.
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September 04, 2024
Kirkland-Led Warburg Pincus Lands $4B For Latest Fund
Kirkland & Ellis-advised investment firm Warburg Pincus has closed its Capital Solutions Founder Fund, securing commitments of more than $4 billion to pursue research-based opportunities in the market less than a year after closing its largest fund ever, according to a Wednesday announcement.
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September 04, 2024
Simpson Thacher-Led Blackstone Inks $16.2B AirTrunk Deal
Simpson Thacher & Bartlett LLP-led Blackstone Inc. said Wednesday it has agreed to acquire AirTrunk, an Australia-based data center platform focused on the Asia-Pacific region, from Macquarie Asset Management and the Public Sector Pension Investment Board at an implied enterprise value of over AU$24 billion ($16.2 billion).
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September 04, 2024
Investment Biz Sells Stake In UK Rival For Up To $258M
Petershill Partners PLC, an investment business operated by Goldman Sachs, said Wednesday it has completed the sale of its entire stake in investment manager LMR Partners in a deal worth up to $258 million.
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September 04, 2024
Investors Get 3rd Extension For £253M Bid For Payments Co.
Payments technology company Equals said Wednesday that the Panel on Takeovers and Mergers has granted its request to extend a deadline for the third time for a consortium of investors to confirm or cancel their proposed £253 million ($332 million) takeover bid.
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September 04, 2024
Mishcon Helps Starwood Capital Buy UK REIT For £674M
U.S. investment firm Starwood Capital Group said Wednesday that it will buy a British real estate investment trust for £674 million ($884 million), hoping it will perform better as a private company after facing challenges in a tough property market.
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September 03, 2024
PE Firm Investors Say False SEC Filings Caused Big Losses
Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.
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September 03, 2024
Aspire Biopharma Inks SPAC Deal At $316M Valuation
Aspire Biopharma Inc., advised by Sichenzia Ross Ference Carmel LLP, on Tuesday announced that it will go public through a merger with special purpose acquisition company PowerUp Acquisition Corp., led by Dykema Gossett PLLC, in a transaction that values the business at a pre-money equity value of roughly $316 million.
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September 03, 2024
Adviser Lied About Wall Street Skyscraper Digs, SEC Says
A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
Cozen O'Connor Adds 13 Clark Wilson Lawyers In Vancouver
Cozen O'Connor announced on Tuesday that it has expanded its Canadian presence by adding a team of 22 legal professionals, including 13 lawyers and nine support staff, from Clark Wilson LLP to its fast-growing Vancouver office.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
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September 03, 2024
Paul Weiss Adds Ex-Fried Frank Atty To Lead Fund Finance
Paul Weiss Rifkind Wharton & Garrison LLP has added an asset management specialist previously with Fried Frank Harris Shriver & Jacobson LLP as head of its fund finance group, the firm announced Tuesday.
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September 03, 2024
Bain One-Ups KKR's $4B-Plus Bid In Battle For Fuji Soft
Private equity firm Bain Capital said Tuesday that it made a nonbinding offer to take Fuji Soft private, as Bain pushed the Japanese software developer to open up formal discussions for the $4 billion-plus tender offer so it has a chance to beat out rival bidder KKR.
Expert Analysis
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.