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Private Equity
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September 27, 2024
Ill. Justices Won't Hear Baker McKenzie's London Transfer Bid
Illinois' top court has declined to take on a petition from Chicago-based Baker McKenzie urging the justices to send to London a malpractice suit accusing the firm of botching a client's bid to reacquire a Russian coal mine.
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September 27, 2024
Taxation With Representation: Kirkland, Skadden, Cleary
In this week's Taxation With Representation, Blackstone and Vista Equity Partners acquire Smartsheet Inc., Macquarie Asset Management takes a stake in D.E. Shaw Renewables Investment Group, and Apogee Enterprises Inc. buys UW Interco LLC from Heartwood Partners.
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September 27, 2024
Fried Frank-Led StepStone Clinches $7.4B Secondaries Fund
Private equity shop StepStone Group Inc., advised by Fried Frank Harris Shriver & Jacobson LLP, on Friday announced that it clinched its fifth secondaries opportunities fund and separate related accounts with around $7.4 billion of total investor commitments.
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September 26, 2024
SEC Accuses NC Business Owner Of $28M Ponzi-Like Fraud
The U.S. Securities and Exchange Commission has filed a suit in North Carolina federal court accusing an investment firm owner of defrauding investors through a $28 million Ponzi-like manufacturing debt investment scheme.
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September 26, 2024
Obesity Drug Developer Leads 2 Upsized IPOs Totaling $310M
Obesity-focused drug developer BioAge Labs Inc. gained in debut trading Thursday after raising $198 million through an upsized initial public offering, leading one of two new listings that netted a combined $310 million under the guidance of four law firms.
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September 26, 2024
VivoPower Keeps HQ In UK To Qualify For $21B Gov't Program
Sustainable energy solutions company VivoPower International PLC and hydrogen technology business Future Automotive Solutions and Technologies on Thursday outlined additional terms to their proposed $1.13 billion merger, including settling the combined company's headquarters in the U.K. in order to qualify for potential "significant and attractive" government incentives.
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September 26, 2024
Investor Ordered To Deposit $336K In Pot Co. Contract Suit
A Nevada magistrate judge has ordered Capital Pure Assets Ltd. to deposit $336,000 with the court as part of a dispute with a cannabis payment company's subsidiary over a failed business venture, finding the subsidiary is likely to succeed on its claims that CPA tricked it into putting that amount into an escrow fund.
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September 26, 2024
Qualcomm Eyes Massive Buyout Of Intel, Plus Other Rumors
Qualcomm has approached struggling rival Intel with a takeover offer, Chevron's $53 billion acquisition proposal for Hess is expected to win regulatory clearance, and private Equity Firm BC Partners wants to buy a minority stake in EuroLeague. Here, Law360 breaks down these and other notable deal rumors from the past week.
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September 26, 2024
Southwest Airlines Touts Big Changes Amid Activist Pressure
Southwest Airlines on Thursday revealed a number of developments key to a "transformational" plan meant to drive revenue growth as the airline faces pressure from activist investor Elliott Investment Management, including the appointment of a new director and a $2.5 billion repurchase program.
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September 26, 2024
3 Firms Rep As Citi, Apollo Form $25B Private Credit Program
Banking giant Citigroup and asset management firm Apollo on Thursday unveiled plans to launch a "landmark" $25 billion private credit direct lending program in North America, entering into an exclusive agreement that was guided by three law firms.
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September 25, 2024
In-House Counsel To Play Central Role At AI Cos., VCs Say
Venture capital firms expect in-house counsel at artificial intelligence companies to play a bigger role in their businesses due to regulatory uncertainties around AI, while a professor who helped pioneer the technology warned that transparency of commercial AI businesses should be "top of mind," attorneys heard at the seventh annual Berkeley Law AI Institute Wednesday.
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September 25, 2024
Barry Manilow Sued By Hipgnosis Over Sony Royalties
Music rights heavyweight Hipgnosis has sued Barry Manilow in London for allegedly failing to pay it royalties after Sony Records paid the American singer for his recordings, violating a more than $7.5 million deal that saw Hipgnosis acquire his catalog of 917 songs.
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September 25, 2024
UpHealth Wins Most Of $115M Award In Glocal Merger Dispute
Bankrupt digital health services company UpHealth can enforce a large part of a $115 million arbitral award against the Indian healthcare services platform Glocal in their feud over an ill-fated merger, an Illinois federal judge has ruled.
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September 25, 2024
IP Protection Firm's $426M SPAC Merger Is Scrapped
Intellectual property management firm Zacco Holdings, formerly known as OpSec Group, and blank check company Investcorp Europe Acquisition Corp. I on Wednesday announced that they will be terminating their merger plans.
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September 25, 2024
E-Bike Maker Argues In Del. Supreme Court To Salvage Sale
An attorney for a private equity affiliate that beat a Barcelona-based electric scooter rental chain's attempt to force a closing on the scooter company's $100 million sale in Chancery Court told Delaware's Supreme Court Wednesday that the seller's current appeal ignores its own fatal contract breaches.
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September 25, 2024
Cannabis Co., Investor Must Take Contract Suit Back To Court
A Washington appeals panel has reversed a summary judgment in favor of an investor who alleged that a cannabis grower and seller breached an agreement to buy out his stock following a dispute, saying that while the contract is enforceable, there remain questions about whether that contract was breached.
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September 25, 2024
Cancer Detection Biz To Go Public Via $694M SPAC Merger
Special purpose acquisition company Breeze Holdings Acquisition Corp. on Wednesday announced that it has agreed to merge with and take public clinical-stage biopharmaceutical company YD Biopharma Ltd. in a deal that gives the combined company an estimated enterprise value of $694 million and was built by three firms.
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September 25, 2024
NYSE Cancels Proposal To Extend SPAC Merger Deadlines
The New York Stock Exchange has pulled a proposal that would have provided special purpose acquisition companies with more time to complete mergers while remaining listed, several months after it sought regulatory approval for the extension.
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September 25, 2024
Cleary-Led Apogee Buys UW Solutions In $240M Cash Deal
Cleary Gottlieb Steen & Hamilton LLP-led Apogee Enterprises Inc. on Wednesday announced plans to buy high-performance coated substrates maker UW Interco LLC from private equity shop Heartwood Partners, both advised by Finn Dixon & Herling LLP, for $240 million in cash.
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September 24, 2024
Chancery Told SwervePay Deserves Sanctions In Earnout Suit
A court-appointed special magistrate has recommended sanctioning e-payment venture SwervePay and related parties over up to 22 months of missing or deleted text messages sought by SPOSC Investment Holdings and others in a post-merger battle over an alleged multibillion-dollar overstatement of "monetizable" payment traffic.
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September 24, 2024
Everton Finds New Buyer In US Billionaire
The company controlled by U.S. billionaire businessman Dan Friedkin has agreed to take a majority stake in Everton Football Club in a move that comes after a prior Everton sale fell through amid legal troubles for the buyer.
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September 24, 2024
7 Attys In M&A, Real Estate Join Jones Walker In New Orleans
Jones Walker LLP announced that seven attorneys focused on mergers and acquisitions and real estate law from New Orleans firm Fishman Haygood LLP joined the firm's corporate practice.
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September 24, 2024
Star Witness Against Bankman-Fried Gets 2 Years In FTX Case
A Manhattan federal judge sentenced former cryptocurrency executive Caroline Ellison to two years in prison Tuesday, crediting her decision to testify against FTX founder Sam Bankman-Fried but saying the $11.2 billion fraud was too big to warrant a "get out of jail free card."
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September 24, 2024
King & Spalding, Skadden Rep $1.7B DE Shaw-Macquarie Deal
Australian investment firm Macquarie Asset Management, advised by King & Spalding LLP, on Tuesday announced that it has agreed to take a "significant" minority stake in renewable energy company D.E. Shaw Renewables Investment Group, led by Skadden Arps Slate Meagher & Flom LLP, for up to $1.73 billion.
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September 24, 2024
Ropes & Gray Chair To Serve 2nd Term; Firm Picks Vice Chair
Ropes & Gray LLP announced Tuesday that leading corporate lawyer Julie Jones will begin a second term as the 1,500-attorney firm's first-ever female chair next year while managing committee member Neill Jakobe prepares to assume a vice chair role.
Expert Analysis
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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PE-Healthcare Mergers Should Prepare For Challenges
State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Behind Indiana's Broad New Healthcare Transactions Law
The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.