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Private Equity
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July 24, 2024
Vanta Hits $2.45B Valuation After $150M Funding Round
Trust management platform Vanta, advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, on Wednesday announced that it reached a $2.45 billion valuation after the successful close of its $150 million Series C funding round.
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July 24, 2024
Navajo Coal Co. Appeals FINRA Arbitration Order In $11M Fight
A Navajo coal-mining company has wasted no time in appealing a Pennsylvania federal judge's order refusing to grant the tribe-owned business's bid to halt arbitration proceedings against a private equity firm in an $11 million dispute over their financing agreement.
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July 24, 2024
Latham, Stevens & Lee Guide Bitcoin Co.'s $365M SPAC Deal
Bitcoin rewards provider Fold and a special purpose acquisition company announced Wednesday they agreed to merge through a transaction that will take Fold public at an estimated $365 million valuation, with attorneys from Stevens & Lee and Latham counseling the parties.
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July 24, 2024
Weil Guides Close Of Agellus Capital's $400M Debut Fund
Private equity shop Agellus Capital, advised by Weil Gotshal & Manges LLP, on Wednesday announced that it clinched its debut private equity fund with $400 million in total limited partner commitments.
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July 24, 2024
Rising Star: Kirkland's Mark Boyagi
Mark Boyagi is a partner in Kirkland & Ellis LLP's investment funds practice group and leads the firm's equity solutions team, where he has advised on several transactions in global secondaries market volume, including advising Alpine Investors last year on a $3.4 billion single-asset continuation fund transaction, earning him a spot among the fund formation law practitioners under age 40 honored by Law360 as Rising Stars.
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July 24, 2024
Fried Frank Hires 5th Ex-Goodwin Partner, This Time In NY
Fried Frank Harris Shriver & Jacobson LLP has hired another Goodwin Procter LLP attorney, who joins the firm in New York to continue her work with asset management and other financial industry clients, the firm announced Tuesday.
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July 24, 2024
Wilson Sonsini Leads PE-Backed OneStream's $490M IPO
Private-equity backed financial software provider OneStream Inc. railed in debut trading Wednesday after pricing a $490 million initial public offering above its range, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters counsel Latham & Watkins LLP, kicking off a potentially busy week for IPOs.
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July 24, 2024
T-Mobile Plugs $4.9B Into JV With KKR To Buy Metronet
T-Mobile announced Wednesday that it has partnered up with private equity giant KKR to acquire pure-play fiber company Metronet in a joint venture that sees T-Mobile investing roughly $4.9 billion at deal close, in a transaction built by eight law firms.
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July 24, 2024
US, British PE Firms Make €2.2B Offer For Cybersecurity Biz
Cybersecurity firm Exclusive Networks said Wednesday that it has been handed a takeover offer of approximately €2.2 billion ($2.4 billion) from a consortium made up of U.S. private equity firm Clayton Dubilier & Rice and its biggest shareholder, Permira.
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July 23, 2024
Chancery Ends Challenge To $12.5B Qualtrics' SAP Sale
Saying it was not reasonably conceivable that he would find software giant SAP and Qualtrics International Inc. directors liable for damages after Qualtrics' $12.5 billion sale to Silver Lake Capital despite a superficially better offer, a Delaware vice chancellor on Tuesday dismissed a stockholder challenge to the deal.
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July 23, 2024
Tech Firm Mobileum Enters Ch. 11 To Trim Over $500M Debt
Global telecom analytics group Mobileum Inc. sought Chapter 11 protection in Texas on Tuesday, with plans to trim $529 million from its books through a debt-for-equity swap after falsified time records uncovered last year backlogged operations and spurred litigation.
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July 23, 2024
Reinsurance Biz Secures $1.3B In Latest Capital Raise
Annuity reinsurer Martello Re Ltd., advised by Kirkland & Ellis LLP and Clifford Chance LLP, on Tuesday announced that it successfully completed a $1.3 billion capital raise, including $935 million of equity commitments and an upsized current credit facility by $360 million.
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July 23, 2024
4 Firms Guide SPAC Mergers Targeting AI, Cannabis Sectors
An AI-powered startup that vows to combat "disinformation" and a medical cannabis developer have agreed to go public by merging with special purpose acquisition companies through separate deals unveiled this week, guided by four law firms and a law office.
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July 23, 2024
Snell & Wilmer Hires Longtime Procopio Group Leader In Calif.
Snell & Wilmer LLP has hired a more than 20-year veteran of Procopio Cory Hargreaves & Savitch LLP who led his former firm's emerging growth and venture capital practice group in California.
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July 23, 2024
Rising Star: Davis Polk's Sijia Cai
Sijia Cai led the Davis Polk & Wardwell LLP team that advised investment firm Rubicon Founders LLC on its roughly $1.2 billion second flagship private equity fund and was on the team that advised on a $2.5 billion Morgan Stanley secondaries fund, earning her a spot among the fund formation practitioners under age 40 honored by Law360 as Rising Stars.
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July 23, 2024
Eni's Mobility Biz Unit Valued At €12.5B As KKR To Buy Stake
Private equity shop KKR will buy a minority stake in the sustainable mobility business of Eni SpA, the Italian supermajor oil company, in a deal that values the subsidiary at up to €12.5 billion ($13.6 billion), the companies said Tuesday.
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July 22, 2024
Chancery Ruling Denies Extra New Relic Doc Release Demand
Two shareholders of web analytics firm New Relic Inc. lost a Delaware Court of Chancery bid Monday for additional disclosures regarding the company's $6.5 billion, $87-per-share buyout by private equity firms Francisco Partners and TPG Capital LP, despite a magistrate's finding that the original, general demand was proper.
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July 22, 2024
Steward Health Care Finds Buyers For 2 Hospitals
Steward Health Care has told a Delaware bankruptcy judge it has found buyers for two of the facilities in its first round of hospital sales in its Chapter 11 case, but three others had attracted no qualified bids.
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July 22, 2024
What Attorneys Need To Know About JD Vance
Vice presidential nominee JD Vance's brief legislative record shows he is aligned with his fellow Republicans on hot-button issues like abortion and immigration, but it also indicates that the senator from Ohio may be willing to break with the GOP mainstream when it comes to regulating big business. Here's what attorneys should know about the vice presidential candidate.
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July 22, 2024
FTC Tells 5th Circ. Anesthesia Co. Can't Stop Antitrust Case
The Federal Trade Commission is telling the Fifth Circuit to dismiss U.S. Anesthesia Partners Inc.'s appeal in the FTC's antitrust case against it, saying the circuit court has no jurisdiction in the appeal because the lower court ruling at issue falls outside the scope of the collateral order doctrine.
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July 22, 2024
Fifth Third Sued In $20M Escrow Dispute Over Dividend Solar
A private equity seller of a solar panel fintech lender that Fifth Third Bank bought in 2022 has sued the bank in New York federal court to free up $20 million in indemnity escrow funds that it alleges the bank has tried improperly to withhold over state investigations tied to the fintech.
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July 22, 2024
Goodwin Guides Bregal Sagemount's $500M Fund Close
Growth-focused private equity shop Bregal Sagemount, advised by Goodwin Procter LLP, on Monday announced that it clinched its inaugural fund after raising $500 million of capital commitments.
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July 22, 2024
Catching Up With Delaware's Chancery Court
A $6 million bank fee, a $42.5 million shopping mall deal, some questionable Amazon deliveries and long-ago expired ketchup: it was all part of the comings and goings in Delaware's Court of Chancery last week. New cases involved mining and cybersecurity companies, board takeovers, "weaponized" director election provisions, and legal fees following a $3.1 billion telecom merger. In case you missed it, here's the latest from the Chancery Court.
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July 22, 2024
AI-Focused Velocium To Go Public Via $445M SPAC Merger
AI-focused technology provider Velocium Inc. has agreed to go public by merging with special purpose acquisition company Maquia Capital Acquisition Corp. in a deal that values Velocium at $445 million, both parties announced.
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July 22, 2024
Rising Star: Goodwin's Lynette Elam
Lynette Elam of Goodwin Procter LLP guided the $16.5 billion fundraise for private equity firm TA Associates on its TA XV fund, which the firm has identified as one of 2023's biggest private equity funds, in the latest chapter of her work with the longtime client. This accomplishment and others have arned her a place among the fund formation attorneys honored by Law360 as Rising Stars.
Expert Analysis
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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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.