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Private Equity
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July 10, 2024
Boston-Based Firm Clinches 2nd PE Fund With $810M In Tow
Boston-based Manulife Investment Management on Wednesday announced that it clinched its second private equity fund after securing $810 million in commitments.
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July 10, 2024
Kirkland Guides Canada Pension Plan on €550M Tech Stake
Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.
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July 10, 2024
PE Biz TowerBrook Bids £253M For Payments Platform Co.
Private equity shop TowerBrook Capital Partners LP has made an improved cash offer of £253 million ($325 million) for Equals Group PLC, the British financial technology company said Wednesday after it put itself up for sale.
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July 09, 2024
Private Funds Say 5th Circ. Ruling Sinks SEC's AI, Cyber Bids
Several trade groups for the private fund industry urged the U.S. Securities and Exchange Commission on Tuesday to withdraw rule proposals on artificial intelligence and investment adviser outsourcing and cybersecurity risk management, in light of a Fifth Circuit ruling that dealt a blow to the agency's private fund oversight.
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July 09, 2024
Healthcare Cases To Watch: A 2024 Midyear Report
Courts across the U.S. this year will oversee key cases to the healthcare industry, from multidistrict litigation over the Change Healthcare hack to a challenge of a state gender-affirming care ban at the Supreme Court. Here are the healthcare cases to watch in the second half of 2024.
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July 09, 2024
3rd Circ. Rips 2nd Circ. In Asset Freeze Ruling For SEC
The Third Circuit is standing by a lower court's decision to freeze a private equity executive's assets as he fights insider trading claims brought by the U.S. Securities and Exchange Commission, criticizing its sister circuit's approach to handling such issues in a precedential ruling Tuesday.
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July 09, 2024
Glocal Says UpHealth Coerced Acquisition In Ch. 11 Suit
Indian healthcare network Glocal said its majority owner, bankrupt telemedicine tech company UpHealth, lied about business delays and exaggerated its finances as leverage in a 2020 acquisition, alleging in a Delaware bankruptcy court lawsuit that UpHealth and its executives eroded $200 million in value and failed to uphold their end of a share purchase agreement.
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July 09, 2024
Del. Chancellor Sends SwervePay Merger Suit Toward Trial
Delaware's Court of Chancery on Tuesday rejected dismissal for an amended complaint filed by e-payment venture SwervePay accusing buyers affiliated with payment collection business Ontario Systems LLC of overstating by tens of billions revenue-producing transactions expected under a proposed 2020 tie-up.
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July 09, 2024
Hospital Operator Leads 2 IPOs Ready To Raise $465M Total
Hospital operator Ardent Health and insurance distributor TWFG Inc. unveiled price ranges this week on initial public offerings that are expected to raise about $465 million combined under guidance by four law firms, adding life to the summer IPO market.
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July 09, 2024
Ackman's Pershing Square USA Kicks Off IPO Roadshow
Pershing Square USA Ltd., a closed-end fund backed by hedge-fund giant Bill Ackman, on Tuesday said it has launched a marketing roadshow for an initial public offering that could enable retail investors to own part of one of the U.S.'s largest listed funds.
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July 09, 2024
Judge Calls Cost Of DOJ's Assa Abloy Market Study 'Insane'
A D.C. federal judge took the U.S. Department of Justice and its monitoring trustee to task Tuesday for their pursuit of an open-ended look at Assa Abloy's books to check for anticompetitive harms from a 2023 merger, excoriating budget estimates pricing the investigation at a minimum of $1.7 million.
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July 09, 2024
5th Circ. Indicates Skepticism In Brett Favre Defamation Case
The Fifth Circuit on Tuesday seemed skeptical that comments made by former NFL star Shannon Sharpe about Brett Favre's alleged involvement in a massive Mississippi welfare fraud scheme amounted to defamation, pressing Favre's attorney over why the retired NFL quarterback didn't sue over Sharpe's more emotionally charged statements.
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July 09, 2024
Blank Rome Adds Ballard Spahr M&A Pros In NY
Two Ballard Spahr attorneys, including a co-leader of its private equity group, are moving their practice to Blank Rome's New York office.
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July 09, 2024
Kirkland Guides Avesi Partners To $1.35B Fund II Close
Stamford, Connecticut-based Avesi Partners, a private equity firm specializing in healthcare and business services, said Tuesday it had closed Avesi Partners Fund II LP at $1.35 billion, with Kirkland & Ellis LLP serving as legal counsel to the oversubscribed fund.
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July 09, 2024
Weil Opening Shops In Calif. With Latham Private Equity Pros
Weil Gotshal & Manges LLP announced Tuesday that it has launched an office in Los Angeles and will soon open in San Francisco with a pair of private equity partners who both came aboard from Latham & Watkins LLP.
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July 08, 2024
Would-Be Pot Co. Rainmaker Still Not Liable For Alleged Fraud
A Colorado Court of Appeals panel has affirmed the outcome of a jury trial in which a businessman was found not liable for defrauding a cannabis company, concluding that it would have been highly prejudicial to tell jurors the businessman was sanctioned in the case for fabricating evidence.
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July 08, 2024
3rd Truth Social Complaint Gets OK, Contempt Hearing Axed
Two former "Apprentice" contestants who claim to have created Donald Trump's social media app and are now alleging they are being cheated out of their Truth Social equity got Delaware Chancery Court's permission Monday to revise their complaint for a third time against the former president and his media company.
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July 08, 2024
Assa Abloy Says No Monitor 'Blank Check' After Merger Deal
Assa Abloy on Monday reasserted its bid to rein in a monitoring trustee installed after the company settled a government merger challenge, arguing ahead of a court hearing that the government is aiming to roll back the parties' deal and carry out a more expansive investigation through the monitor.
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July 08, 2024
Texas Anesthesia Co. Can't Pause Or Appeal Suit, FTC Says
The Federal Trade Commission urged a Texas federal court not to pause its suit accusing U.S. Anesthesia Partners Inc. of a monopolistic "roll-up" of Lone Star State anesthesia practices, arguing the company can't appeal an order refusing to toss the case against it.
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July 08, 2024
Kirkland-Led Devon To Buy Grayson's Williston Biz For $5B
Devon Energy announced Monday that the Oklahoma-based public company has cut a $5 billion cash-and-stock deal to acquire private equity-backed Grayson Mill Energy's Williston Basin oil and gas business in a transaction guided by Kirkland & Ellis LLP and Vinson & Elkins LLP.
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July 08, 2024
Morrison Cohen Launches Luxury Brands Practice
Morrison Cohen LLP announced Monday the launch of a luxury brands practice designed to offer more holistic counsel to high-end companies like Valentino, Louis Vuitton, Salvatore Ferragamo and more.
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July 08, 2024
Hebbia Raises $130M In Series B Led By Andreessen Horowitz
Tech company Hebbia announced on Monday the completion of a $130 million Series B funding round led by venture capital giant Andreessen Horowitz.
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July 08, 2024
Catching Up With Delaware's Chancery Court
Prince's heirs were left standing alone in a cold world last week after Delaware's Court of Chancery found their attempts to gain control of the late musician's estate too demanding. Delaware's court of equity also waved a wand for Walt Disney and slashed nearly $10 million from a damages award for Sears stockholders. In case you missed anything, here's a recap of all the latest news from Delaware's Chancery Court.
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July 08, 2024
Linklaters-Led HgCapital Raises £24.3M In Software Biz Exit
British investment company HgCapital said Monday that its private equity arm Hg has agreed to sell its remaining interest in business software provider TeamSystem to U.S. private equity firm Hellman & Friedman, raising approximately £24.3 million ($31 million) for the trust.
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July 08, 2024
5 Firms Shape Paramount Global, Skydance Media Merger
Paramount Global will merge with Skydance Media in a two-step transaction steered by five law firms, the companies announced, ending months of negotiations that were the subject of rigorous speculation.
Expert Analysis
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ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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What Cos. Evaluating M&A Can Glean From Latest HSR Report
The recently released Hart-Scott-Rodino report for fiscal year 2022 helps unearth important data points for companies as they evaluate potential transactions, including that, despite a historically low enforcement rate, the number of actions exceeds the number of second requests for the first time in nearly 20 years, say Ryan Quillian and John Kendrick at Covington.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
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What R&W Insurance Access Means For Small-Cap M&A
As a slowdown in mergers and acquisitions has increased insurer appetite for underwriting small-cap transactions, buyers of small and midsize enterprises stand to benefit from easier access to representations and warranties insurance, which can add protection and reassurance for all parties involved in a deal, say Caroline Thee and Ewelina Mikocewicz at Taft Stettinius.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.