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Private Equity
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November 14, 2024
MVP: Kirkland's Robert Blaustein
Robert Blaustein of Kirkland & Ellis LLP's investment funds practice group currently counsels 10 funds seeking more than $50 billion of capital, and has led sponsors in raising more than $100 billion in aggregate capital, earning him a spot as one of the 2024 Law360 Fund Formation MVPs.
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November 14, 2024
EU Clears Consortium's €2.2B Bid For Cybersecurity Biz
The European Commission said Thursday that it has cleared the approximately €2.2 billion ($2.4 billion) acquisition of French cybersecurity firm Exclusive Networks by its biggest shareholder Permira and U.S. private equity firm Clayton Dubilier & Rice.
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November 13, 2024
Swedish Fintech Klarna Confidentially Files US IPO Plans
Klarna Group PLC, a Stockholm-based financial technology startup, announced Wednesday it has confidentially submitted its plans for an initial public offering to the U.S. Securities and Exchange Commission, paving the way for a long-awaited listing.
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November 13, 2024
FTX Prosecutors Tout Tech Chief's 'Outstanding Cooperation'
Manhattan federal prosecutors urged a lenient sentence for former FTX technology chief Zixiao "Gary" Wang, telling the court on Wednesday that his "outstanding cooperation" was instrumental in securing the lightning-fast indictment and ultimate conviction of founder Sam Bankman-Fried for an $11 billion fraud that sank the crypto exchange.
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November 13, 2024
SEC's Uyeda Says Limits On Private Funds Need Review
Smaller private and venture capital funds could benefit from less-stringent registration requirements, a Republican member of the U.S. Securities and Exchange Commission told an advisory panel Wednesday, saying the time is ripe to review whether existing thresholds still make sense.
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November 13, 2024
Fed. Circ. Won't Send Microchip Patent Suit To NY
The Federal Circuit on Wednesday denied a bid from a Chicago tech manufacturer to transfer a Texas case brought by an ex-Microsoft executive's private equity-funded patent litigation outfit, saying the manufacturer didn't show that the lower court erred in refusing to ship the case to New York.
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November 13, 2024
Frontier Stockholders Vote In Favor Of $20B Verizon Deal
Frontier Communications stockholders approved the company's planned $20 billion sale to Verizon Communications Inc. on Wednesday, despite prior pushback from select investors and recommendations from top proxy advisory firms to abstain.
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November 13, 2024
Instant Brands Equity Owner Accused Of Lying To Lenders
The litigation trustee for bankrupt kitchenware maker Instant Brands Wednesday filed suit in Texas bankruptcy court accusing the company's equity owner of lying to lenders and sending the company into Chapter 11 in order to collect $200 million in dividends.
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November 13, 2024
Cadwalader Brings New Partner To Corp. Team From Kirkland
Cadwalader Wickersham & Taft LLP announced Tuesday that it had hired an adviser to companies and private equity funds from Kirkland & Ellis LLP, touting her experience in complex business transactions.
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November 13, 2024
7-Eleven Exec Throws Hat In Ring With Buyout Bid
The parent of 7-Eleven said Wednesday it has received a nonbinding bid from an executive and one of his companies, at a reported $11 billion premium over a prior $47 billion takeover offer from Canada's Alimentation Couche-Tard Inc.
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November 13, 2024
MVP: Paul Weiss' Marco Masotti
Over the past year, Marco Masotti of Paul Weiss Rifkind Wharton & Garrison LLP's investment funds group helped Apollo Global Management close its $20 billion Apollo Fund X and guided Oak Hill Capital through several major private equity transactions, earning him a spot as one of the 2024 Law360 Fund Formation MVPs.
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November 13, 2024
MVP: Cravath's David J. Perkins
David Perkins of Cravath Swaine & Moore LLP advised Amentum in its all-stock, reverse Morris trust merger with Jacobs' government services businesses that created a combined company with $13 billion in revenue, and also led Brookfield Renewable Partners in its $8 billion acquisition of Westinghouse, earning him a spot as one of the 2024 Law360 Private Equity MVPs.
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November 12, 2024
FTX Targets Scaramucci, PACs, Law Firm In Wave Of Suits
Bankrupt cryptocurrency exchange FTX filed roughly 30 suits in a bid to recoup millions of dollars donated to political and charitable causes, losses caused by alleged market manipulation, and funds spent on business partnerships, including with Skybridge Capital's Anthony Scaramucci and a boutique Florida law firm.
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November 12, 2024
3 Firms Guide Rare Canadian IPO Eyed By Groupe Dynamite
Canadian women's clothing retailer Groupe Dynamite Inc. has launched plans for an estimated C$300 million ($215 million) initial public offering, marking a rare Canadian listing under guidance from three law firms.
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November 12, 2024
SEC Quietly Shelves Private Fund Rules After 5th Circ. Loss
The U.S. Securities and Exchange Commission has formally withdrawn rules that would have increased agency oversight of hedge funds and private equity funds after declining to appeal a Fifth Circuit decision that vacated the rules, which would have required fund advisers to disclose detailed information about their operations.
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November 12, 2024
Peru Agrees To Pay Hedge Fund $40M To Settle Bond Dispute
A D.C. federal judge held Tuesday that the Republic of Peru must pay Gramercy Funds Management LLC $40 million, following the parties' joint motion last week saying they have settled their dispute over enforcement of a $100 million arbitral award.
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November 12, 2024
Hertz Investors Urge Chancery Not To Toss Stock Warrant Suit
An attorney for two Hertz Inc. institutional investors told a Delaware judge Monday that the vehicle rental giant relied on an impermissible reinterpretation of a warrant agreement to reject a redemption demand purportedly triggered by the company's post-Chapter 11 recapitalization.
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November 12, 2024
Truth Social Sponsor's Shares Mostly Gone, Del. Court Told
An attorney for the former CEO of a company central to the public stock listing of Donald Trump's social media platform told a Delaware vice chancellor Monday only 45,000 shares remain available from an 8.1 million share founders' stake now at the center of multiple suits in multiple courts.
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November 12, 2024
Cardinal Health, Endeavor Group Top Veterans Day M&A Deals
While banks and federal offices were closed on Monday for Veterans Day, some companies were busy at work announcing various M&A transactions, including Cardinal Health's plan to pay a total of $3.9 billion to acquire two separate companies and Endeavor Group's sale of OpenBet and IMG Arena for $450 million.
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November 12, 2024
Trump's 'Pro-Business' Agenda Could Be A Boon For M&A
President-elect Donald Trump's "pro-business" priorities and an anticipated relaxation of antitrust scrutiny are expected to boost mergers and acquisitions activity, but his tariff plan may have mixed results across sectors — and select deals could be subject to his "unpredictability," attorneys told Law360.
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November 12, 2024
Indian Food Delivery Giant Swiggy To Debut After $1.3B IPO
Shares of Indian e-commerce giant Swiggy Ltd. are set to begin trading on Wednesday after the company priced a $1.3 billion initial public offering, marking the latest test of the country's IPO market following a blockbuster listing of Hyundai's Indian unit.
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November 12, 2024
Morgan Lewis M&A Pro Jumps To Baker Botts In Palo Alto
Baker Botts LLP has hired an attorney who previously worked at Morgan Lewis & Bockius LLP, Winston & Strawn LLP and other firms to bolster its mergers and acquisitions practice on the West Coast.
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November 12, 2024
MVP: Proskauer's Christopher Robinson
Christopher Robinson, a partner with Proskauer Rose LLP, specializes in handling complex secondary transactions, such as advising Blackstone Strategic Partners as a lead investor in the purchase of $5 billion in fund interests from Kaiser Permanente, and was recently named co-head of Proskauer's secondary transactions and liquidity solutions practice — earning him a spot as one of the 2024 Law360 Private Equity MVPs.
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November 12, 2024
Elliott Reveals $5B Honeywell Holding, Calls For Change
Elliott Investment Management LP said Tuesday it has amassed a $5 billion stake in Honeywell International Inc. as the firm pushed the industrial conglomerate to separate itself into two independent companies.
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November 12, 2024
MVP: Simpson Thacher's Barrie Covit
Barrie Covit of Simpson Thacher & Bartlett LLP's fund formation practice helped Lexington Partners break the record for the largest secondaries fund ever raised, at $22.7 billion, earning him a spot as one of the 2024 Law360 Fund Formation MVPs.
Expert Analysis
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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SEC Settlement Holds Important Pay-To-Play Lessons
The U.S. Securities and Exchange Commission’s recent fine of an investment adviser, whose new hire made a campaign contribution within a crucial lookback period, is a seasonable reminder for public fund managers to ensure their processes thoroughly screen all associates for even minor violations of the SEC’s strict pay-to-play rule, say attorneys at Lowenstein Sandler.
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Boeing Ruling Is A Cautionary Tale For Trade Secret Litigants
A Washington federal court’s recent ruling canceling a $72 million jury award against Boeing because Zunum Aero had failed to properly identify its trade secrets highlights the value of an early statement of alleged secrets, amended through discovery and used as a framework at trial, says Matthew D'Amore at Cornell.
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What To Expect From Calif. Bill Regulating PE In Healthcare
A California bill currently awaiting Gov. Gavin Newsom's approval, intended to increase oversight over private equity and hedge fund investments in healthcare, is emblematic of recent increased scrutiny of investments in the space, and may affect transactions and operations in California in a number of ways, say attorneys at Ropes & Gray.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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7 Takeaways For Investment Advisers From FinCEN AML Rule
With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.
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Mitigating Risk In Net Asset Value Facility Bankruptcies
In times of economic turbulence, parties to bankruptcy proceedings that involve net asset value facilities can mitigate risk by understanding the purpose of the automatic stay, complications it can create for NAV facility lenders and options for relief, say attorneys at Mayer Brown.
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What VC Fund Settlement Means For DEI Grant Programs
An unexpected settlement in American Alliance for Equal Rights v. Fearless Fund, based on specific details of an Atlanta venture capital fund's challenged minority grant program, leaves the legal landscape wide open for organizations with similar programs supporting diversity, equity and inclusion to chart a path forward, say attorneys at Moore & Van Allen.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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A Preview Of AI Priorities Under The Next President
For the first time in a presidential election, both of the leading candidates and their parties have been vocal about artificial intelligence policy, offering clues on the future of regulation as AI continues to advance and congressional action continues to stall, say attorneys at Mintz.