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Private Equity
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January 14, 2025
Latham Grabs Top Spot For 2024 IPOs By Large Margin
Latham & Watkins LLP guided more initial public offerings than any law firm in 2024, capturing a diverse mix of large listings for companies that seized opportunities to go public as the broader IPO market inched toward recovery, new data shows.
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January 14, 2025
Simpson Thacher, Sullivan Rep CBRE's $400M Coworking Buy
CBRE Group Inc. announced on Tuesday it will purchase coworking company Industrious National Management Company LLC for $400 million in a deal guided by Simpson Thacher & Bartlett LLP and Sullivan & Cromwell LLP.
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January 14, 2025
Macquarie, Data Center Biz Enter $5B Financing Partnership
Digital infrastructure and data center company Applied Digital Corp., advised by Lowenstein Sandler LLP, on Tuesday announced it has entered into a $5 billion financing facility with funds managed by Simpson Thacher & Bartlett LLP-led Macquarie Asset Management for its high-performance computing business.
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January 14, 2025
Apollo, Standard Chartered Form $3B Strategic Partnership
Private equity giant Apollo and international banking group Standard Chartered PLC on Tuesday announced that they have formed a long-term strategic partnership under which the two will contribute up to a combined $3 billion to go towards clean energy and transition financing.
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January 14, 2025
DOJ Accuses PE Giant KKR Of Dropping Merger Disclosures
The Justice Department filed an extraordinary lawsuit Tuesday accusing private equity giant KKR & Co. Inc. of repeatedly flouting its merger notification requirements, "altering" or "systematically omitting" documents on some deals and failing entirely to notify enforcers of at least two, including a $6.9 billion transaction, only for KKR to file its own suit in response.
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January 13, 2025
Fund Managers To Pay SEC $2M For Overcharging Expenses
The U.S. Securities and Exchange Commission announced two Colorado-based fund managers and their sole owner will pay over $2 million to settle allegations they breached their fiduciary duties by failing to disclose conflicts of interest regarding certain expenses charged to two private funds.
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January 13, 2025
Insurer Drops Dispute Over Private Equity Firm's Deals
An excess insurer agreed Monday to drop its Massachusetts federal suit seeking to avoid coverage of two settlements made by its insured, the private equity firm Advent International, over supposed wrongful acts the company committed related to the sale of two portfolio companies to two different buyers.
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January 13, 2025
Justices Seek SG Input On Private Investor Fight
The U.S. Supreme Court on Monday asked for the U.S. solicitor general's input on whether securities laws governing investment funds allow for a private right of action, as the high court considered weighing in on a fight between private capital investors and investment funds.
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January 13, 2025
Truth Social SPAC Ex-CEO Seeks Del. Suit Toss Or Freeze
The former manager of the blank check company that sponsored a deal to take now President-elect Donald Trump's social media platform public heads into a pivotal Delaware Court of Chancery hearing Wednesday, seeking to freeze or scuttle a suit claiming that he and others secretly diverted millions of shares from co-investors.
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January 13, 2025
SEC To Collect $63M In Latest Recordkeeping Sweep
The U.S. Securities and Exchange Commission announced Monday that subsidiaries of Blackstone Inc. and Charles Schwab Corp. were among those swept up in the latest round of recordkeeping fines, promising to collect over $63 million from 12 firms whose employees are accused of discussing business through their personal devices.
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January 13, 2025
Blank Rome Adds Longtime Arnold & Porter Private Equity Pro
Blank Rome LLP has grown its corporate and private equity offerings in New York with the addition of the former co-head of Arnold & Porter Kaye Scholer LLP's global private equity practice.
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January 13, 2025
Natural Gas Exporter Venture Global Gears Up For $2.2B IPO
Liquefied natural gas producer Venture Global Inc. on Monday launched plans for an estimated $2.2 billion initial public offering, potentially marking the year's first billion-dollar-plus listing, represented by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.
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January 13, 2025
76ers Drop Controversial Plan For New Center City Arena
The Philadelphia 76ers are going to stay in South Philly rather than pursuing a plan to move into a new stadium by Chinatown, according to announcements Monday from the City of Brotherly Love's mayor and the 76ers' owner.
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January 13, 2025
Latham-Led StepStone Tops $1B For Infrastructure Fund
Private markets investment firm StepStone Group Inc., advised by Latham & Watkins LLP, on Monday announced it had clinched its inaugural infrastructure co-investment fund and related separate accounts after securing more than $1.4 billion in capital commitments.
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January 13, 2025
3 Firms Build Clearwater's $1.5B Buy Of Enfusion
Software company Clearwater Analytics on Monday unveiled plans to buy investment management and hedge fund industry-focused software company Enfusion in a $1.5 billion deal built by three law firms.
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January 10, 2025
Feds Back Musk's Microsoft-OpenAI Board Overlap Concerns
The U.S. Department of Justice and Federal Trade Commission weighed in Friday on Elon Musk's California federal lawsuit against OpenAI, arguing that the artificial intelligence research organization and its co-defendant Microsoft can't fight claims of improper board overlap just by saying the overlap has ended.
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January 10, 2025
4 Trends That Will Shape Venture Capital Funding In 2025
Venture capital funding appears primed to improve in 2025 as market participants shake off the effects of a post-pandemic crash, with surging demand for artificial intelligence, expectations of friendlier government policies, and more exits through public listings and acquisitions.
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January 10, 2025
KKR, PSP Buy $2.8B Stake In American Electric Power Units
Private equity giant KKR and Canada-based Public Sector Pension Investment Board, both advised by Simpson Thacher & Bartlett LLP, have agreed to take a minority stake in Morgan Lewis & Bockius LLP-led American Electric Power's transmission companies in Ohio, Indiana and Michigan, in a $2.82 billion deal.
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January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
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January 10, 2025
Weil Leads EQT Buy Of US Energy Biz Scale Microgrids
Swedish investment giant EQT has agreed to acquire North America-focused energy company Scale Microgrids from U.S. private equity firm Warburg Pincus for an undisclosed amount in a deal guided by Weil Gotshal & Manges LLP and Latham & Watkins LLP.
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January 10, 2025
DOJ Sues To Block Amex GBT's $570M Deal For Rival CWT
The U.S. Department of Justice filed a lawsuit Friday seeking to block American Express Global Business Travel Inc.'s planned $570 million acquisition of corporate travel management rival CWT Holdings LLC.
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January 10, 2025
Constellation Energy Buying Calpine In $26.6B Megadeal
Constellation has agreed to acquire Calpine at a net purchase price of $26.6 billion, in a deal that will merge two of the largest power generation companies in the U.S., the companies announced Friday.
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January 09, 2025
Ropes & Gray Reps Valspring Capital On Debut $255M Fund
Ropes & Gray LLP-advised healthcare-focused growth equity firm Valspring Capital on Thursday announced that it closed its debut fund, Valspring Capital Fund I, above target after securing $255 million in investor commitments.
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January 09, 2025
AI Startup Anthropic Seeks $60B Valuation, Plus More Rumors
Artificial-intelligence startup Anthropic is seeking $2 billion in a new funding round that would value the company at $60 billion, while fashion giant Shein is now eyeing a mid-2025 initial public offering in London and Constellation Energy is lining up a $30 billion bid to acquire electricity provider Calpine. Here, Law360 breaks down the notable deal rumors from the past week.
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January 09, 2025
MoFo Investment Funds Ace Jumps To DLA Piper In Palo Alto
DLA Piper is boosting its California investment team, announcing Thursday that it is bringing in a Morrison Foerster LLP fund formation expert as a partner in its Silicon Valley office.
Expert Analysis
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.