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Private Equity
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October 09, 2024
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
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October 09, 2024
Spanish Baker Europastry Delays But Won't Give Up On IPO
Family-owned frozen bakery products giant Europastry S.A. has iced plans for an initial public offering, four months after unveiling plans to raise €225 million ($246 million) on Spanish stock exchanges.
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October 09, 2024
Duane Morris Adds Corporate, Banking Partner In New York
Duane Morris LLP has brought on a former Stinson LLP partner for its corporate practice group in New York, the firm said Wednesday.
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October 09, 2024
Vinson-Led MCB Sweetens Bid For Whitestone REIT
MCB Real Estate, guided by Vinson & Elkins LLP, upped its all-cash acquisition proposal for Whitestone REIT by offering to buy it for $15 per share, the investment firm announced.
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October 09, 2024
7 Firms Lead Deal Forming Insurance, Asset Management Biz
Private investment firm CC Capital and Canadian financial services company The Westaim Corp. on Wednesday announced plans to launch an integrated insurance and asset management platform through a partnership built by seven law firms.
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October 09, 2024
Ropes & Gray Leads PE-Backed KinderCare's $576M IPO
Private equity-backed early childhood education provider KinderCare rose in debut trading Wednesday after pricing a $576 million initial public offering within its range, represented by Ropes & Gray and underwriters' counsel Kirkland, igniting a busy week for new listings that could include up to five IPOs.
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October 09, 2024
7-Eleven Parent Reveals Revised Couche-Tard Takeover Offer
Japan's Seven & i Holdings said Wednesday it has received a revised, non-binding proposal from Alimentation Couche-Tard Inc., which was reported to carry a $47 billion price tag.
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October 09, 2024
Switzerland OKs £5.4B Hargreaves Lansdown PE Takeover
The Swiss Competition Commission has given the thumbs up to the £5.4 billion ($7 billion) takeover of Hargreaves Lansdown by a group of private equity companies, consortium member CVC Capital Partners Ltd. said Wednesday.
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October 08, 2024
Genting Unit Used Bahamas Resort To Hide Fraud, Suit Says
A Bahamanian real estate development company on Monday sued a U.S. company organized under destination resorts and casino giant Genting Group, saying in a Florida federal complaint that the Genting company used a resorts in the Bahamas as a "financial wasteland" that obscured fraudulent activities.
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October 08, 2024
Jackson, Kagan Target Loper Bright In Ghost Gun Case
U.S. Supreme Court Justice Ketanji Brown Jackson was uncharacteristically quiet during initial arguments Tuesday over the federal government's authority to regulate ghost guns. While her colleagues debated whether kits of unassembled parts qualify as firearms, she waited patiently to post a different question: Can courts now toss agency interpretations they don't like?
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October 08, 2024
Mass. Seeks Order Forcing Steward To Maintain Coverage
Massachusetts officials are asking the Texas bankruptcy judge presiding over Steward Health Care's Chapter 11 proceedings to order the company to maintain medical malpractice and workers' compensation coverage for current and potential claims from its operation of hospitals and medical practices in the Bay State.
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October 08, 2024
Apollo Plugs $1.6B Into SCI Capital's Continuation Vehicle
Affiliates of private equity giant Apollo Global Management have agreed to invest $1.6 billion as part of a portfolio vehicle managed by SCI Capital Partners LP that oversees portfolio companies Morton Salt and Reddy Ice, in an agreement shaped by Gibson Dunn and Proskauer Rose.
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October 08, 2024
Honeywell To Spin Off Materials Biz Amid $9B Buying Spree
Skadden-advised Honeywell said Tuesday it will spin off its advanced materials business into an independent publicly traded company, the latest maneuver in a $25 billion strategic restructuring that the company said has included about $9 billion deployed for acquisitions in 2024.
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October 08, 2024
Renovus Capital Clinches 4th PE Fund With $875M In Tow
Philadelphia-area-based private equity firm Renovus Capital Partners, advised by Morgan Lewis & Bockius LLP and Winston & Strawn LLP, on Tuesday revealed that it closed its fourth private equity fund with $875 million in tow.
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October 08, 2024
Crowell & Moring Gets Corporate Atty From Kleinberg Kaplan
Crowell & Moring LLP announced Tuesday that it has added a former Kleinberg Kaplan Wolff & Cohen PC partner to its corporate practice in New York.
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October 08, 2024
Latham-Led Ares Paying $3.7B For Real Assets Manager GCP
Latham & Watkins LLP-led Ares Management Corp. said Tuesday it has agreed to buy GCP International, a global alternative asset management firm with $44 billion of assets under management, in a cash and stock transaction valued at $3.7 billion.
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October 08, 2024
Legal Tech Co. EvenUp Valued At $1B After $135M Series D
The legal technology sector has a new unicorn after artificial intelligence provider EvenUp secured a $135 million Series D funding round and reached a $1 billion valuation on Tuesday.
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October 07, 2024
Activist Short Seller Blasts 'Preposterous' SEC Fraud Suit
The founder of Citron Research, a newsletter for short sellers, has asked a California federal court to dismiss the U.S. Securities and Exchange Commission's fraud suit against him and his investment advisory firm, arguing the suit "strategically omits" the disclaimers it accused the founder of not making.
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October 07, 2024
Attys Want $20M Fees For Netting $64M Tuna Price-Fixing Deal
Attorneys representing a class of purchasers who sued several canned tuna producers have asked a California federal judge for nearly $20 million in fees and costs associated with their recently inked $64 million settlement, saying the award is fair considering the effort the case took to prosecute and the complexity of the deal.
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October 07, 2024
5th Circ. Casts Doubt On SEC's Updated Short-Selling Rules
A Fifth Circuit panel on Monday appeared skeptical of the U.S. Securities and Exchange Commission's arguments for maintaining two regulations aiming to bolster transparency around short selling in the marketplace, with one judge asking whether the agency was "having cake and eating it too," by claiming that the rules were not interconnected in a way that was fatally flawed.
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October 07, 2024
Biotech, Medical Device Firms Prep Three IPOs Totaling $376M
Two venture-backed biotechnology startups and a medical device maker launched plans on Monday for three initial public offerings projected to raise about $376 million combined, adding to a busy schedule of IPOs this week.
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October 07, 2024
Kirkland-Led Shore Capital Lands Almost $2B Across 3 Funds
Lower-middle-market private equity shop Shore Capital Partners, led by Kirkland & Ellis LLP, on Monday announced that it wrapped three funds with a combined total of nearly $2 billion in commitments.
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October 07, 2024
Feds Seek Tape, Allege Witness Tampering In WeWork Case
Prosecutors asked Sunday to subpoena a recording of an incident in which they say a former investment firm CEO who is accused of making a fraudulent offer for WeWork shares had improper contact with a witness expected to testify at the ex-CEO's upcoming trial.
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October 07, 2024
Alta Fox Latest Activist To Take Aim At Forward Air Corp.
Forward Air Corp. shareholder Alta Fox in a Monday letter blasted the "disastrous record of ignoring shareholders' views" by the asset-light transportation services provider and demanded immediate change, marking the second activist investor to take aim at the company in recent months.
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October 07, 2024
Mayer Brown Partner Returns To Hunton In DC
A partner at Mayer Brown LLP, who started his legal career nearly a decade ago with Hunton Andrews Kurth LLP, has rejoined the firm as a partner in its Washington office, the firm announced Monday.
Expert Analysis
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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The Merger Cases That Will Matter At ABA Antitrust Meeting
While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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Planning For Healthcare-Private Equity Antitrust Enforcement
U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.