Private Equity

  • May 29, 2015

    Real Estate Rumor Mill: UBS, Blackstone, Neverland

    UBS AG has reportedly inked a deal to buy a $260 million Washington, D.C., office building, while Blackstone Group LP is buzzed to have a $150 million residential and retail project in California in the works and the late Michael Jackson's Neverland Ranch is reportedly on the market for $100 million.

  • May 28, 2015

    Lone Star Fund Scores $132M For Office, Retail Purchases

    A real estate fund of private equity firm Lone Star Funds has scored €120 million ($131.6 million) in financing for its recent purchase of a portfolio of office and retail properties across several European countries, the underwriters of the loan announced on Thursday.

  • May 28, 2015

    Chancery Court Tosses Investors' Suit Against Molycorp

    A Delaware Chancery judge on Wednesday tossed a shareholder suit accusing private equity investors in rare earth mining company Molycorp Inc. of making a personal profit by selling their own shares of the company when the company needed capital.

  • May 28, 2015

    Deals Rumor Mill: GE, Macquarie, VTB Bank

    A trio of private equity firms are said to be among the frontrunners to acquire a General Electric Co. unit that funds leveraged buyouts, while the infrastructure arm of Australian banking giant Macquarie Group Ltd. is shopping around a potential sale of Moto Hospitality Ltd.

  • May 28, 2015

    Bankrupt Saladworks Gets Nod For $17M Sale To PE Firm

    A Delaware bankruptcy judge agreed Thursday to approve casual restaurant chain Saladworks LLC's $16.9 million sale to a unit of private equity firm Centre Lane Partners LLC after no suitors came forward to best the stalking horse bid.

  • May 28, 2015

    Oak Hill Trims Stake In Dave & Buster With $267M Offering

    Private equity firm Oak Hill Capital Partners said Wednesday that it will further reduce its stake in restaurant operator Dave & Buster’s Entertainment Inc. with a public offering worth $267 million.

  • May 28, 2015

    Las Vegas Sands Slams TRC’s $119M Mini-Tender Bid

    Las Vegas Sands Corp. urged shareholders Thursday to reject a private investor’s below-market $119.1 million bid for roughly 0.31 percent of the casino company, saying the U.S. Securities and Exchange Commission has issued a warning about similar mini-tender offers.

  • May 28, 2015

    Ironshore Formally Nixes IPO Plans For $1.8B Fosun Deal

    Private equity-backed Ironshore Inc. formally withdrew plans for an initial public offering Thursday, after the U.S. insurance group inked a $1.83 billion buyout by Fosun International Ltd., its largest shareholder.

  • May 28, 2015

    NXP Sheds Unit To Chinese Asset Firm In $1.8B Deal

    NXP Semiconductors NV said Thursday it will shed its radio frequency power amplification business in a $1.8 billion deal with Chinese government-owned Jianguang Asset Management Co. Ltd. to help seal its proposed purchase of private equity-backed Freescale Semiconductor Ltd.

  • May 28, 2015

    Apollo Pays $300M For Stake In Infrastructure Firm CH2M

    Private equity outfit Apollo Global Management LLC has agreed to pay $300 million for a minority stake in CH2M Hill Inc., the companies said Thursday, giving the infrastructure and natural resources solutions firm a capital injection that is expected to bolster growth and help reduce debt.

  • May 28, 2015

    PE Firm Cinven To Buy France’s Labco In $1.3B Deal

    Private equity firm Cinven on Thursday said that it plans to buy Labco SA, in a deal valued at €1.2 billion ($1.3 billion), after the European medical diagnostic services provider scrapped plans for an initial public offering earlier this month.

  • May 27, 2015

    Winsome Receiver Rightly Sued Atty Under UFTA: 10th Circ.

    A lawyer who took payments from Winsome Investment Trust founder Robert J. Andres, admitted maestro of a $72 million Ponzi scheme, can be sued for the cash, the Tenth Circuit ruled on Wednesday, batting away jurisdictional challenges and affirming a Utah district court decision.

  • May 27, 2015

    Don't Miss It: Hot Deals & Firms We're Following This Week

    With so much M&A news this week, you may not have seen some announced deals involving several law firms including Baker Botts, Jones Day, Simpson Thacher and Akin Gump. Here, Law360 takes a look at the ones you might have missed.

  • May 27, 2015

    Investors' $8M Five Mile Merger Settlement Gets Go-Ahead

    An Illinois federal judge on Tuesday approved an $8.25 million settlement between a class of former real estate trust shareholders and Five Mile Capital Partners LLC, ending a suit that alleged Five Mile breached its fiduciary duties when it merged with a real estate investment trust.

  • May 27, 2015

    PE Firm Cortec Raises $1.1B For Latest Middle-Market Fund

    New York private equity firm Cortec Group said Wednesday that it has closed its latest fund after raking in $1.1 billion in capital commitments to invest in middle-market and high-growth companies. 

  • May 27, 2015

    Deals Rumor Mill: Flipboard, Warburg Pincus, Go Scale Capital

    Flipboard Inc. is reportedly being courted by Internet giants Google Inc. and Yahoo Inc., which have had early discussions on potentially acquiring the newsreader app, while private equity firm Warburg Pincus LLC gears up to unload $341 million worth of shares in China's largest auto rental company.

  • May 27, 2015

    Caesars Can Keep Kirkland And Exclusivity In Ch. 11

    A bankruptcy judge on Wednesday extended Caesars Entertainment Operating Co.’s exclusive window to propose a reorganization plan and rejected a creditor bid to unseat Kirkland & Ellis LLP as its counsel, keeping the embattled casino giant squarely in the driver’s seat of its Chapter 11 case.

  • May 27, 2015

    PE-Backed MLP PennTex Midstream Eyes $225M IPO

    PennTex Midstream Partners LP, a master limited partnership affiliated with private equity investment funds of Natural Gas Partners, set terms Tuesday to rake in $225 million in its initial public offering, as MLPs continue to draw strong investor interest.

  • May 27, 2015

    2 VC-Backed Medical Device Cos. Aim For $147M In IPOs

    Two venture capital-backed medical device companies — gastrointestinal endoscopy system maker EndoChoice Holdings and robotic surgical arm maker Corindus Vascular Robotics Inc. — set terms Tuesday, laying the groundwork to together draw $147 million before listing on the New York Stock Exchange.

  • May 27, 2015

    SIFMA Asks Del. Justices To Nix $76M RBC Liability Over Deal

    The Securities Industry and Financial Markets Association urged Delaware’s top court Tuesday to free RBC Capital Markets LLC from liability for its advice on the private equity buyout of ambulance operator Rural/Metro Corp., arguing the lower court misconstrued the role financial advisers play.

Expert Analysis

  • SEC Focus On Administrative Proceedings: Midyear Checkup

    Sara Gilley

    Enforcement activity in the first half of 2015 indicates that the U.S. Securities and Exchange Commission is on track for another strong year of new enforcement actions filed, with the vast majority of its enforcement cases being brought as administrative proceedings. This shift could prove burdensome for financial fraud defendants, say analysts at Cornerstone Research.

  • A New Compliance Challenge For Cos. Doing Business In UK

    T. Markus Funk

    On the heels of the U.K. Bribery Act of 2010 — a close copy of the U.S. Foreign Corrupt Practices Act — the United Kingdom has now taken cues from another novel U.S. enactment, this time the California Transparency in Supply Chains Act, and delivered its own disclosure regime on the doorsteps of the international business world, say attorneys with Perkins Coie LLP.

  • Another Lesson For Private Funds On Expense Allocation

    Amy Ward Pershkow

    The recently settled Alpha Titans LLC case reinforces the increased scrutiny by the U.S. Securities and Exchange Commission on private funds' management company expense allocations, and the SEC’s concerns regarding other abuses that may arise from expense allocations, say attorneys with Mayer Brown LLP.

  • A Route To Directors' Early Exit From Merger Litigation

    Kevin C. Logue

    It has become all too common in transaction-related stockholder litigation for the pleading net to be cast widely, embroiling disinterested and independent directors into long and costly litigation. The Delaware Supreme Court's decision in the case of Cornerstone Therapeutics Inc. should lead to closer scrutiny of allegations against individual directors, say attorneys with Paul Hastings LLP.

  • What’s Missing From The SEC’s Forum Selection Guidance

    Thomas A. Hanusik

    In its recent guidance on forum selection, the U.S. Securities and Exchange Commission missed a golden opportunity — instead of addressing the legitimate and widespread criticism of its increasing use of the administrative forum, the SEC dodged the key issues and failed to make the forum selection process fairer to defendants, say attorneys with Crowell & Moring LLP.

  • DOL Fiduciary Rules Will Negatively Affect Private Funds

    Robert J. Raymond

    The U.S. Department of Labor’s proposed rules expanding the circumstances under which a person is considered a fiduciary under the Employee Retirement Income Security Act would effectively deny sophisticated but smaller ERISA plans and individual retirement account investors the opportunity to access private investment funds as part of their portfolios, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Lobbying The EU: New Requirements For A 'Voluntary' Regime

    Charles Borden

    While parties that lobby in the United States are generally subject to mandatory lobbyist registration and reporting obligations at every level of government, parties that lobby European Union institutions traditionally have only been subject to a “voluntary” registration and disclosure regime. That gap now appears to be closing, say attorneys with Allen & Overy LLP.

  • Consider 5 Things Before Choosing An E-Discovery Provider

    Barry O’Melia

    There has been a rapid and robust growth in the number of companies offering electronically stored information collection, management and processing services. But a recent survey indicated that not all service providers offer the level of expertise needed in today’s world of big data, the cloud and mobile devices, says Barry O’Melia, chief operations officer at Digital WarRoom.

  • Important Lessons From Delaware For Structuring Earnouts

    David W. Healy

    The Delaware Supreme Court’s recent decision in Lazard Technology Partners LLC v. Qinetiq North America Operations LLC upholds the literal meaning of an earnout provision, and suggests that a target’s reliance on the implied covenant of good faith and fair dealing to save it from “losses at the negotiating table” is a tenuous strategy, say David Healy and Douglas Cogen of Fenwick & West LLP.

  • Momentive Shifts Balance Of Power In Complex Chapter 11

    Ron E. Meisler

    Coupled with other recent developments, the Southern District of New York decision in the Chapter 11 case of MPM Silicones LLC, or Momentive, may suggest a turn toward harsher treatment of secured lenders in bankruptcy, say Ron Meisler and Christopher Dressel of Skadden Arps Slate Meagher & Flom LLP.