In this week’s Taxation With Representation, Eldorado Resorts snatches up Isle of Capri Casinos for $1.7 billion, a tech-focused private equity firm buys California-based Infoblox for nearly as much, and Lennar Corp. expands its Florida footprint with a $643 million deal.
Three firms will guide initial public offerings estimated to total $547 million during the final week of September, highlighted by Silicon Valley technology startup Nutanix that would mark the second so-called unicorn to go public in 2016, plus a real estate investment trust and two biotechs.
With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Kirkland, Ropes & Gray and Allen & Overy. Here, Law360 recaps the ones you might have missed.
Staffing company Adecco Inc. sued an arm of the Gores Group in a New York court Thursday, claiming the private equity firm owes it $2.1 million from an acquisition deal.
Columbia Property Trust, a real estate investment trust focused on office properties, said Friday that it has sold a three-building office complex in the suburbs of Denver to investment firm Angelo Gordon & Co. in a deal worth $122 million, as part of its plan to divest non-core assets.
California-based Analogix Semiconductor Inc. announced Thursday that it has been purchased by a Chinese investment fund for more than $500 million.
Salesforce is mulling a Twitter takeover that could value the social media company at around $13 billion; U.S. options exchange CBOE is in discussions to buy Bats Global, which is valued at about $2.6 billion; and Mexican billionaire Carlos Slim has acquired a $112 million stake in CaixaBank.
Nordic digital payments processor Nets AS priced its initial public offering on the Nasdaq Copenhagen on Friday, pulling in a total of 15.75 billion Danish kroner ($2.4 billion) for the company and its private equity backers and earning a valuation of 30 billion Danish kroner ($4.5 billion).
Airbnb Inc. announced on Thursday in a Form D filing with the U.S. Securities and Exchange Commission that it has raised just over $555 million of capital in an equity deal.
A consortium of investors led by Brookfield Infrastructure will shell out $5.2 billion for a majority stake in a system of natural gas transmission assets in the southeast of Brazil from Petrobras, according to a Friday statement.
Private equity-backed cosmetics retailer e.l.f Beauty raised $141 million after pricing its initial public offering above range Wednesday while the parent of CapStar Bank raised $39 million after selling shares within their forecasted range, marking two more deals in the year’s busiest week for IPOs.
EQT wants to exit its up to $3.3 billion stake in German health care firm BSN Medical, Advent could pay around $2.7 billion to buy biometrics and security company Morpho and Shanghai Electric is nearing a roughly $1.6 billion acquisition of a controlling stake in Pakistani utility K-Electric.
IK Investment Partners and a Rothschild & Co. unit have partnered to buy France’s I@D Holding, which offers an online platform for the buying and selling of residential properties, the companies said Thursday, in a deal guided by Willkie Farr & Gallagher LLP.
The U.S. Securities and Exchange Commission continues to forge ahead with its crusade against shady practices in the private equity industry, but legal advisers can lessen the likelihood that their client is the next victim of a multimillion-dollar enforcement action by studying past cases. Here, Law360 explores seven cases private equity attorneys need to know about.
Seattle-headquartered Avalara Inc., which offers cloud-based services for tax compliance automation, has drawn $96 million from a group of private investors that includes private equity giant Warburg Pincus, the companies said Thursday, with plans to put the money toward growth and acquisitions.
An Outerwall Inc. investor on Thursday sued the operator of Redbox movie rental kiosks in Delaware state court for access to company records to investigate potential misconduct in connection with Outerwall’s $1.6 billion acquisition by Apollo Global Management LLC affiliates.
FountainVest Partners, a Hong Kong-based private equity shop that focuses on investments in China, has closed its third fund with $2.1 billion in capital commitments, the firm said Thursday, with plans to target investments in health care and media and entertainment companies, among others.
An Oregon federal judge signed off Wednesday on a proposal from the receiver for an insolvent Oregon investment group under fire from the U.S. Securities and Exchange Commission for proposed sale terms for an affiliate fund, with a $12.2 million stalking horse bid from private equity firm Origami Capital Partners LLC.
Caesars Entertainment Corp. has promised an additional $1.2 billion contribution to help its underwater operating unit out of bankruptcy on top of the $4 billion it already pledged, but competing creditor groups will have to agree to the deal by Friday or the debtor will be forced back to the drawing board on its Chapter 11 reorganization, an Illinois federal judge was told Wednesday.
Private equity firm The Blackstone Group LP inked a $1.5 billion acquisition of a portfolio of logistics centers from California-based investment company LBA Realty LLC, according to a source familiar with the situation.
It can be difficult for a private equity investor to detect potential wrongdoing by the entities or individuals involved in a target’s business. Therefore, when drafting contractual safeguards in a purchase agreement, investors should take measures to shield themselves against both identified and unidentified risks, say attorneys with Dechert LLP.
As automation increases, so do business challenges that impact overall law firm operations. Records departments are facing roadblocks associated with antiquated processes, ever-changing regulatory requirements, and emerging technologies. As a result, firms are reassessing the needs of their records department staffing models, says Raymond Fashola of HBR Consulting.
M&A activity in August 2016 declined across most metrics both in the U.S. and globally. In this video, Ariel Deckelbaum of Paul Weiss Rifkind Wharton & Garrison LLP discusses the latest changes in U.S., global and sponsor-related activity.
China's recently adopted shift from an approval system to a record-filing system for establishing foreign-invested enterprises symbolizes a desire to create a simplified and efficient environment for foreign investment and will substantially lessen regulatory burdens on investors, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
Judgment enforcement is typically governed by the law of the state where collection is sought, which frequently means collection efforts are controlled by an arcane body of law replete with debtor-friendly roadblocks. Fortunately, there are a number of actions a judgment creditor can take to secure satisfaction of a claim, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.
Don't kid yourself into believing, currently, that cloud options are cheaper. Cost is not the justification for moving your law firm to the cloud, says Paul R. Kiesel, founder of Kiesel Law LLP and immediate past president of the Los Angeles Bar Association.
While transaction risk was usually limited to buyers and sellers in the past, in recent years a segment of the insurance industry has started shouldering some of the risk behind mergers and acquisitions. Eric Ziff of Aon Transaction Solutions and Nathan Neuberger of Reinhart Boerner Van Deuren explain the similarities and differences between two types of reps and warranties insurance policies.
One of the most oft-cited complaints from associates is the lack of clarity around what it takes to make partner. While this can certainly be laid at the feet of law firms large and small alike, an ever-changing business environment is at least partly to blame. Today, law firms are not making partnership decisions based on the same criteria they used 20, 15 or even 10 years ago, says Gary Gansle of Squire Patton Boggs LLP.
A series of district court decisions has led to a marked increase in Securities Act cases brought in state courts, particularly California courts. A Delaware federal judge’s recent decision in MoneyGram follows the logical interpretation of the Securities Act and should embolden defendants to remove cases that include claims arising under it, say attorneys with Gibson Dunn & Crutcher LLP.
The lack of transparency on law firm diversity metrics and no consistent standard for measurement has left corporate America in the dark about how the firms we retain are increasing diversity throughout their organizations. But we now have an opportunity for all of this to change, says Mark Roellig, general counsel of Massachusetts Mutual Life Insurance Co.