Private Equity

  • September 19, 2014

    Venture-Backed Wayfair Sets Terms For $354M Public Debut

    Online furniture retailer Wayfair Inc. said on Friday it tweaked its initial public offering plans and now looks to raise up to $354 million, up slightly from its target announced last month.

  • September 19, 2014

    Hot Alibaba Launch Likely To Spark Additional IPO Frenzy

    The U.S. market for initial public offerings is well on the way to its strongest year in more than a decade, and after the success of the Alibaba Group Holding Ltd. listing Friday — the largest IPO in U.S. history — the market is unlikely to hit the brakes any time soon, experts say.

  • September 19, 2014

    Notes' Assignee Can't Sue Over Telecom Collapse, Judge Says

    A New York judge on Wednesday dismissed claims brought by an assignee of notes for defunct Hellas Telecommunications Sarl from suits seeking to recover €102 million ($131 million) pocketed by two private equity firms while allegedly driving the telecom into insolvency, finding the assignee lacks standing.

  • September 19, 2014

    Allergan Defends Redactions In Valeant Insider Trading Suit

    Allergan Inc. on Thursday asked a California federal court to reject Valeant Pharmaceuticals International Inc.'s attempts to bar it from redacting documents in its insider trading suit against Valeant, saying its rival only wants the documents to help a $53 billion hostile takeover bid. 

  • September 19, 2014

    Deals Rumor Mill: Siemens, Alcatel-Lucent, KKR

    Siemens AG is set to offer upwards of $6.1 billion for U.S.-based compressor and turbine maker Dresser-Rand Group Inc., while a consortium of telecom businesses have placed a bid to build a $10 billion state-owned mobile network in Mexico.

  • September 19, 2014

    Algonquin Agrees To Pay $327M For Regulated Water Utilities

    Canadian energy player Algonquin Power & Utilities Corp. said Friday that its regulated utility business will pay Carlyle Group-backed Western Water Holdings approximately $327 million for water distribution utility Park Water Co., which produces and sells water in Southern California and Western Montana.

  • September 19, 2014

    Baker & McKenzie Grabs M&A, Bankruptcy Partners In NY

    Baker & McKenzie has snagged two attorneys from Kelley Drye & Warren LLP and Winston & Strawn LLP who will expand its transactional practices particularly both mergers and acquisitions and bankruptcy, the firm said Thursday.

  • September 19, 2014

    Pulling Up Stakes: Stradley, Cadwalader, Hogan Lovells

    In this week's roundup of dealmakers on the move, Stradley Ronon Stevens & Young LLP landed an investment management pro in Washington, D.C., Cadwalader Wickersham & Taft LLP picked up a capital markets partner in London and Hogan Lovells added a project finance pro in Tokyo.

  • September 19, 2014

    Momentive Noteholders Demand $50M Interest In Cash

    Senior creditors that have battled Momentive Performance Materials Inc. at every step in its bankruptcy demanded Thursday that $50 million in post-petition interest on their bonds be paid in cash rather than through debt in the reorganized entity when its Chapter 11 plan goes live.

  • September 19, 2014

    Rockpoint Rakes In $950M For New Lower-Risk Vehicle

    Rockpoint Group LLC has closed on $950 million in equity commitments for Core Plus Fund I, the Boston-based real estate private equity firm's first low-risk, low-return core-plus investment vehicle, Rockpoint said on Friday.

  • September 19, 2014

    Dealmakers Q&A: Nelson Mullins' Brian Moore

    The potential risks for successor liability even after exhaustive due diligence, coupled with the costs in terms of corporate resources and time to conduct such due diligence, have in recent years had a chilling effect on mergers and acquisitions involving companies with significant overseas operations, says Brian Moore of Nelson Mullins Riley & Scarborough LLP.

  • September 19, 2014

    Dealmakers Q&A: Latham & Watkins' Ian Schuman

    Any deal that requires work on a sunny, summer weekend is challenging. Given the speed to market of many capital markets transactions these days, being available all the time truly adds new meaning to the notion that you have to love what you do, says Ian Schuman of Latham & Watkins LLP.

  • September 18, 2014

    LodgeNet Creditors Sue To Block 'Brazen' Restructuring Plan

    Creditors of the reorganized hotel media provider formerly called LodgeNet Interactive Corp. sued Wednesday to block a “radical and brazen” restructuring plan crafted by fellow creditor Mast Capital Management LLC, saying it subordinates their debt in violation of LodgeNet’s Chapter 11 plan.

  • September 18, 2014

    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 like Weil, Simpson Thacher, Sullivan & Cromwell and others. Here, Law360 takes a look at the ones you might have missed.

  • September 18, 2014

    Pabst Fetches $700M From Oasis Beverages, TSG

    Billionaire food-industry investor C. Dean Metropoulos will sell Pabst Brewing Co., creator of the hipster favorite Pabst Blue Ribbon, to Oasis Beverages and TSG Consumer Partners LLC in a deal that values the brewery at $700 million — nearly three times what Metropoulos paid for it, lead buyer Oasis said Thursday.

  • September 18, 2014

    Hyatt Sells Off $590M Portfolio To Lone Star Funds

    In the second major portfolio transaction to make waves in the hotel market Thursday, Hyatt Hotels Corp. announced it has struck a deal to sell off 38 properties for $590 million to a company organized by Texas-headquartered private equity firm Lone Star Funds.

  • September 18, 2014

    Blackstone's Vivint Solar Powers Up For $371M Debut

    Blackstone-backed solar energy firm Vivint Solar Inc. told regulators on Thursday that it is seeking to raise up to $371 million in its initial public offering, much higher than prior projections, planning to issue 20.6 million shares priced at $16 to $18.

  • September 18, 2014

    Deals Rumor Mill: ZF Friedrichshafen, Hess, CRH PLC

    Despite being less than a week removed from its $13.5 billion purchase of TRW Automotive Holdings, ZF Friedrichshafen is already looking into making more moves, while Hess and Venezuelan state-run oil and gas company Petroleos de Venezuela have found a buyer for their Hovensa refinery.

  • September 18, 2014

    RE Rumor Mill: Jay Z And Beyonce, Astoria, H&Q Asia Pacific

    Jay Z and Beyonce are said to be eyeing the purchase of an $85 million Los Angeles-area mansion, while the developer of Astoria Cove has reportedly picked up the final pieces of land it needs for the project and H&Q Asia Pacific is said to be in talks to purchase 17 acres near San Francisco International Airport.

  • September 18, 2014

    Riverstone Commits $225M To Mexico's Sierra Oil & Gas

    Energy-focused private equity firm Riverstone Holdings LLC said Thursday it is committing $225 million to support Sierra Oil & Gas S de RL de CV, a Mexican startup planning to seize opportunities enabled by the country's recent energy reforms. 

Expert Analysis

  • Momentive Ruling Part 4: Clarifying Make-Wholes

    Jessica Liou

    Judge Robert Drain’s ruling in Momentive Performance Materials provides yet another stake in the ground that telegraphs to creditors that their underlying contracts need to be more explicit regarding when they are entitled to a make-whole claim, says Jessica Liou of Weil Gotshal & Manges LLP.

  • Equity Cure Rights In Middle-Market Deals — A Primer

    Mark M. Oveson

    The equity cure right has gained significant acceptance in all ranges of the middle market for sponsor-backed deals, and lenders are adapting equity cure provisions for the middle-market risk profile by including tighter controls on the use of proceeds and limits on the borrower’s ability to exercise the cure right, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • Momentous Ruling In Momentive Part 3: Subordination

    Charles M. Persons

    Decisions interpreting subordination agreements often serve as a reminder of the importance of using precise language. In the Chapter 11 case of Momentive Performance Materials, potential ambiguity created by four words — “junior in any respect” — opened the door to litigation, says Charles Persons of Weil Gotshal & Manges LLP.

  • IRS Memo Raises New Tax Questions For Investment Managers

    Donald-Bruce Abrams

    The scope and impact of recent IRS chief counsel advice — concluding that members of an investment manager were subject to self-employment taxes — is difficult to assess, especially since the CCA does not address how its analysis would apply if the entity in question was a limited partnership and its members were “limited partners” under the applicable state law, say attorneys with Bingham McCutchen LLP.

  • Momentous Ruling In Momentive Part 2: The Cramdown Rate

    David N. Griffiths

    Ultimately, the appropriate methodology for a cramdown interest rate is a value allocation tug-of-war between debtors, secured creditors and more junior creditors, and Judge Robert Drain’s decision in the Chapter 11 case of Momentive Performance Materials affords additional weight to debtors in that battle, says David Griffiths of Weil Gotshal & Manges LLP.

  • Momentous Ruling In Momentive Part 1: Primer On Cramdown

    David N. Griffiths

    Judge Robert Drain’s bench ruling in Momentive Performance Materials is unambiguous when it comes to its support for the “formula” approach in determining a cramdown interest rate for a secured creditor and in elucidating the guiding first principles that dictate how to calculate the applicable cramdown interest rate for a secured creditor’s allowed claim in a Chapter 11 case, says David Griffiths of Weil Gotshal & Manges LLP.

  • 8 Trends Influencing Energy Transactions

    Sean T. Wheeler

    More and more midstream companies are in need of capital to take advantage of significant infrastructure investment opportunities, which should lead to more public and private merger and acquisition activity in the midstream space along with additional initial public offerings, says Sean Wheeler of Latham & Watkins LLP.

  • OPINION: Pro Bono May Help Diversity Recruiting Efforts

    David A. Lash

    A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.

  • How Volcker Rule Affects Subscription Credit Facilities

    Michael C. Mascia

    It is highly unlikely that a subscription facility lender, absent unusual control or profit-sharing mechanics, could be deemed to hold an ownership interest in a private equity fund under the Volcker Rule solely as a result of the typical facility lending relationship, say attorneys with Mayer Brown LLP.

  • How Research Efficiency Impacts Law Firm Profitability

    David Houlihan

    For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.