Private Equity

  • December 19, 2014

    Growth Hormone Biotech Seeks $86M IPO Amid Strong Market

    Venture capital-backed drug company Ascendis Pharma, a Danish developer of treatments for human growth hormone deficiency, filed Thursday for an $86.25 million initial public offering in the U.S., marking the latest biotech to seek public markets amid a robust climate.

  • December 19, 2014

    Blackstone, Patria Drop $263M On Brazil Office Portfolio

    A joint venture between The Blackstone Group LP and Brazil asset management firm Patria Investimentos has paid R$700 million (US$263.2 million) for four Rio de Janeiro office buildings, the companies announced Friday.

  • December 19, 2014

    Volcker Rule Delay Takes Heat Off Some PE Investors

    The Federal Reserve on Thursday gave Wall Street banks an extra two years to comply with the Volcker Rule provision of the massive Dodd-Frank financial industry reform bill, a move that will allow the banks to hold on to billions of dollars in private-equity and hedge-fund investments until mid-2017.

  • December 19, 2014

    Starwood Drops $1.5B In Scandinavia's Largest 2014 RE Deal

    Starwood Capital Group is buying two real estate firms, one based in Norway and one in Sweden, for a combined 11 billion Norwegian kroner ($1.49 billion), the largest real estate deal in Scandinavia this year, Starwood announced on Friday.

  • December 19, 2014

    FAA Urged To Allow Commercial Use of 'Micro' Drones

    A fund established to finance commercial drone development efforts has petitioned the Federal Aviation Administration, asking it to put a rule in place allowing for limited commercial use of “ultra-small” drones, it announced Friday.

  • December 19, 2014

    5 IPOs Reap $1B In Last Full Week Of Record-Busting 2014

    Five companies launched initial public offerings the last full week before Christmas, raking in more than $1 billion combined with two cancer immunotherapy developers and an alternative lender pricing above their ranges, as 2014 locks down a record year for IPOs.

  • December 19, 2014

    Taxation With Representation: Wilson Sonsini, Shearman, DPW

    In this week's Taxation With Representation, Thoma Bravo snaps up Riverbed Technology in a $3.6 billion sale, while Emerson Electric unloads its power transmissions business in a $1.4 billion deal.

  • December 19, 2014

    Blackstone-Backed Summit Materials Plots $100M IPO

    Blackstone Group-backed cement company Summit Materials Inc. filed plans with U.S. regulators on Thursday for a $100 million initial public offering early next year as the group looks to take advantage of the recent spotlight on the cement industry.

  • December 19, 2014

    Gaillon Raises Club Med Offer To $1.15B In Bidding War

    The long-running bidding war for Club Mediterranee SA continued on Friday as Chinese conglomerate Gaillon Invest II raised its offer to €24.60 ($30.09) per share, hours before the deadline closed on a Dec. 5 offer of €24 per share by rival Italian investor Andrea Bonomi and his Global Resorts SAS.

  • December 19, 2014

    Plummeting Oil Prices Open Door For Distressed PE In 2015

    The market for distressed and special situation private equity investing is poised to heat up in 2015 as oil prices lingering at the lowest level in half a decade fuel concerns that a number of energy companies won't be able to meet their debt obligations, experts say.

  • December 19, 2014

    GI Partners Snaps Up Health Care IT Co. From OMERS

    Private equity firm GI Partners will buy Canadian health care technology company Logibec Inc. from the investment arm of the Ontario Municipal Employees' Retirement System, GI Partners said Friday.

  • December 19, 2014

    Thai Seafood Giant To Swallow Bumble Bee In $1.5B Deal

    Canned seafood giant Thai Union Frozen Products PCL said Friday it will deepen North American business by scooping up private equity-backed Bumble Bee Foods LLC, the maker of canned tuna and other popular products, in a deal worth $1.5 billion.

  • December 18, 2014

    Harbinger Backs LightSquared's New Restructuring Plan

    With the blessing of controlling equity holder Harbinger Capital Partners LLC, LightSquared Inc. filed a new restructuring plan in New York bankruptcy court on Thursday that anticipates $1.25 billion in exit financing for the reorganized company and a big stake for Harbinger.

  • December 18, 2014

    The 5 Biggest Themes Dominating PE In 2014

    Private equity groups spent the most on new investments this year in seven years, shoveling more than $500 billion into deals as of mid-December. Here, Law360 takes a look at five themes that stood out during this blockbuster year.

  • December 18, 2014

    Nev. Gaming Commission OKs Blackstone's $1.7B Casino Buy

    The Blackstone Group LP has cleared a regulatory hurdle in connection with its $1.73 billion purchase of the Cosmopolitan of Las Vegas, winning approval Thursday afternoon from the Nevada Gaming Commission.

  • December 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 Willkie Farr, Reed Smith, Gibson Dunn and others. Here, Law360 takes a look at the ones you might have missed.

  • December 18, 2014

    RE Rumor Mill: Blackstone, GGP, BuzzFeed

    Blackstone has reportedly spent roughly $123 million to buy two Ireland office properties, while GGP is said to be buying New York's Crown Building for $1.75 billion and BuzzFeed has reportedly inked a lease for 200,000 square feet in New York.

  • December 18, 2014

    Kellogg Ups Ante With $140M Bid For Egyptian Biscuit Co.

    Kellogg Co. on Thursday again raised its offer, to about $140 million, for Egyptian biscuit maker Bisco Misr in a bidding war with rival buyer The Abraaj Group, which has been battling Kellogg since July. 

  • December 18, 2014

    Riverstone Plugs An Extra $150M Into Castex Energy

    Private equity firm Riverstone Holdings LLC said Thursday that it will boost its investment in Southern U.S.-based Castex Energy Inc. by about $150 million, a few months after putting $200 million into a new Castex oil exploration vehicle in the Gulf of Mexico.

  • December 18, 2014

    Redfin's $71M Raise Repped by Fenwick, WilmerHale

    Fenwick & West LLP represented Seattle-based real estate brokerage firm Redfin in its $70.9 million investment from a group of institutional investors, some of which had counsel from WilmerHale, Redfin announced on Thursday.

Expert Analysis

  • Proposals To Reform Ch. 11 Target Secured Creditors

    David M. Hillman

    On Dec. 8, the American Bankruptcy Institute Commission to Study the Reform of Chapter 11 issued a 400-page report recommending wide-ranging changes to Chapter 11 of the Bankruptcy Code. If enacted, the proposals would significantly impair the rights of secured creditors and materially increase the leverage of debtors and out-of-the-money stakeholders, say David Hillman and Adam Harris of Schulte Roth & Zabel LLP.

  • What Happens When Legal Aid Cuts Stimulate Pro Bono?

    Kevin J. Curnin

    The bad news coming out of the European Pro Bono Summit in November was the rising toll of heavy cuts to public legal aid in England. From this crossroad, there is a lot to be learned about the relationship between public and private assistance, the direction of legal help for the poor in the EU, and whether the American legal aid/pro bono experience offers a road map for what’s next in Europe, says Kevin Curnin of the Association ... (continued)

  • Chancery Court Speaks To Underlying Reality of Influence

    John E. Sorkin

    In Zhongpin Inc. Stockholders Litigation, the Delaware Chancery Court found the plaintiffs had pled sufficient facts to raise an inference that company founder, chairman and CEO Xianfu Zhu was a controlling stockholder — even though he owned only 17 percent of the stock and had not controlled the directors’ decision relating to his going-private bid. A greater willingness to cooperate in the transaction would have advantaged Zhu's ... (continued)

  • Annual Bankruptcy And Restructuring Roundup

    David N. Griffiths

    Despite the relative paucity of mega cases, 2014 was not a year to forget. With every passing month, new and interesting special situations arose. In case you missed them, here’s a look back at the bankruptcy and restructuring highlights of the year, as well as a look ahead to 2015, say David Griffiths and Doron Kenter of Weil Gotshal & Manges LLP.

  • Exchange Act Does Not Prohibit Big Boy Letters

    Susan F. DiCicco

    Companies weighing the value of no-reliance clauses in agreements have good reason to include them, as federal courts continue to enforce disclaimers of reliance in contracts between sophisticated parties, including in so-called “Big Boy” letters, say Susan DiCicco and Matthew Ladd of Morgan Lewis & Bockius LLP.

  • 3 Questions To Ask Yourself Before Hiring Appellate Counsel

    David Axelrad

    In the classic case, a client and his attorney seek appellate counsel after the trial court proceedings are concluded. But these days, “classic cases” are few and far between — more and more, appellate lawyers assist in the trial court with preservation of the appellate record and compliance with the many technical rules of appellate procedure, says David Axelrad of Horvitz & Levy LLP.

  • SEC Enforcement: 2014 Review And 2015 Outlook

    Thomas K. Potter

    The U.S. Securities and Exchange Commission’s recent enforcement policies and actions have been as Chairwoman Mary Jo White promised: aggressive, robust and wide-ranging. The SEC’s enforcement year has sparked equally robust discussion about the proper role and methods of the commission in enforcing the nation’s securities laws. And maybe that robust debate has been a policy objective all along, says Thomas Potter of Burr & Forman LLP.

  • 6 Questions To Ask Before An Internal Investigation

    Ty E. Howard

    Ample literature exists on how to conduct an effective internal investigation and best practices in doing so. Far less common, but equally important, are the questions a company’s decision-makers — whether a CEO, compliance officer or in-house counsel — should ask before the investigation begins, says Ty Howard, a partner with Bradley Arant Boult Cummings LLP and former federal and state prosecutor.

  • What Lawyer-Novelists Learned From Being Lawyers

    Michael H. Rubin

    The consensus that emerged from my discussions with several lawyers who have become best-selling novelists is that the traits it takes to be a great lawyer are invaluable in crafting first-rate mysteries and thrillers. Both thriller authors and lawyers possess a concentrated attention to detail that allows them to create a logical framework for their story, brief or courtroom presentation, says Michael Rubin of McGlinchey Stafford PLLC.

  • Bidder-Activist Collaboration Will Continue To Evolve

    Philip Richter

    The bidder-activist model as structured by Valeant Pharmaceuticals International and Pershing Square will probably not be generally followed. However, an alternative collaboration model would avoid the uncertainty about insider trading compliance and have other significant advantages over the Pershing Square-Valeant model, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.