Private Equity

  • March 5, 2015

    Singapore's GIC Nearly Doubles Stake In Merlin Entertainments

    Singapore's sovereign wealth fund GIC Private Ltd. on Thursday almost doubled its minority stake in Merlin Entertainments PLC, the British operator of Madam Tussauds wax museums and dozens of other attractions, scooping up shares worth about $130 million based on recent trading.

  • March 5, 2015

    Carlyle Trims $615M From CommScope Stake

    The Carlyle Group raked in $615 million in a follow-on offering of CommScope Holding Company Inc.’s shares, pricing the sale Thursday as the private equity firm continues its exit from the communications infrastructure company just more than a year after taking it public.

  • March 5, 2015

    French Solar Co. Solairetech Plans $193M Paris IPO

    Private equity-backed solar energy provider Solairedirect SA said Thursday it has filed initial documents with French authorities for an initial public offering expected to raise €175 million ($192.5 million) in the first half of this year.

  • March 5, 2015

    Mallinckrodt Puts Up $2.3B For PE-Backed Lung Drug Outfit

    Mallinckrodt PLC on Thursday added to a growing list of Big Pharma deals with a $2.3 billion agreement to buy private equity-backed Ikaria Inc., a move that will broaden its specialty and critical-care offerings and beef up its presence in hospitals.

  • March 4, 2015

    Caesars Can't Scratch Noteholder Committee, Judge Rules

    An Illinois bankruptcy judge on Wednesday refused to dissolve a committee of junior bondholders that is spearheading opposition to Caesars Entertainment Operating Co.’s restructuring, paying no heed to the embattled gaming company’s claim that the committee is “wasteful and unnecessary.”

  • March 4, 2015

    Kleiner VC Doerr Defends Pao’s Treatment In Sex Bias Trial

    Venture capital legend John Doerr on Wednesday defended his treatment of interim Reddit CEO Ellen Pao while she worked at Kleiner Perkins Caufield & Byers LLC, countering claims she faced sex discrimination with testimony that he poured resources into helping her improve before she was fired for performance reasons.

  • March 4, 2015

    LightSquared Judge Says No More Delays To Ch. 11 Trial

    LightSquared Inc. is heading toward another contested trial on a strategy to emerge from bankruptcy protection, but lawyers for its fiercest opponent and largest single creditor, Dish Network Corp. Chairman Charlie Ergen, said they would seek yet more delay to appeal an unfavorable ruling.

  • March 4, 2015

    Rennert Missed Chance For Mistrial Over $118M Verdict: Judge

    A New York federal judge on Wednesday said she refused billionaire Ira Rennert’s request for a mistrial after a jury ordered him to pay $118 million for taking shareholder dividends from bankrupt Magnesium Corp. of America because the defendants had waived their argument.

  • March 4, 2015

    Rubio Tax Reform Plan Bold, But May Sink Under Costs

    The draft tax reform plan released Wednesday by Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, could help drive economic growth by encouraging businesses to create more equity rather than debt, but experts say it may ultimately do more harm than good if it causes the government to lose too much revenue.

  • March 4, 2015

    Deals Rumor Mill: ZF, Hellman & Friedman, Qatar Airways

    ZF Friedrichshafen AG's $13.5 billion acquisition of U.S. rival TRW Automotive Holdings Corp. is likely to be approved by the European Union, while Hellman & Friedman and Fortress Investment Group are planning to offer up to $2.6 billion to buy Istituto Centrale delle Banche Popolari Italiane SpA.

  • March 4, 2015

    Market Rumors: Berkshire Hathaway, Evry, Tigar Pilar

    Berkshire Hathaway is planning to break into the euro bond market, marking the company's debut debt in the European currency, while private equity firm Apax has secured $709 million of financing for its acquisition of Nordic IT company Evry.

  • March 4, 2015

    Blackstone-Backed Catalent Eyes $699M In Upsized Offering

    New Jersey-based drug development and delivery company Catalent Inc. on Tuesday announced pricing of an upsized follow-on offering saying it was looking to raise up to $699.15 million as the company’s backers, including Blackstone Group LP, look to capitalize on the company’s rising share price since its initial public offering in July.

  • March 4, 2015

    FSB Jumps Forward On Boundaries For SIFI Asset Managers

    The Financial Stability Board on Wednesday released a second round of research in its effort to delineate systemically important financial institutions beyond the bank and insurer categories.

  • March 4, 2015

    Temenos Pays Summit Partners $260M For Multifonds

    Temenos Group AG has agreed to buy fund administration software provider Multifonds from private equity firm Summit Partners for €235 million ($260.23 million), the companies said Wednesday, in a deal designed to bolster the Swiss banking software maker's scale and product offerings.

  • March 4, 2015

    Cole Schotz, Goodwin Guide Largest Brooklyn Deal In A Year

    Cole Schotz PC represented Quinlan Development Group LLC and Building and Land Technology in their $92 million purchase — the largest in Brooklyn in a year, according to the buyers' broker — of a self-storage facility from Extra Space Storage Inc. and Prudential Real Estate Investors, which had counsel from Goodwin Procter LLP.

  • March 4, 2015

    McDermott Scores Ex-KPMG Tax Exec in Chicago

    A former KPMG LLP tax executive specializing in complex corporate transactions has joined McDermott Will & Emery LLP’s Chicago office according to a firm statement, strengthening the firm’s U.S. and international tax practice group.

  • March 4, 2015

    Hellas Backers Want 2nd Shot At Safe-Harbor Defense

    TPG Capital and Apax Partners LLP said Tuesday that a lawsuit alleging they plundered $1.1 billion from Hellas Telecommunications (Luxembourg) II SCA cannot stand in light of new appellate authority protecting a wider universe of prebankruptcy payments from clawback liability.

  • March 4, 2015

    First Reserve Sells $230M In Glencore Shares Amid Slump

    First Reserve, the world's biggest private equity firm focused on energy and natural resources, unveiled plans Wednesday to hack down its stake in Glencore PLC in a $230 million stock sale amid a disappointing run for the mining giant.

  • March 4, 2015

    HGGC Beats Target For Latest Fund With $1.3B Raised

    Middle-market private equity firm HGGC said Wednesday it has raised $1.3 billion for its second fund, outmatching its $1 billion target and its previous $1.1 billion vehicle even after one of its highest-profile names stepped back.

  • March 3, 2015

    Kleiner VC Legend Doerr Testifies That Firm Isn't Sexist

    Venture capital legend and Kleiner Perkins Caufield & Byers LLC veteran John Doerr took the stand Tuesday in interim Reddit CEO Ellen Pao's trial accusing the firm of sex discrimination, testifying that an internal investigation found no signs of sexism or retaliation against women partners at Kleiner Perkins.

Expert Analysis

  • Law Firm Tensions Mount In Africa — What Does It Mean?

    Steve Blundell

    Tensions are perhaps inevitable in a fast-growing market such as Africa where international law firms are gearing up for a greater level of market entry, and where the independent firms remain highly reliant on referrals from these same firms. But the questions facing both types of firms go to the heart of short-term expedient versus long-term strategy, says Steve Blundell of Redstone Consultants.

  • SEC Will Target Conflicts Of Interest In 2015

    Perrie M. Weiner

    Julie Riewe’s recent “Conflicts, Conflicts Everywhere” speech is the latest, but by no means the only, signal from the U.S. Securities and Exchange Commission that indicates conflicts of interest are a top priority throughout 2015, say attorneys with DLA Piper.

  • The Rise Of 'Yankee Loans' In Europe

    Andrew Brown

    There has been a steadily increasing trend of European borrowers raising financing under so-called “Yankee loans” — where the credit facility is syndicated to U.S. investors, is governed by New York law and has typical U.S.-style incurrence covenants. It is likely that the volume of these loans will continue to increase, particularly for high-value mergers and acquisitions, say Andrew Brown and Mark Ramsey of Skadden Arps Slate Mea... (continued)

  • Investing In NYC Real Estate? Get Ready For Rent Laws

    Blaine Z. Schwadel

    New York City rent regulation started as a form of emergency rationing during and after World War II. But housing is a political subject, especially in New York City, and the emergency hasn’t gone away in the last 70 years — at least not in the minds of those who keep renewing the confusing overlay of regulations, says Blaine Schwadel of Rosenberg & Estis PC.

  • Most-Favored-Nation Effects In Private Equity: Uncertain

    Thomas Volet

    The very ease with which determinations about the application of the most-favored-nation provision can be made in the case of governmentally mandated side letter provisions may well be responsible for dangerous optimism about the functioning of MFNs in other contexts, says Thomas Volet of Moses & Singer LLP.

  • 2 Delaware Cases May Slow Appraisal Arbitrage Momentum

    Mark D. Gerstein

    Two appraisal cases out of Delaware involving CKx Inc. and Ancestry.com mark an important judicial response to the recent spike in “appraisal arbitrage,” which may effectively subdue the rise of this practice. The scope of these decisions, however, should not be overstated, say attorneys with Latham & Watkins LLP.

  • Oil Cos. Are Exploring Alternative Investment Financing

    Omar Samji

    Oil companies in need of funding for capital expenditures will increasingly find alternative financing structures attractive as traditional sources of credit tighten. Royalty-based investments may become even more popular than in the past due to their flexible structure, ability to target specific assets and potential bankruptcy advantages to investors, say attorneys at Jones Day.

  • Behavioral Health And Other Rumblings From JPMorgan 2015

    Richard S. Grant

    After conversations with numerous health care private equity funds and lenders at the JPMorgan Healthcare Conference, we can report that the behavioral health sector continues to generate a great deal of buzz. In addition to some of the widely reported multifacility large investments, there is much more interest from funds in serial acquisitions of discrete facilities or operations, say attorneys with McGuireWoods LLP.

  • How Activists Use Lack Of Information To Achieve Results

    Patrick Tucker

    Emboldened by an enormous influx of funds and several high-profile “wins” over the last several years, activists have increasingly honed their communications strategies, making unequivocally incomplete statements designed to shift public perception broadly while also gaining tactical victories against targeted companies, says Patrick Tucker, senior vice president at financial communications firm The Abernathy MacGregor Group.

  • 2nd Circ. Lays Out New Rules For Restitution

    Harry Sandick

    The Second Circuit's recent ruling in U.S. v. Cuti seems to place a notable limitation on the ability of a victim of white collar crime to recover expenses incurred in the course of investigating and reporting the defendant’s criminal activity. This decision does not take into account how internal investigations are typically conducted when the allegations concern wrongdoing by senior management, say attorneys with Patterson Belkna... (continued)