Private Equity

  • 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.

  • December 18, 2014

    Roberto Cavalli Inching Toward Long-Awaited PE Deal

    Famed fashion house Roberto Cavalli appears on track to have finally found a private equity backer, after spending years in a fruitless search for a buyer, after Italy's Clessidra SGR said Wednesday it has entered exclusive talks to take a majority stake.

  • December 18, 2014

    Simpson Thacher Guides $2.9B Apax Orange Exit

    Apax Partners LP said on Thursday that it would sell Swiss mobile phone group Orange Communications SA for 2.8 billion Swiss franc ($2.86 billion) — a 40 percent premium to what the U.S. private equity shop paid for the company just three years ago — in a deal shaped by Simpson Thacher & Bartlett LLP.

  • December 17, 2014

    RE Rumor Mill: Prudential, Premier Group, GLL Real Estate

    Prudential Real Estate Investors is reportedly paying more than $370 million for a Chicago office tower, while Premier Group is said to be buying a New York hotel for $150 million and GLL Real Estate is reportedly dropping $185 million on a Chicago office property.

  • December 17, 2014

    Apollo Pays $572M For Stake In Leighton Services JV

    Leighton Holdings Ltd., Australia’s largest construction company, brought on board private equity giant Apollo Global Management to operate its services businesses as a joint venture, with Apollo dropping AU$700 million ($572.2 million) for its stake.

  • December 17, 2014

    Advent, Avista Drop $1.5B Drug Co. Buy Amid FDA Scrutiny

    Private equity firms Advent International and Avista Capital Partners have dropped their $1.5 billion deal to buy the U.S. generic-drug business of UCB SA, as regulators raise questions about the unit's generic version of the attention deficit drug Concerta.

  • December 17, 2014

    PetSmart Details Financing Plan, Breakup Fee For $8.7B Sale

    PetSmart Inc. connected some dots in its planned $8.7 billion sale to private equity titan BC Partners in a Tuesday filing that gave a financing breakdown and revealed the breakup fee attached to the biggest leveraged buyout of the year.

  • December 17, 2014

    Reps & Warranties Insurance Dominates 2014 PE Deal Talk

    Deal trends come and go, but nothing has charged onto the scene quite as quickly and broadly as so-called reps and warranties insurance, a liability policy that attorneys agree topped the charts in 2014, with proposals for its use made in most deal auctions.

  • December 17, 2014

    Sheridan Rakes In $1.5B For US Oil, Gas Acquisitions

    Touting an expanded war chest, private equity-backed energy investor Sheridan Production Partners said Wednesday that it raised $1.5 billion through its third fund to acquire onshore U.S. oil and gas properties, hoping to seize opportunities presented by declining oil prices. 

  • December 17, 2014

    Skadden Guides $3.6B Visteon Spin Off To PE Group

    South Korean private equity group Hahn & Co. has teamed up with Seoul-based tire company Hankook Tire Co. Ltd. to snap up Visteon Corp.’s car heating and air conditioning products unit for $3.6 billion, the company said Wednesday, continuing a string of multibillion corporate spinoffs to PE buyers.

  • December 16, 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 K&L Gates, Skadden, Day Pitney, DLA Piper and others. Here, Law360 takes a look at the ones you might have missed.

  • December 16, 2014

    Blackstone Commits $294M Toward Singaporean RE Assets

    A Blackstone Group LP fund is investing SG$367 million (US$294 million) as part of a SG$1.5 billion investment in hotel, retail and residential properties on an island off the coast of Singapore, Blackstone announced Tuesday.

  • December 16, 2014

    FINRA In No Playing Mood With Toys R Us Research Case

    The Financial Industry Regulatory Authority sent Wall Street on an unpleasant trip down memory lane last week when it sanctioned 10 banks for breaking research analyst rules put in place after a scandal a decade ago, but some attorneys say the enforcement actions go beyond what many thought were the rules of the road.

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.