Private Equity

  • April 24, 2015

    Tall Oak Hits $850M In Financing With New EnCap Injection

    Tall Oak Midstream LLC said Thursday it is launching its second midstream company — again teaming up with private equity firm EnCap Flatrock Midstream, which put in an initial $300 million equity commitment — bringing the total financing for Tall Oak's two midstream companies to $850 million. 

  • April 24, 2015

    Egyptian Diagnostic Co. Sets IPO Range For London Offering

    Private equity-backed medical laboratory company Integrated Diagnostic Holdings PLC, Egypt’s largest private-sector diagnostic services provider, set terms Friday for an initial public offering on the London Stock Exchange that estimates market valuation up to $670 million.

  • April 24, 2015

    Caesars Juniors Press Bankruptcy Judge To DQ Kirkland

    Junior bondholders made their final push on Friday to disqualify Kirkland & Ellis LLP as bankruptcy counsel for Caesars Entertainment Operating Co. over the firm’s alleged deep ties to the gaming company’s private equity sponsors, arguing Kirkland’s bias has been on display from the moment it took the case.

  • April 24, 2015

    Deals Rumor Mill: Time Warner, Alibaba, BAE Systems

    Charter Communications Inc. may soon become the latest company to try and buy Time Warner Cable Inc., while the financial affiliate of Alibaba Group Holding Ltd. is one of a few entities vying to buy a minority stake in Postal Savings Bank of China Co. for upwards of $3 billion.

  • April 24, 2015

    Vinson Set To Lead Week’s IPO Activity With 2 MLP Debuts

    Two master limited partnerships guided by Vinson & Elkins LLP are on deck to go public during the final week of April, breaking the slump in energy initial public offerings seen this year, while two more life sciences companies also plan to enter the market.

  • April 24, 2015

    Carlyle Unloads French 3-D Software Co. To Astorg Partners

    Private equity giant The Carlyle Group LP said Friday that it will sell its majority stake in Metrologic Group, a developer of 3-D inspection and measurement software used in the automotive, aeronautics and energy sectors, to European buyout firm Astorg Partners for an undisclosed price.

  • April 24, 2015

    Taxation With Representation: Skadden, Kirkland, Shearman

    In this week's Taxation With Representation, Skadden Arps Slate Meagher & Flom LLP attorneys assist Nomad Holdings Ltd. with a frozen foods mega-deal, while Anchor Equity Partners and Francisco Partners Management LP make purchases of their own with help from tax counsel.

  • April 24, 2015

    Pulling Up Stakes: Paul Hastings, King & Spalding

    In this week's roundup of deal makers on the move, Paul Hastings LLP snagged a pair of private equity and mergers and acquisitions pros in Hong Kong, while both King & Spalding LLP and Baker & McKenzie LLP beefed up their Singapore offices with an energy and project finance whiz and an M&A pro, respectively.

  • April 24, 2015

    VC Firm IVP Raises $1.4B For Latest Tech-Focused Fund

    Institutional Venture Partners said Thursday that it has raised $1.4 billion for its latest fund, the largest ever for the California-based late-stage venture capital firm, which has backed technology darlings such as Snapchat and Twitter.

  • April 23, 2015

    Kirkland Fights To Remain At Helm Of Caesars Bankruptcy

    Kirkland & Ellis LLP on Thursday squared off in court with junior creditors aiming to unseat the firm as bankruptcy counsel for Caesars Entertainment Operating Co., with one of its top attorneys denying any allegiance to private equity sponsors accused of looting the casino giant.

  • April 23, 2015

    Wilson Sonsini-Led Software Co. Apigee Prices $87M IPO

    Venture capital-backed Apigee Corp. raked in $86.9 million in its initial public offering Thursday, pricing at the midpoint of its targeted range as the software platform, which helps businesses build their digital side, joins the handful of technology companies that have gone public so far this year.

  • April 23, 2015

    Kleiner Perkins Won't Seek $1M Fees If Pao Backs Down

    Following Kleiner Perkins Caufield & Byers LLC's jury trial victory against interim Reddit CEO Ellen Pao in her $100 million gender-bias case, the venture capital firm has requested some $972,800 in legal fees from her — which it would drop if Pao agrees not to fight the verdict, the firm said Thursday.

  • April 23, 2015

    Chassix Wins Hard-Fought OK On Ch. 11 Plan Disclosures

    The judge presiding over Chassix Inc.’s bankruptcy granted the auto supplier permission Thursday to submit its $463 million debt-cutting strategy for creditors’ consideration after insisting on additional disclosures surrounding its private equity sponsor’s proposed liability shield.

  • April 23, 2015

    Ex-Soros Fund Manager’s Bid For $3M In Fees Gets Axed

    A New York state judge on Wednesday dismissed a suit brought by a former Soros Fund Management LLC portfolio manager who alleges the hedge fund did not pay fees he was owed, ruling that since the former manager never signed a termination agreement he was not entitled to $3 million in performance fees.

  • April 23, 2015

    Deals Rumor Mill: Deutsche, Morgan Stanley, PZU Group

    Deutsche Bank AG has been approached by at least one "Chinese financial institution" looking to buy the German bank’s 20 percent Hua Xia Bank stake, worth $4.8 billion, and Morgan Stanley is nearing a deal to sell its Australian real estate unit for upward of $2.3 billion.

  • April 23, 2015

    Parkit, PE Firm Och-Ziff Form $500M Parking Property JV

    Canadian parking property investor Parkit Enterprise Inc. has set up a joint venture investment entity with U.S. private equity firm Och-Ziff Real Estate and plans to acquire roughly $500 million worth of parking assets through the new vehicle, the Vancouver, British Columbia-based investment firm said on Wednesday.

  • April 23, 2015

    Atlanta Hawks Ink Sale To PE Guru-Led Group

    The owners of the National Basketball Association’s Atlanta Hawks franchise have reached a deal to sell the team and operation rights to its arena to a group led by Antony Ressler, the billionaire co-founder of private equity firm Ares Management LP, the team confirmed Wednesday.

  • April 22, 2015

    Investor Hunger For Growth Fueling Restaurant IPO Craze

    Two more private equity-backed restaurants recently added an initial public offering to the menu, suggesting another wave of food IPOs is brewing amid favorable market conditions and investors’ seemingly insatiable appetite for the eateries' potential growth, experts say.

  • April 22, 2015

    Real Estate Rumor Mill: Playboy Club, Magnum, Starwood

    The former Playboy Club in New York has reportedly sold for $85 million, while Magnum Real Estate is said to have scored $97 million for a New York residential project and Starwood Retail Properties is said to be paying $100 million for a Chicago-area mall.

  • April 22, 2015

    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 Linklaters, Clifford Chance, Kirkland & Ellis, Weil and others. Here, Law360 takes a look at the ones you might have missed.

Expert Analysis

  • Chancery Limits Preferred Stock Mandatory Redemption

    Abigail Pickering Bomba

    The Delaware Chancery Court’s holding in TCV v. TradingScreen has increased the risk for preferred stockholders in their being able to exit investments under mandatory redemption provisions. Stockholders seeking to protect their exit rights should consider, among other things, penalty provisions triggered by nonpayment rather than default, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Calculus Of Going Hostile: Recent Lessons From The Field

    David N. Shine

    Since Valeant/Pershing Square’s high-profile offer for Allergan last year, there have been 12 unsolicited, public offers by strategic bidders for U.S.-listed companies. While it is clear that these hostile bids have been exciting for deal junkies, it is equally clear that hostile bidders have been remarkably unsuccessful in ultimately acquiring their targets, say David Shine and Jordan Goldman of Paul Hastings LLP.

  • Maximizing Value In The Disposition Of Portfolio Cos.

    Stephen Fields

    Private equity sellers are looking for bidders to offer the highest price possible, and for buyers that are willing to live with their one-sided terms and conditions. But what happens frequently is that buyers will hedge their position, says Stephen Fields of Dentons.

  • 2 Approaches To Ponzi Fraud Treatment — Which Is Right?

    Peter McMaster

    What is the correct way to treat investors in a fund operated as a Ponzi scheme? Two decisions suggest the beginnings of a significant divergence between approaches in the U.S. and in the English common law world. That would be surprising and unwelcome, says Peter McMaster of Appleby Global Group Services Ltd.

  • Running A Private Equity And Hedge Fund Side By Side

    In this brief video, Schulte Roth & Zabel LLP partners Daniel Hunter and Omoz Osayimwese discuss the potential conflicts to look out for when running a private equity fund side by side with a hedge fund — including trade allocations, rescue financing and the allocation of a manager’s time.

  • Tips For Guiding Your Client Through The Mediation Process

    Raphael Lapin

    With all the tangible and intangible costs associated with litigation today, mediation is becoming more common as a means of resolving disputes. Yet attorneys trained and experienced in litigation do not always have the skills to guide their clients through a mediation process, says Raphael Lapin, an adjunct professor at the Whittier School of Law and principal of Lapin Negotiation Strategies.

  • Appraisal Rights Waivers After Halpin V. Riverstone

    Brian E. Krob

    The ability of common stockholders in Delaware corporations to prospectively waive appraisal rights has been taken for granted. However, Halpin v. Riverstone National Inc., a case decided in the Delaware Court of Chancery, questions the effectiveness of such a waiver, say Brian Krob and Kimberly Rovtar of Nixon Peabody LLP.

  • 2 Routes To Hourly Rates For Lawyers

    Gerald G. Knapton

    If we were developing a system to determine legal fees from a clean slate, we would price our professional services according to quality, efficiency and results — tasks and team would be agreed upon. Instead, we have an hourly system that discourages tight management, can lead to padded bills and includes time for work that may not have been necessary, says Gerald Knapton of Ropers Majeski Kohn & Bentley PC.

  • Mandatory Subordination And The Fate Of Equity Claims

    Robert L. Eisenbach III

    The Ninth Circuit’s recent decision in the case of Tristar Esperanza Properties LLC essentially says, “once a shareholder, always a shareholder,” and reminds us that Section 510(b)’s mandatory subordination rules impact entire categories of claims and make it extremely difficult to collect on any equity-like claim in bankruptcy, says Robert Eisenbach of Cooley LLP.

  • How To Weather Media Inquiries In High-Profile Cases

    Jolie Balido

    Avoid using “no comment” in response to a question or statement from reporters. Some reporters, particularly TV news reporters, are simply trying to elicit a reaction for a quick visual and aren’t particularly concerned with the actual answer, says Jolie Balido, president of marketing communications firm Roar Media.