Private Equity

  • March 27, 2015

    Deals Rumor Mill: Intel, Tank & Rast, Amazon

    Intel Corp. is exploring an acquisition of fellow tech company Altera Corp., which has a market capitalization of $10.4 billion, while German motorway service station group Tank & Rast has a vast array of potential suitors and could be worth up to €3.5 billion ($3.8 billion).

  • March 27, 2015

    Kleiner Perkins Beats Pao's $100M Gender-Bias Case

    A California jury cleared Kleiner Perkins Caufield & Byers LLC on Friday of discriminating against interim Reddit CEO Ellen Pao in her $100 million gender bias case, and found that the venture capital firm didn’t fire her because she sued over the allegations.

  • March 27, 2015

    Wilson Sonsini, White & Case Set To Lead Week's Tech IPOs

    Two private equity-backed technology companies — GoDaddy Inc., led by Wilson Sonsini Goodrich & Rosati PC, and digital printing company Kornit Digital, led by White & Case LLP — are on deck to float in the upcoming week, together potentially raising about $475 million as tech companies start to flirt with the public market.

  • March 27, 2015

    Growth-Minded Sanne Group Eyes $211M IPO In London

    Private equity-backed Sanne Group PLC, a growth-minded provider of outsourced corporate and fund administration services for real estate and other institutional clients, announced Friday it plans to raise £141.6 million ($210.9 million) through an initial public offering on the London Stock Exchange.

  • March 27, 2015

    One Year After Rural/Metro, Bankers Flying Under Radar

    Not much has changed in the year since Delaware's Chancery Court laid the foundation for financial advisers to be held accountable for conflicts of interests during the deal-making process, but lawyers say that may be due to a lack of significant test cases and caution within the financial industry as bankers look to avoid a similar fate.

  • March 27, 2015

    Blackstone Unit Strikes Landmark $230M Loan Securitization

    A Blackstone Group LP fund affiliate announced Friday that it will soon break new ground with the first multi-borrower loan securitization deal for the emerging single-family rental sector, as it is the final leg of crafting a $230 million transaction.

  • March 27, 2015

    Taxation With Representation: Shearman, Cravath, Skadden

    In this week's Taxation with Representation, Shearman & Sterling and Cravath sit on opposite sides of Dow Chemical Co.'s massive $5 billion chlorine business spinoff, and Tenet Healthcare Corp. creates the nation's largest outpatient surgery provider by merging with United Surgical Partners International.

  • March 27, 2015

    Fairmont Nabs Brand Deal In PE Calif. Hotel Buy

    Concurrent to private equity firm Blum Capital taking a majority stake in a luxury San Diego resort, Fairmont Hotels & Resorts has struck a deal to take over branding and management of the property, it said Thursday.

  • March 26, 2015

    Deals Rumor Mill: SoftBank, Evonik, Union Bancaire

    Japanese telecom giant SoftBank Corp. may be ready to lay out as much as $1 billion to acquire a 20 percent stake in Indian handset maker Micromax Informatics Ltd., while Evonik Industries AG may try to take over rival Clariant AG in order to create a $21.8 billion chemicals company.

  • March 26, 2015

    Flagship Ventures Raises $537M For Health-Focused Fund

    Health care- and sustainability-focused investor Flagship Ventures said Thursday it raised $537 million for its fifth fund, the largest for the firm and first in more than three years, nearly doubling its previous fund.

  • March 26, 2015

    Regional Banks Atlantic Capital, FSGBank Ink $160M Merger

    With private equity backing, the parent company of Atlantic Capital Bank will drop $160 million in cash and stock to acquire Tennessee-based First Security Group Inc., the parent of community bank FSGBank NA, and plans to list its shares on the Nasdaq once the deal closes, the companies said Wednesday.

  • March 26, 2015

    Winston & Strawn Snags Pillsbury Finance Team In NY

    Winston & Strawn LLP has lured Pillsbury Winthrop Shaw Pittman LLP's finance group leader and three other financial transactions lawyers to its New York office, expanding its offerings for banks and other clients in areas such as leveraged buyouts, private equity and structured finance, the firm said.

  • March 26, 2015

    Haversham Drops $2B On Europe's Largest Used-Car Reseller

    Haversham Holdings PLC has bought Europe's largest used-car marketplace, BCA Group, for about £1.2 billion ($1.8 billion) from private equity owner Clayton Dubilier & Rice LLC, in a cash-and-stock deal announced Thursday that will include an issuance of new shares.

  • March 26, 2015

    LightSquared Wins Approval To Exit Marathon Ch. 11

    LightSquared Inc. secured a judge’s approval Thursday for a bankruptcy reorganization that lets the wireless startup repay its debts, try to revive a failed nationwide network and retain an ownership stake for Philip Falcone’s hedge fund after three years of intense confrontations with creditors.

  • March 25, 2015

    Ex-Watergate Atty Gets Nod As Caesars Bankruptcy Examiner

    An Illinois federal judge on Wednesday approved former assistant Watergate prosecutor Richard J. Davis to oversee the much-anticipated probe of Caesars Entertainment Operating Co.’s prebankruptcy dealings with its parent company that have led to accusations of corporate looting from junior creditors.

  • March 25, 2015

    1 Firm Feasts Amid Surge In Food Industry Deals

    From its involvement in Wednesday's mega-merger between Heinz Co. and Kraft Foods Group Inc. to its role in Burger King's August purchase of Tim Hortons Inc., one firm's hunger for deals has helped it cash in on the fast-growing food and beverage industry over the past year.

  • March 25, 2015

    Deals Rumor Mill: Xella, Hellman & Friedman, Borse Dubai

    Goldman Sachs and PAI Partners will either list or sell wall materials producer Xella for up to $2.74 billion, while Hellman & Friedman is the front-runner to nab Italian bank Istituto Centrale delle Banche Popolari Italiane thanks to a $2.25 billion bid.

  • March 25, 2015

    Kleiner Tells Jury Not To Buy Pao's 'Tale Of Retaliatory Woe'

    Kleiner Perkins Caufield & Byers LLC urged a California jury Wednesday not to buy into interim Reddit CEO Ellen Pao's “tale of retaliatory woe” before the jurors began deliberations in Pao's four-week trial accusing the venerable venture capital firm of gender discrimination and retaliation.

  • March 25, 2015

    Ergen Makes Peace With LightSquared's Ch. 11 Exit

    Dish Network Corp. Chairman Charlie Ergen on Tuesday formally ceased opposing LightSquared Inc.’s departure from bankruptcy protection now that the wireless venture has come up with $1.5 billion in fresh financing to repay his hotly disputed debt claim in cash.

  • March 25, 2015

    Heinz And Kraft Join To Form 3rd-Largest Food Group In US

    HJ Heinz Co. and Kraft Foods Group Inc. revealed Wednesday that they have agreed to merge, in a move expected to create the third-largest food and beverage company in North America and the fifth-largest in the entire world.

Expert Analysis

  • What Experts Can Say About Inadmissible Facts During Trial

    Jason McDonell

    For reliance material that is not admitted on the stand, consider bolstering the testimony by having the expert describe the evidence generally, but in a way that signals to the jury that the expert has a strong foundation of supporting facts and data. If done well, such testimony can open the door to admitting the evidence, say Jason McDonell and Heather Fugitt of Jones Day.

  • What Investors Can Learn From States' Health Initiatives

    Geoff C. Cockrell

    The Centers for Medicare and Medicaid Services’ Innovation Center has granted states more than $960 million for health care systems and delivery development through its State Innovation Models Initiative. A health care funding program of this magnitude provides private investors with valuable information and cues for future investment, say attorneys with McGuireWoods LLP.

  • How Appraisal Statute Amendments Would Affect Mergers

    Philip Richter

    Proposed amendments to the Delaware appraisal statute — like courts’ recent increased reliance on the merger price in determining fair value — will not significantly discourage appraisal overall so much as it will further drive activity toward strong appraisal claims, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Can I Advertise My Latest Winning Trade?

    In this brief video, Schulte Roth & Zabel LLP partners Jennifer Dunn and David Efron discuss the right and wrong ways to advertise a fund’s latest winning trade and provide an overview of the SEC’s regulations prohibiting “cherry-picking.”

  • An Important Interpretation Of The Volcker Rule

    Kenneth J. Berman

    The Federal Reserve and other implementing agencies recently issued a new interpretation of the Volcker Rule that makes it substantially easier for a non-U.S. banking entity to invest directly in private equity funds, hedge funds and other private funds, and substantially addresses many of the Volcker Rule issues faced by third-party fund sponsors, say attorneys with Debevoise & Plimpton LLP.

  • Reducing M&A Costs Through Seller Due Diligence

    Bradley S. Austin

    Many sellers — particularly private equity sellers and those running auctions — now consider providing vendor due diligence reports to potential buyers, speeding up the sale process and maintaining greater control over diligence. VDDRs can also contribute to the efficiency of an auction process with a “stapled insurance package,” removing another potential gap in negotiations, say attorneys with McGuireWoods LLP.

  • Time To Rethink Shareholder Relations As Activism Evolves

    Joseph B. Frumkin

    What began as a targeted effort by a small number of governance activists clearly is now a broad movement that is redefining the relationship between public companies and their shareholders. Companies and their boards should recognize that historic shareholder relations models, as well as “traditional” approaches to responding to shareholder initiatives, may no longer be optimal, say attorneys with Sullivan & Cromwell LLP.

  • Looking At Appraisal Rights Outside Delaware

    Daniel E. Wolf

    Even as the Delaware appraisal rights landscape continues to evolve, deal makers should avoid assuming that the issues and outcomes will be the same in transactions involving companies incorporated in other states. The relevant statutory regime, as well as the judicial fair-value exercise, may produce unexpected results, say attorneys with Kirkland & Ellis LLP.

  • OPINION: Not All That Is Public Should Be Publicized

    Adam C. Sherman

    Although court decisions are public records, that doesn’t mean they should be publicized by the courts on search engines, such as Google. Access alone isn’t the problem. The issue is that these decisions appear prominently atop search results — even when browsing parties are not looking for them. Courts have opened their doors, but they need not remove them entirely, says Adam Sherman of Vorys Sater Seymour and Pease LLP.

  • New Regulations Will Shake Up M&A Escrow Landscape

    Paul Koenig

    New federal banking and securities regulations present greater challenges to transaction parties than a search for higher yield. Parties may soon find that many of the traditional products to which escrows defaulted may no longer meet the parties’ investment criteria, and may, in the case of some current escrow providers, become unavailable altogether, says Paul Koenig, co-CEO of SRS Acquiom LLC.