Private Equity

  • October 24, 2014

    Momentive's Disputed $3B Debt-Cutting Plan Goes Live

    Momentive Performance Materials Inc. said Friday that it had effectuated the contested restructuring that wipes $3 billion in debt from its balance sheet, raising the odds that noteholder groups’ appeals from the Chapter 11 plan will be deemed moot.

  • October 24, 2014

    Deals Rumor Mill: PetSmart, Societe Generale, Atlanta Hawks

    Private equity powerhouse KKR & Co. LP is reportedly among the buyout firms looking at snatching up PetSmart Inc., while Societe Generale SA is eyeing an exit from Brazil and has been negotiating a sale of its assets in the South American country to major local banks.

  • October 24, 2014

    Starwood, Sankaty Snap Up €800M Spanish Loan Portfolio

    Starwood Capital Group and Sankaty Advisors LLC, the credit arm of private equity firm Bain Capital LLC, have acquired a portfolio of Spanish hotel and corporate loans with a par value of €800 million ($1 billion) from BFA-Bankia Group, they said Friday.

  • October 24, 2014

    Google Pays $585M For Several Silicon Valley Buildings

    Google Inc. has purchased several buildings at the Pacific Shores Center in Redwood City, California, from The Blackstone Group LP and Starwood Capital Group LLC for $585 million, according to a regulatory filing and spokespersons from two of the companies.

  • October 24, 2014

    $370M Austin Hotel Secures Colony Capital Financing

    Colony Capital LLC has provided a key financing package for a proposed $370 million convention center hotel in Texas, paving the way for construction to begin on the Fairmont Hotels & Resorts-flagged project next month, the companies announced Friday.

  • October 24, 2014

    RE Rumor Mill: Google, Hines, Keller Williams

    Google Inc. is said to have bought a $585 million portfolio of Silicon Valley-area office buildings, while a Hines joint venture in Italy is reportedly raising $380 million to renovate two Venice hotels and Keller Williams NYC is said to have scooped up a brokerage boutique with a hefty Manhattan rental building portfolio.

  • October 24, 2014

    Harbinger Slams LightSquared's Bid To Halt $1.9B Suits

    Philip Falcone’s Harbinger Capital Partners LLC said Thursday that the judge presiding over LightSquared Inc.’s never-ending bankruptcy should not rule on the debtor’s bid to halt litigation against the federal government and the global positioning industry over Harbinger’s failed $1.9 billion investment in the wireless venture.

  • October 24, 2014

    Pulling Up Stakes: Squire Patton Boggs, Hogan, Kirkland

    This week's roundup of dealmakers on the move included Squire Patton Boggs' dual hire of a corporate and health care ace as well as a litigation pro in Ohio, Hogan Lovells strengthening its M&A practice in Vietnam, and Kirkland & Ellis LLP snatching up a private equity and M&A pro in Hong Kong.

  • October 24, 2014

    Commercial Services Co. Goes Private In $840M PE Sale

    Commercial services provider Digital River Inc. said Thursday it has agreed to be bought out by an investor group led by private equity firm Siris Capital Group for $840 million in cash, hoping to use the private backing to increase its business flexibility.

  • October 23, 2014

    Firm Must Show Cash Trail In Client’s $6M Facebook Scam

    Miller Barondess LLP must hand over documents showing the source of $5.8 million that an alleged con artist client deposited with the firm as part of a bogus deal to buy pre-IPO shares of Facebook, a California judge ruled Thursday, saying the "sly" client used the firm in his scheme.

  • October 23, 2014

    Bankrupt Ormet Gets Nod To Dismiss Ch. 11 Case

    A Delaware bankruptcy judge on Thursday agreed to dismiss former aluminum smelter Ormet Corp.'s Chapter 11 case after approving a credit bid deal to sell its residual assets to private equity lender Wayzata Investment Partners LLC.

  • October 23, 2014

    Deals Rumor Mill: Deutsche Telekom, EnCap, Farrow & Ball

    Deutsche Telekom is seeking new parties to step up and make offers for its majority stake in U.S. wireless provider T-Mobile U.S. Inc., just months after rejecting Iliad SA's $15 billion bid, while EnCap Investments LP is looking to raise $5 billion for a new energy fund.

  • October 23, 2014

    Silicon Valley VC Confidence Dips Amid IPO Exit Concerns

    The confidence of Silicon Valley venture capitalists declined for the first time in two years, signaling a wariness about a potentially overheated market and the near-term future of the initial public offering exit market, according to a survey from the University of San Francisco released Thursday.

  • October 23, 2014

    Slow Growth Weighs On KKR Earnings, But Distributions Soar

    KKR & Co. Inc. said Thursday that its profits took a hit last quarter, but that its investors are sitting pretty with the private equity giant distributing more cash from its funds in the first three quarters of the year than it did in all of 2013.

  • October 23, 2014

    Market Rumors: China Grand Auto, ACS, TLG Immobilien

    TPG-backed China Grand Auto slammed the breaks on its $800 million Hong Kong listing, while Spanish builder ACS also delayed plans to list its $4 billion package of renewable energy assets.

  • October 23, 2014

    Kirkland & Ellis Nabs Private Equity, M&A Expert From Weil

    Kirkland & Ellis LLP has recruited a corporate partner from Weil Gotshal & Manges LLP to bolster the firm's growing private equity and mergers and acquisitions business at its New York office, the firm announced Tuesday.

  • October 23, 2014

    Australia Looks To Open Native PE To Foreign Investors

    Australian private equity firms may soon be open to investment from high net-worth individuals from overseas under a proposed overhaul of the country's significant investor visa program, a move welcomed by the Australia Private Equity and Venture Capital Association on Thursday.

  • October 23, 2014

    Alibaba Rival Tencent Leads E-Shop's $350M Funding Round

    Chinese online retailer Koudai Gouwu raised $350 million in a Series C funding round, securing the biggest share of the investment, $145 million, from mobile provider Tencent Holdings Ltd., according to a statement on Koudai's microblog.

  • October 23, 2014

    Q&A With Carlton Fields' Seth Joseph

    Institutional investors ask probing questions and expect specific answers. There is an art to ensuring that these disclosures do not prejudice a company’s relationship with a particular customer or business partner, says Seth Joseph, a shareholder with Carlton Fields Jorden Burt PA and former general counsel of both public and pre-IPO tech companies.

  • October 23, 2014

    Dechert Reps PE-Backed Aqua Terra In Permian Basin Deal

    Private-equity backed Aqua Terra Water Management LP said Thursday that it will acquire two saltwater disposal facilities in Texas and a permit for a third in a deal advised on by Dechert LLP.

Expert Analysis

  • UK Court Sheds Light On De Facto And Shadow Directors

    David Gerber

    The U.K. Court of Appeal's judgment in Smithton Ltd. v. Naggar is instructive of the English courts’ current approach to defining the role of director, as well as addressing a question that often arises in practice — whether a director of a holding company is a de facto or shadow director of its subsidiary, say David Gerber and Sonalini de Zoysa Gunasekera of Kaye Scholer LLP.

  • A Different Kind Of Hospitality Opportunity In China

    Ian K. Lewis

    Entire populations are considering health care and “senior living” options, affecting government policy and opening up new opportunities for industry investors in branded residences of a different kind. Hotel operators that have medical tourism experience may find considerable scope for expansion in China, says Ian Lewis of Mayer Brown LLP.

  • New Lessons From Rural/Metro II For M&A Parties, Advisers

    Peter J. Rooney

    The Delaware Court of Chancery’s decision this month in the case of Rural/Metro Corp. Stockholders Litigation awarding nearly $76 million in damages against a seller’s financial adviser highlights the difficult strategic questions nonsettling defendants face by proceeding alone to trial, including whether to put on trial the conduct of the settling defendants, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Know The Collateral Consequences Of Financial Reg Action

    Eben P. Colby

    Understanding the collateral consequences of enforcement proceedings at the hands of the U.S. Securities and Exchange Commission or any other financial industry regulator can provide a valuable tool for proactively negotiating with the regulator and avoiding pitfalls arising from a failure to disclose, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.

  • Canada's Proposed Takeover Bid Rules Are Target-Friendly

    Ralph Shay

    Newly proposed amendments to Canada's takeover bid legislation would address long-standing concerns that the current regulatory regime tilts the playing field too far in favor of hostile bidders, says Ralph Shay of Dentons Canada LLP.

  • 10 Things You Must Know Before Engaging In Crowdfunding

    Eliza Sporn Fromberg

    "Accredited crowdfunding" platforms offer the tantalizing possibility of raising funds with the click of a button, but it is vital to consider the regulatory scheme under which the platform operates and its managerial and financial resources, among other factors, say Eliza Sporn Fromberg, counsel at Day Pitney LLP, and Norbert Mehl, CEO of Global i Ventures.

  • Who Runs My Joint Venture?

    Sean A. Bryan

    It is common for investment funds and other entities, whether in the form of a limited liability company or limited partnership, to have boards of advisers or otherwise provide for consultation with nonmanaging equity owners. The partnership or operating agreement should be explicit in granting authority, if any, or disclaiming authority, as is more customary, says Sean Bryan of Akin Gump Strauss Hauer & Feld LLP.

  • What Litigators Can Learn From Novelists

    Michael H. Rubin

    Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.

  • Start To Think About Entering China's Health Care Market

    Tim Stratford

    After the news this past July that German hospital operator Artemed had signed a framework agreement to establish the first wholly foreign-owned hospital in the Shanghai Pilot Free Trade Zone, foreign investors anxious for an opening into China’s tightly regulated health care sector may have further reason for optimism, say attorneys with Covington & Burling LLP.