Private Equity

  • September 30, 2014

    Starwood Energy Scoops Up 550-MW Quail Run Energy Center

    An arm of energy-focused private equity firm Starwood Energy Group Global LLC has acquired the natural-gas combined-cycle electric-power-generating Quail Run Energy Center in Odessa, Texas, from affiliates of electric and gas utility giant Exelon Corp., Starwood said on Tuesday.

  • September 30, 2014

    Japan Convenience Chain Branches Out With Supermarket Buy

    Japanese convenience store franchise Lawson Inc. on Tuesday said it has agreed to acquire gourmet supermarket chain Seijo Ishii Co. Ltd. for 55 billion yen ($501 million) from Marunouchi Capital Co. Ltd.

  • September 30, 2014

    Impax Boosts Finnish Presence With 2 Wind Farm Deals

    Impax Asset Management Group PLC said Tuesday that it has bolstered its renewable capacity in Finland by signing a finance arrangement to fund the rest of the construction of a €106 million ($133.8 million) wind farm and acquiring a separate, 27-megawatt wind farm.

  • September 30, 2014

    Sun Capital Found Not Liable For Trucking Unit's WARN Claims

    A Delaware federal judge ruled Monday that the bankruptcy court was right to clear Jevic Transportation Inc.’s owner Sun Capital Partners Inc. of liability connected to class action claims from laid-off employees, ruling the private equity firm did not bear ultimate responsibility for the debtor’s decision to close.

  • September 30, 2014

    PE-Backed Midstream Co. Aims To Raise $150M In IPO

    PennTex Midstream Partners LLC, backed by private equity investment funds of Natural Gas Partners, is looking to raise $150 million in an initial public offering of common units for its master limited partnership that will hold assets in northern Louisiana, the company said in a regulatory filing Tuesday.

  • September 30, 2014

    Dealmakers Q&A: Norton Rose Fulbright's Efren Acosta

    I expect deal activity in the oilfield services sector to strengthen and remain robust over the next several years, primarily on the strength of shale oil and gas exploration, for several reasons, says Efren Acosta of Norton Rose Fulbright LLP.

  • September 30, 2014

    Dealmakers Q&A: Ropes & Gray's Todd Boes

    It will be interesting to see what the impact on the ground will be of the Fed’s recent sword rattling around lending standards. If the banks pull back and tighten leverage levels in deals they finance, in theory that creates an increased opportunity for nontraditional funding sources such as debt and hedge funds, says Todd Boes of Ropes & Gray LLP.

  • September 29, 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 Dechert, Latham & Watkins, Goodwin Procter, Weil and others. Here, Law360 takes a look at the ones you might have missed.

  • September 29, 2014

    Investment Firm To Pay SEC $3.5M Over Lying About PE Fund

    An Illinois federal judge on Monday granted summary judgment in favor of the U.S. Securities and Exchange Commission, ordering Resources Planning Group Inc. and its co-owner to pay it $3.5 million after RPG allegedly raised $1.3 million by lying to investors about a failing private equity fund and using the money to pay other debts.

  • September 29, 2014

    Deals Rumor Mill: SoftBank, Power Construction, Vista Equity

    SoftBank Corp. is in discussions to buy DreamWorks Animation SKG for more than $3 billion, while Power Construction Of China Corp Ltd. could be on the verge of forking over up to 16.8 billion yuan ($2.73 billion) to buy eight firms from one of its majority shareholders.

  • September 29, 2014

    JLL Secures $150M Financing For Hotel Property JV

    Commercial real estate company Jones Long LaSalle has secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint hotel venture between asset manager BlueMountain Capital and Aimbridge Hospitality, the firm said Monday, inking another deal in a bustling market.

  • September 29, 2014

    Carlyle Keeps Up Buying Spree With Another Power Plant Deal

    The Carlyle Group LP on Friday said it has agreed to pick up a majority stake in six Georgia natural gas-fired power plants in its second announced deal in a week with Singapore sovereign wealth fund GIC, as Carlyle continues to build its power generation assets.

  • September 29, 2014

    Dealmakers Q&A: Debevoise's Kevin Schmidt

    The leveraged lending guidelines announced in 2013 are currently creating the greatest uncertainty on the M&A deal front and would benefit from clarification, says Kevin Schmidt of Debevoise & Plimpton LLP.

  • September 29, 2014

    Vista Equity Throws Down $4.3B To Pick Up Tibco Software

    Private equity firm Vista Equity Partners is set to buy business software company Tibco Software Inc. for about $4.3 billion including debt, the companies said Monday, in a deal designed to help the struggling Tibco get back on track.

  • September 29, 2014

    PE-Backed Dave & Buster's Sketches Out $122M IPO

    Dave & Buster's Entertainment Inc. said Monday it would raise as much as $122 million in its initial public offering, bringing the restaurant and arcade chain another step closer to its much-anticipated public debut after its private equity owner shunned a takeover bid earlier this year.

  • September 29, 2014

    No Deal For KKR, TPG As Treasury Wine Corks $3B Talks

    The buyout battle for Treasury Wine Estates Ltd. turned sour all around on Monday when the wine giant rejected competing private equity bids, each worth more than $3 billion, saying both offers fell short of its true value and required it to take on too much debt.

  • September 26, 2014

    Attys Seek $200M In Fees Amid Deals In LBO Collusion Suit

    Attorneys trying to secure $590.5 million in settlements with Goldman Sachs Group Inc. and other big-name private equity shops over accusations they colluded to depress prices in leveraged buyouts asked a Massachusetts federal judge on Friday for nearly $200 million in attorneys' fees.

  • September 26, 2014

    Pimco Co-Founder's Departure Signals Rough Ride For PE

    Bill Gross' surprise departure Friday from Pimco amid a rumored SEC investigation is raising myriad questions about exchange-traded funds, with some fearful that the regulatory scrutiny could have a “seismic” effect on the private equity industry as a whole.

  • September 26, 2014

    Market Rumors: Alibaba, Hong Kong Broadband, HK Exchange

    Alibaba Group Holding Ltd.'s options will launch on the Chicago Board Options Exchange beginning Monday, while Hong Kong Broadband Network hopes to raise as much as $500 million in an initial public offering that is expected to take place in the first half of next year.

  • September 26, 2014

    Deals Rumor Mill: AbbVie, ZF Friedrichshafen, T-Mobile

    AbbVie Inc. is looking into ways it can raise additional funding to help finance its planned $54 billion takeover of European rival Shire PLC, while the specifics of how ZF Friedrichshafen AG will finance last week's $13.5 billion acquisition of TRW Automotive Holdings Corp. have begun to surface.

Expert Analysis

  • 2 Reasons Chancery's Swomley Ruling Is Notable

    Allison C. Handy

    The Delaware Chancery Court’s ruling in Swomley v. Schlecht is a good reminder that, although the risks of stockholder litigation in the context of a private-company merger or acquisition are lower as a practical matter, directors of private companies are generally held to the same standards as directors of public companies, say attorneys with Perkins Coie LLP.

  • India Is Ripe For Investment — 7 Key Issues For Investors

    Saionton Basu

    In the last few years, certain governance-related issues pertaining to foreign investors — obtaining licenses and consents to conduct business and tax controversies — dented the image of India as a serious magnet for foreign investment. Now it may be going the other way, says Saionton Basu of Duane Morris LLP.

  • Takeaways From SEC Action Against Lincolnshire

    Eva C. Carman

    The U.S. Securities and Exchange Commission’s recent action against private equity firm Lincolnshire Management Inc. is based on a fairly nuanced factual scenario — allocation of expenses between portfolio companies — which suggests that the SEC’s inquiries are becoming more sophisticated, and the action is consistent with a trend we have been seeing toward more nonfraud-based cases, say attorneys with Ropes & Gray LLP.

  • DeLauro Legislation Would Broaden Reach Of CFIUS Reviews

    Christopher R. Brewster

    Rep. Rosa DeLauro has introduced legislation that would radically overhaul the review of foreign investment by the Committee on Foreign Investment in the United States, but given the late date on which the bill was introduced and its controversial scope, it is likely that the bill is intended to revive debate over the scope of CFIUS reviews, says Christopher Brewster of Stroock & Stroock & Lavan LLP.

  • Fund Managers Must Face The Reality Of FATCA — Now

    Vanessa E. Tollis

    A fund manager tasked with assessing the U.S. Foreign Account Tax Compliance Act status and compliance of numerous funds must review not just the FATCA regulations but also the application of any Model 1 or Model 2 intergovernmental agreement — and funds only have until the end of 2014 to determine their status and obligations, say attorneys with Kilpatrick Townsend & Stockton LLP.

  • 'Entire Fairness' Is More Than Just A Fair Price

    Diane Holt Frankle

    Vice Chancellor John Noble recently held in a Nine Systems Corp. shareholder case that a recapitalization, although approved and implemented at a fair price, was not entirely fair due to the grossly unfair process — a ruling that teaches, among other things, that a robust negotiation is helpful to demonstrate fair dealing, says Diane Holt Frankle of Kaye Scholer LLP.

  • 1099ers Exposing Startups, PE Firms To Costly Liability

    Richard J. Reibstein

    Even when well-structured independent contractor relationships survive legal scrutiny under federal labor, tax or benefit laws, the 1099 model may not pass muster under the crazy quilt of state independent contractor laws. And private equity firms and investors do not conduct the level of due diligence they should before investing in 1099-model startups, say attorneys with Pepper Hamilton LLP.

  • Opportunities And Pitfalls In The Legal Cloud

    David Houlihan

    Like "big data" and other effective software marketing buzzwords, “cloud” makes something that is very complex sound simple — and even friendly. Most attorneys are not prepared to dig into the distinctions between public, private and hybrid cloud models, or the niceties of how or where their data is transmitted and stored, says David Houlihan of Blue Hill Research Inc.

  • A General Counsel's Top 10 Billing Tips

    Francis M. Drelling

    Nothing makes an in-house counsel feel like they are being nickeled-and-dimed more than receiving a $3.50, stand-alone invoice. Forcing anyone to spend time on a $3.50 invoice is, quite frankly, just not cool, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.

  • Momentive Ruling Part 4: Clarifying Make-Wholes

    Jessica Liou

    Judge Robert Drain’s ruling in Momentive Performance Materials provides yet another stake in the ground that telegraphs to creditors that their underlying contracts need to be more explicit regarding when they are entitled to a make-whole claim, says Jessica Liou of Weil Gotshal & Manges LLP.