Private Equity

  • October 9, 2015

    Six Firms Set To Guide IPOs Totaling $5B

    Six firms are set to get in on initial public offering action the week of Oct. 12, guiding a mixed lineup of offerings amid a wobbly IPO market highlighted by the public return of two giant companies that went private after massive leveraged buyouts in the mid-2000s.

  • October 9, 2015

    Lane Bryant Owner Ascena Signs $2.2M PE Stake Deal

    Private equity outfit Golden Gate Capital on Thursday disclosed that it had acquired a 9 percent stake in Ascena Retail Group Inc., which owns women’s clothing brands Lane Bryant and Ann Taylor, for $2.24 million, saying that it believes the stock is significantly undervalued.

  • October 9, 2015

    Roche Pays $580M For Biotech Developing Arthritis Treatment

    Swiss biotech giant Roche Holding will buy a venture capital-backed company based in California that is developing a treatment for rheumatoid arthritis and other autoimmune and inflammatory diseases in a deal worth up to $580 million.

  • October 9, 2015

    Apax Pays $129M For Electra PE's Stake In Indian IT Co.

    Electra Private Equity PLC said Friday that it has sold its 23 percent stake in Indian information technology services provider Zensar Technologies Ltd. to Apax Partners for about £84 million ($128.6 million), reaping a whopping 19 times the initial investment made by the British private equity firm.

  • October 9, 2015

    Deals Rumor Mill: Intel, Dell, Formula One

    Intel Corp.'s $17.6 billion acquisition of Altera Corp. will gain European Commission approval, Dell Inc. will offer to buy EMC Corp. for about $33 per share and the Miami Dolphins owner and Qatar’s sovereign wealth fund are teaming up to bid on a controlling stake in Formula One.

  • October 9, 2015

    Katten Adds Private Equity Pro From Paul Hastings

    Katten Muchin Rosenman LLP has nabbed a partner and co-head for its nationwide private equity practice from Paul Hastings LLP’s Chicago office, Katten said Thursday.

  • October 9, 2015

    PE-Backed Packaging Co.To Raise Up To $366.6M In IPO

    Private-equity backed Multi Packaging Solutions International has set terms for an initial public offering valued up to about $366.6 million at the maximum price, according to a Friday filing with the U.S. Securities and Exchange Commission.

  • October 9, 2015

    LoanDepot Launches IPO To Address 'Unmet' Demand

    Private equity-backed LoanDepot, the nation’s second largest nonbank consumer lender, has filed for an initial public offering as part of its effort to address “unmet” consumer demands, the company said in a filing with the U.S. Securities and Exchange Commission on Thursday.

  • October 9, 2015

    5 Ways PE Firms Can Trump Corporate Bidders

    As corporate buyers employ the large sums of cash on their balance sheets in their hunt for revenue growth, private equity firms are struggling to compete in increasingly competitive auctions. Here, Law360 looks at five ways private equity firms can sweeten their offer.

  • October 8, 2015

    LSE To Shed Russell Investments In $1.15B Sale To PE Firms

    The London Stock Exchange Group said Thursday it will sell Russell Investments, the global asset manager and stock index unit of U.S.-based Frank Russell Co., to a pair of U.S. private equity firms led by TA Associates for $1.15 billion in an all-cash deal.

  • October 8, 2015

    Cytomx Prices IPO Below Range As More Biotechs Scale Down

    Cancer-focused biotech Cytomx Therapeutics Inc. priced an $80 million initial public offering below range Thursday, the second venture-backed life science company this week to price an IPO lower than expected, marking the latest sign of tempered expectations from a once-sizzling industry.

  • October 8, 2015

    Pimco Founder Ordered To Deposition In Tiff Over Son’s Co.

    A California judge on Thursday ordered Pacific Investment Management Co. LLC co-founder Bill Gross to appear for deposition in a suit alleging the bond investor destroyed an investment company co-founded by his son, piling on another date with lawyers the same day Gross filed a $200 million suit against Pimco over his ouster.

  • October 8, 2015

    Deals Rumor Mill: Valentino Fashion Group, Sony, Dell

    The owners of Valentino Fashion Group SpA are targeting a $2.26 billion initial public offering for the Italian luxury goods maker, Sony Corp. is looking to sell its half of Sony/ATV Music Publishing LLC and Dell Inc. is in talks to buy EMC Corp.

  • October 8, 2015

    Investors Ramping Up India Real Estate Buys Despite Hurdles

    The Blackstone Group LP and other U.S. private equity shops — as well as various Middle Eastern and European investors — have ramped up their purchase of commercial real estate in India amid a recent loosening of restrictions on the part of the Modi government, but major hurdles to investment remain despite the changes, lawyers say.

  • October 8, 2015

    Shake Shack Puts 26M Shares On The Menu

    Shake Shack Inc. filed plans Thursday for a secondary offering allowing the sale of 26.2 million shares that would enable certain private equity owners and other major shareholders to cash out now that a lockup has expired following the burger chain’s smash initial public offering.

  • October 8, 2015

    Carlyle Power Pays Entergy $490M For R.I. Gas Plant

    Carlyle Power Partners, a unit of private equity giant The Carlyle Group LP, has agreed to pay roughly $490 million to acquire a 583-megawatt Rhode Island natural gas-fired power plant from Entergy Corp., the companies said on Thursday.

  • October 8, 2015

    Caesars Can't Halt Creditor Suits Against Parent Company

    Caesars Entertainment Operating Co. can't stop creditors in New York and Delaware from pursuing its parent company over unpaid debts, according to an order released by an Illinois federal judge Thursday, potentially leaving the entity to fend for itself in Chapter 11 on the same day it took a second shot at a restructuring plan.

  • October 8, 2015

    Talen Energy Reaps $1.5B From Pa. Power Plant Sales

    Talen Energy Corp., the merchant power company created by energy-focused private equity firm Riverstone Holdings LLC and the spunoff merchant unit of utility giant PPL Corp., said Thursday that it's selling three Pennsylvania power plants for a combined $1.51 billion in order to satisfy divestment requirements from federal regulators.

  • October 8, 2015

    Blackstone Inks $8B Deal For Health Care REIT

    Blackstone Group LP will pay $8 billion to take health care real estate investment trust BioMed Realty private, the private equity firm said Thursday, marking the largest private equity buyout of a U.S. public company so far this year.

  • October 7, 2015

    Colt Creditors Dealt Setback In Spat Over Lease

    A Delaware bankruptcy judge on Wednesday halted a bid by Colt Defense LLC's unsecured creditors committee to pursue separate litigation against the landlord for the gun maker's main manufacturing plant, an issue that has become a major sticking point in the Chapter 11.

Expert Analysis

  • 10 Ways To Become A 360-Degree Lawyer

    Rosario Lozada Schrier

    Whether you’re a millennial joining the profession or a seasoned veteran, the challenges posed by the current legal market compel everyone to adapt and innovate. Law professors Rosario Schrier and Annette Torres team up to offer 10 tips to develop a more diverse skill set.

  • Don’t Burst My Bubble! IRS Provides Clarity For F Reorgs

    Bryan Smith

    Given F reorganizations' many potential uses, the guidance in recently issued IRS regulations, in particular the confirmation that such reorganizations may in fact occur “in a bubble” without impacting the treatment of related transactions, is welcome, say attorneys with Perkins Coie LLP.

  • A New Critique Of Ch. 11 Reform Carries Serious Weight

    David Griffiths

    The Loan Syndications and Trading Association's response this week to the American Bankruptcy Institute's Chapter 11 reform recommendations is thoughtful, well-researched and forceful, and its most compelling arguments turn on the importance of certainty and uniformity in bankruptcy courts, say David Griffiths and Doron Kenter of Weil Gotshal & Manges LLP.

  • Restocking The Buyer’s Private M&A Toolkit Post-Cigna

    Daniel L. Serota

    While there have been many suggestions about how buyers should address the issues raised by Cigna v. Audax, these solutions are often impractical. What is needed is an alternative approach that restores the economic risk allocation that was available pre-Cigna without imposing deal risk, timing delays or reducing value, say Daniel Serota and John-Alex Shoaff of Greenberg Traurig LLP.

  • 5 Things Clients Never Tell Their Lawyers

    Francis Drelling

    Given the times we live in, it is almost inevitable that everyone will, sooner or later, need to consult with legal counsel. With that in mind, I thought it might be interesting to discuss a few things that clients just won't tell their lawyers, says Francis Drelling, general counsel of Specialty Restaurants Corp.

  • Privacy Risk Considerations In Health Care IT Investments

    Erin Whaley

    By whatever name you call it — health information technology, digital health, mobile health, telehealth — there is a lot of private equity and venture capital money flowing to this space. But to help mitigate the risk of your health IT investment becoming a headline, it is imperative that you carefully examine your target’s privacy and security practices, says Erin Whaley of Troutman Sanders LLP.

  • Disclosure-Only Settlements Face Continued Scrutiny

    Israel Dahan

    Vice Chancellor Sam Glasscock, in a stockholder case related to Riverbed Technology's go-private deal, recently expressed serious reservations about the broad releases provided to Riverbed’s directors in exchange for enhanced disclosures. This and other recent rulings highlight the Delaware Chancery Court’s efforts to ensure that meritorious merger challenges are litigated, say attorneys with King & Spalding LLP.

  • Inside National Futures Association Cybersecurity Guidance

    Heather Egan Sussman

    New cybersecurity guidance proposed by the National Futures Association is particularly noteworthy for firms that are not currently subject to the cybersecurity rules set forth by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, say attorneys with Ropes & Gray LLP.

  • Specialty Pharmacy Market Ripe For Private Equity Buyers

    Richard S. Grant

    M&A activity in the specialty pharmacy sector has been quite active, as witnessed by a number of key recent deals spread across different players, including large pharmacy providers and big-box retailers. Although increased valuations are expected to follow, opportunities remain for private equity sponsors able to understand the complex regulatory framework, say attorneys with McGuireWoods LLP.

  • What Attys Need To Know About Restructuring A Zombie Fund

    Neil F. Luria

    Zombie fund restructurings don’t happen often, but when they occur, there are significant challenges for attorneys to navigate given the large asset base, complicated litigation issues and urgent need for monetization strategies. Oddly, the process is most efficient when things are at their worst, says Neil Luria, senior managing director at Solic Capital Advisors LLC.