Private Equity

  • January 30, 2015

    Chancery Trims Renco Suit In Humvee JV Row With MacAndrews

    A Delaware Chancery judge on Thursday allowed Renco Group Inc. to proceed with claims alleging that MacAndrews & Forbes Holdings Inc. violated the contract governing the private equity firms' joint venture to produce Humvee military vehicles, but tossed most of the other claims in Renco's suit.

  • January 30, 2015

    Deals Rumor Mill: Maersk, Marquette Transportation, Dick's

    AP Moller-Maersk has opened up discussions with "Asian shipbuilders" concerning a possible $1.5 billion purchase of as many as 10 container mega-ships, while U.S. towboat operator Marquette Transportation Co. LLC is looking into a sale that could value the company at upwards of $1 billion.

  • January 30, 2015

    Blackstone Bankrolls New Heavy Equipment Group

    Private equity firm The Blackstone Group LP has agreed to provide financial backing for a new group called Utility One Source, which will comprise three family-owned heavy equipment companies and serve the energy and infrastructure industries, the companies said Friday.

  • January 30, 2015

    Real Estate Rumor Mill: Emmes, Capital One, Times Property

    An Emmes Asset Management fund has reportedly dropped $76 million on a Brooklyn apartment property, while Capital One is said to have grabbed nearly 40,000 square feet in New York, and Times Property Holdings has reportedly paid $213 million for land parcels in the south of China.

  • January 30, 2015

    Chancery Finds Stock Price Fair In $1.6B Deal

    A Delaware Chancery judge ruled Friday that the $32-per-share price in the $1.6 billion buyout of by a private equity firm was indeed fair value for the merger, rejecting an argument by several hedge fund shareholders that the deal should have been valued at up to $47 per share.

  • January 30, 2015

    TPG, Apax Shed Much Of $1.1B Hellas Clawback Suit

    A New York bankruptcy judge on Thursday trimmed a lawsuit alleging TPG Capital and Apax Partners LLP milked $1.1 billion from Hellas Telecommunications (Luxembourg) II SCA before its insolvency, limiting potential clawback liability to the firms’ U.S.-based investment funds.

  • January 30, 2015

    Spark Therapeutics Soars After Raising $161M In Upsized IPO

    Venture capital-backed Spark Therapeutics Inc., a gene therapy-focused biotech company developing drugs to treat blindness, raised $161 million in an upsized initial public offering and promptly watched shares more than double in the largest of three life science companies going public Friday.

  • January 29, 2015

    REIT Pays Ohana $360M For Laguna Beach Resort

    Strategic Hotels and Resorts Inc., a hospitality real estate investment trust, on Thursday bought a Laguna Beach resort in California from Ohana Real Estate Investors LLC for $360 million.

  • January 29, 2015

    Manatt Adds Ex-Debevoise Real Estate Pro In NY

    Manatt Phelps & Phillips LLP has recruited a Debevoise & Plimpton LLP attorney with more than 20 years of real estate experience, including advising commercial lenders, pension funds and private equity firms, to bolster its New York office.

  • January 29, 2015

    Deals Rumor Mill: BOC Hong Kong, Sysco, Lions Gate

    BOC Hong Kong Holdings Ltd. is exploring a potential $6 billion sale of Nanyang Commercial Bank, while the Federal Trade Commission is not yet ready to make a decision on whether to allow Sysco Corp.’s $3.5 billion acquisition of private equity-backed US Foods Inc.

  • January 29, 2015

    Market Rumors: Spotify, Aena, Travelex

    Music streaming service Spotify is seeking private funding, a move that could delay its anticipated IPO by another year, while Spanish airport operator Aena may be on track for a bumpy debut, with labor unions calling for a 25-day strike to protest the IPO.

  • January 29, 2015

    VC-Backed Flex Pharma Stumbles After Pricing Upsized IPO

    Venture capital-backed leg spasm treatment developer Flex Pharma Inc. drew $86.4 million in its initial public offering after pricing above its range, but struggled in its first day of trading on Thursday as life science companies continued to pour onto the market.

  • January 29, 2015

    Kirkland Reps Starwood In $1B JV Deal For Suburban Offices

    Kirkland & Ellis LLP advised an affiliate of Starwood Capital Group as part of a joint venture that agreed Wednesday to pay $1.12 billion to Duke Realty Corp. for a portfolio of suburban office properties in the South and Midwest.

  • January 29, 2015

    Plaintiffs Push For LBO Collusion Settlement Approval

    Plaintiffs in a long-running collusion case asked a Massachusetts federal judge Thursday to ignore objections from retail investors and to grant final approval to $590 million in settlements in a class action claiming Goldman Sachs Group Inc., Carlyle Group LP and several other private equity firms teamed up to keep leveraged buyout prices low prior to the financial crisis.

  • January 29, 2015

    TPG Accuses Ex-Spokesman Of Stealing Info, Extortion

    Private equity group TPG Capital this week sued its former spokesman — a former George W. Bush deputy press secretary — in Texas federal court alleging he stole confidential material from the buyout shop and, in some cases, gave that information to the media before he was ultimately fired.

  • January 29, 2015

    GE Capital Backs Constellium In $1.4B Wise Pickup

    GE Capital, the financial services arm for conglomerate General Electric, said Thursday it will lend $400 million to help fund aluminum company Constellium NV’s $1.4 billion acquisition of Wise Metals Intermediate Holdings LLC, an aluminum can sheet producer for beverage companies.

  • January 29, 2015

    Hershey Dips Into Meat Snacks Industry With Jerky Maker Buy

    The Hershey Co. has agreed to acquire private equity-backed jerky maker KRAVE Pure Foods Inc., the companies said Thursday, in a move that marks the chocolate giant’s first foray into an estimated $2.5 billion U.S. meat snacks industry.

  • January 28, 2015

    Allied Creditors' Claims Against CEO Not Core To Ch. 11

    A Delaware bankruptcy judge on Wednesday found that claims targeting the CEO of Allied Systems Holdings Inc., included in a wider suit against the company's former private equity owner, are not central to the car hauler's Chapter 11 and are not subject to final determination of the court.

  • January 28, 2015

    Cancer Biotech Kolltan Pharmaceuticals Pulls $86M IPO

    Venture capital- and private equity-backed Kolltan Pharmaceuticals Inc., an early stage biotech developing cancer fighting drugs, on Wednesday pulled plans for an $86.25 million public offering, according to a filing with the U.S. Securities and Exchange Commission.

  • January 28, 2015

    3rd Circ. Shuts Down IDT Suit Over $42.5M Winstar Deal

    The Third Circuit on Wednesday rebuffed IDT Corp. and Winstar Holdings LLC’s bid to revive their lawsuit alleging The Blackstone Group LP and other financial firms misrepresented the value of bankrupt Winstar Communications Inc. before its $42.5 million sale, ruling the suit was time-barred.

Expert Analysis

  • Tackling Energy Loan Defaults At A Time Of Cheap Oil

    Kraig Grahmann

    The sudden and steep drop in oil prices is likely to cause more exploration and production companies to default on debt agreements. While there are different options an E&P company and its lenders can use to address a credit agreement default, ultimately underlying circumstances — such as the severity of default and viability of the company and its assets — will play a key role in which approach is chosen, says Kraig Grahmann of Ha... (continued)

  • 10 Significant 2014 Developments Affecting Private M&A

    Diane Holt Frankle

    A 2014 decision provides guidance to parties on what constitutes a pending or threatened action by a third party that may form the basis for an indemnifiable claim, and the scope of notice required to make a claim. This and other legal developments are important for buyers and sellers to consider when negotiating, structuring and drafting agreements for private mergers and acquisitions, say attorneys with Kaye Scholer LLP.

  • A General Counsel's Top 10 Tips On Calif. Wage-And-Hour Law

    Francis M. Drelling

    California is a great place to live, but it can be a challenging place to do business, with one of the biggest challenges being the multitude of wage-and-hour class actions filed each day. I never had a "starter kit" when I first began my in-house practice, but I certainly wish someone had given me one, says Francis Drelling, general counsel with Specialty Restaurants Corp.

  • EU’s Russia Sanctions And Tips For The Year Ahead

    Tobias Caspary

    European Union sanctions on Russia are relatively specific — at least where they relate to the access restrictions to EU capital markets and the Russian energy sector. This means businesses have to consider very carefully whether their commercial operations, or specific transactions, are caught by these prohibitions, say Tobias Caspary and Till Vere-Hodge of Fried Frank Harris Shriver & Jacobson LLP.

  • Key Questions When Selecting E-Discovery Vendors

    David Houlihan

    While e-discovery remains a critical pain point in litigation, the "solutions" supporting its processes continue to evolve. In order to help organizations navigate the sea of options, we conducted research with 21 organizations across e-discovery market segments to understand the factors involved in successful e-discovery investments, says David Houlihan of Blue Hill Research Inc.

  • Concierge Medicine Market Offers Investment Opportunities

    Amber McGraw Walsh

    Although still a relatively young industry, concierge medicine has already established itself as a potential growth area for lower middle-market private equity firms. The implementation of the Affordable Care Act promises a further crunch on the caseloads of primary care physicians, which is likely to increase demand for concierge services, say attorneys with McGuireWoods LLP.

  • Caesars’ Bankruptcy Plan Already Under Attack?

    Mark A. Salzberg

    The Southern District of New York’s opinion denying in large part two motions to dismiss filed by Caesars Entertainment Corp. in response to a lawsuit brought by noteholders is notable as being the first examination of Caesars’ pre-bankruptcy financial maneuvering and highlights some problems that could arise in the bankruptcy proceeding, says Mark Salzberg of Squire Patton Boggs LLP.

  • Inversion Rules Could Apply To Inbound Structures

    Jeffrey L. Rubinger

    In the wake of a recent IRS private letter ruling, many commentators have cited the ruling for the proposition that, in an inbound situation, a foreign-to-foreign F reorganization would not trigger the Section 7874 inversion rules. This seems to be an overbroad reading of the ruling, say attorneys with Bilzin Sumberg Baena Price & Axelrod LLP.

  • China's Draft Foreign Investment Guidance Is Encouraging

    Woon-Wah Siu

    The draft of China's new Foreign Investment Guidance Catalogue lifts restrictions on foreign investment in dozens of service and general manufacture industries and would relax Chinese ownership requirements. Although foreign investors still would have to operate in some of these industries through Sino-foreign joint ventures, control by the Chinese partners would no longer be required, say Woon-Wah Siu and Liang Tao of Pillsbury Wi... (continued)

  • A Data Security Checklist For Companies Hiring Law Firms

    Jenn Topper

    We trust our law firms with huge amounts of data, whether in or out of discovery, investigations or litigation. All too often, we have relied on privilege, confidentiality and attorney ethics as a proxy for data protection and information security. But in fact, law firms ought to be held to a much more stringent standard — and in-house counsel would be wise to begin with a number of specific inquiries, says legal industry consultan... (continued)