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Private Equity
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June 04, 2024
Apollo Leading $11B Investment For 49% Stake In Intel JV
Apollo Global Management said Tuesday it's heading up an $11 billion investment to acquire a 49% interest in a joint venture with Intel Corp. related to Intel's Fab 34 chip factory in Leixip, Ireland.
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June 04, 2024
Kirkland-Led PE Firm Closes Inaugural Fund At Nearly $300M
New York-based private equity shop MFG Partners, led by Kirkland & Ellis LLP, on Tuesday announced that it clinched its inaugural private equity fund after securing nearly $300 million in commitments, which will be used to invest in lower middle market industrial companies.
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June 04, 2024
SEC Shutters Salt Lake City Office, Shifts Cases To Denver
The U.S. Securities and Exchange Commission said on Tuesday that it will close its Salt Lake City office for budgetary and organizational purposes, saying that the caseload of the office, which among other things handled the troubled Debt Box case, will now be handled by staff in Denver.
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June 04, 2024
Canadian Funeral Co.'s Stock Jumps 58% On C$1.2B Sale
Toronto-based funeral, cremation and cemetery provider Park Lawn Corp. disclosed an agreement to sell the business for C$1.2 billion ($877.5 million) under the guidance of Bennett Jones LLP and Morgan Lewis & Bockius LLP, leading the company's stock to jump more than 58% on Tuesday.
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June 04, 2024
Simpson Reps Frontdoor On $585M Home Warranty Co. Buy
Simpson Thacher is representing Frontdoor Inc. on a newly inked deal to buy fellow home warranties provider 2-10 Home Buyers Warranty, guided by Ropes & Gray, for $585 million in cash, according to a statement Tuesday.
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June 04, 2024
Tech-Focused Firm Raises $460M Across 2 New Funds
Technology-focused investment firm and holding company WndrCo on Tuesday announced that it secured more than $460 million in new capital across two funds, a seed and a venture fund.
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June 04, 2024
Blackstone, Regis To Buy £580M New-Homes Portfolio
Real estate investors Blackstone and Regis will buy a portfolio of new-build homes worth £580 million ($740 million) from Vistry Group PLC, the U.K. home builder said on Tuesday.
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June 03, 2024
11th Circ. Backs Freeze Of Grants For Black Women Only
In a split decision Monday, the Eleventh Circuit said that a Georgia federal judge should have blocked a Black-led venture capital firm from awarding grants to businesses owned only by Black women, opining that the practice was "substantially likely" to violate federal law barring racial discrimination in the writing of contracts.
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June 03, 2024
Burford-Sysco Plaintiff Swap Stays Nixed In Price-Fixing Case
A Minnesota federal judge refused Monday to let a unit of legal investment firm Burford Capital substitute for Sysco Corp. as plaintiff in sprawling price-fixing lawsuits against pork and beef producers, agreeing with a magistrate judge's conclusions that allowing a litigation funder to dictate antitrust settlements "could have a detrimental impact."
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June 03, 2024
Everton's Sale To Embattled PE Firm Off The Table, For Now
Everton Football Club has let its sale to private equity firm 777 Partners LLC lapse amid legal troubles for the buyer and concerns from minority shareholders about the deal, although no official reason was given in its Saturday announcement.
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
Chancery Suit Over $1.4B Building Co. Merger Survives Trims
The CEO, controlling investor and board members of specialty building product maker Foundation Building Materials Inc. must face Delaware Court of Chancery breach of fiduciary duty claims filed by stockholder after a $1.4 billion company sale, a Delaware vice chancellor has ruled.
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June 03, 2024
Group Defends Plan For PED-Fueled Athletic Competitions
The Enhanced Games continues to push for its performance-enhanced events after criticism from the International Federation of Sports Medicine, arguing Monday that its mission is not that different, because it too wants healthy athletes and fair competition.
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June 03, 2024
Ex-SoftBank GC Joins Foley & Lardner As Partner In SF
Foley & Lardner LLP has hired SoftBank Investment Advisers' former general counsel, who has over a decade of experience in private practice and serving as in-house counsel overseeing SoftBank's legal team, which structured and monitored more than 300 portfolio companies worth more than $130 billion.
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June 03, 2024
Biotech Firm, Mobile App Prepare To Enter IPO Fray
Biotechnology firm Rapport Therapeutics Inc. and Australian-listed mobile-sharing app Life360 Inc. unveiled plans on Monday for initial public offerings that are estimated to raise about $311 million combined this week, under guidance from three law firms.
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June 03, 2024
Sullivan, Simpson Guide Ackman's Pershing On $1B Sale
Billionaire investor Bill Ackman's Pershing Square Capital Management announced Monday it sold a 10% common equity stake in the business to a consortium of institutional investors and family offices for $1.05 billion, giving the hedge fund a $10.5 billion value.
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June 03, 2024
Holland & Knight Hires 3 Ex-Loeb Partners In LA
Holland & Knight announced on Monday the hiring of three former finance partners at Loeb & Loeb, including its vice chair, for its Los Angeles office.
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June 03, 2024
Apax Sells £92.4M Worth Of Shares In Baltic Classifieds Group
Private equity firm Apax Partners LLP said Monday it has sold 40 million shares in the capital of Baltic Classifieds Shares PLC, a Lithuanian holding company, for approximately £92.4 million ($120 million).
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June 03, 2024
Hipgnosis Backs Blackstone's Sweetened £1.6B Buyout Offer
Music rights giant Hipgnosis Songs Fund Ltd. said Monday that it will back a sweetened $1.6 billion bid from Blackstone Inc., as the private equity heavyweight restructures its offer to make it easier to take over the entire company.
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May 31, 2024
Online Comic Platform Webtoon Joins Growing IPO Pipeline
Online cartoon platform Webtoon Entertainment Inc. on Friday filed plans for an initial public offering, guided by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP, joining a growing roster of IPO candidates for June.
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May 31, 2024
Monthly Merger Review Snapshot
The U.S. Department of Justice sued to unwind the 14-year-old merger between Live Nation and Ticketmaster, while the Federal Trade Commission advanced pending challenges of a grocery megamerger and deals in the healthcare and designer fashion space. Here are some of the major merger review developments from May.
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May 31, 2024
Jilted FTX Claim Buyer Sues Crypto Trader In Chancery
An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.
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May 31, 2024
Investor To Admit Goosing Getty Stock With Sham Offer
A former corporate executive has agreed to plead guilty to floating a sham deal to buy Seattle-based Getty Images Holdings so that he and a friend could profit off the company's inflated share price, federal prosecutors and securities enforcers said Friday.
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May 31, 2024
Don't Miss It: Dechert, Simpson Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions helmed by Dechert LLP and Simpson Thacher & Bartlett LLP.
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May 31, 2024
Tether Investment In Crypto Miner Bitdeer Worth Up To $150M
Singapore-based cryptocurrency miner Bitdeer Technologies Group said in a statement Friday it has completed a private placement deal with Tether International Ltd. that could bring proceeds of $150 million.
Expert Analysis
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Behind Indiana's Broad New Healthcare Transactions Law
The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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The Merger Cases That Will Matter At ABA Antitrust Meeting
While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.