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Private Equity
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April 17, 2024
TPG Plugs $235M Into Supply Chain Risk Intelligence Platform
Counterparty and supply chain risk intelligence platform Sayari, advised by Manatt Phelps & Phillips LLP, on Wednesday revealed that it closed on an upsized $235 million strategic majority investment from Kirkland & Ellis LLP-advised private equity shop TPG, which will provide the company with additional capital to support continued growth.
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April 17, 2024
Vinci To Buy Controlling Stake In Edinburgh Airport For £1.3B
Vinci SA said Wednesday that one of its subsidiaries has agreed to buy a 50.01% stake in Edinburgh Airport for £1.27 billion ($1.58 billion), as the French infrastructure giant eyes growth at the Scottish flight hub.
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April 16, 2024
Crypto Co. Can't Be Sued Over 'Scam Token,' 2nd Circ. Hears
The business, founder and venture capital backers behind decentralized cryptocurrency exchange Uniswap Labs told the Second Circuit that a New York federal judge was right to dismiss a suit from investors who claimed they bought scam tokens on the platform since the business didn't enter into any contract with buyers.
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April 16, 2024
Businessman Urges Calif. Court To Refuse $4.4M Award
A businessman who signed agreements with a Chinese energy management company on behalf of two different investment funds has told a California federal court that he never received proper notice about an arbitration that resulted in a $4.4 million award against him.
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April 16, 2024
9th Circ. Upholds Tossing Skillz Gaming Tech Investor Suit
The Ninth Circuit on Tuesday upheld a decision to toss a proposed class action claiming that mobile gaming company Skillz Inc. misled investors about its technology prior to a 2021 merger with a special purpose acquisition company, ruling that issues with the gaming software do not make the company' statements false or misleading.
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April 16, 2024
Chancery Orders Closer Look At Crown Castle Proxy Moves
A Delaware vice chancellor has ordered a preliminary injunction hearing ahead of a contested board proxy vote for cell tower operator Crown Castle Inc., after the company's co-founder objected to Crown's unilateral addition of an extra, filled board seat in the midst of a proxy fight.
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April 16, 2024
Ex-Minority Owner Of Commanders Sues BofA Over Team Sale
A former minority owner of the Washington Commanders has accused Bank of America and affiliated entities of conspiring with the team's former majority owner to buy 40% of the franchise at a discount, only to turn around and later sell all of it for $6 billion.
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April 16, 2024
Barnes & Noble Education Reaches Deals To Reduce Debt
Paul Hastings LLP-advised Barnes & Noble Education Inc., which provides solutions for the education industry, on Tuesday announced that it has entered into various agreements meant to significantly strengthen its long-term financial position and reduce its debt, allowing the company to continue investing in education innovation.
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April 16, 2024
Amundi, Victory Capital Ink Strategic Partnership Agreement
France's Amundi will merge its Amundi US unit with Texas-based Victory Capital in exchange for a 26.1% stake in the latter firm, in a deal that would bolster Amundi's U.S. presence while expanding Victory's worldwide distribution channels, the asset managers said Tuesday.
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April 16, 2024
Magnesium Capital Clinches €135M Inaugural Fund
Energy-transition private equity-buyout firm Magnesium Capital, advised by Simpson Thacher & Bartlett LLP, on Tuesday announced it had closed its inaugural fund above target after raising €135 million ($143.4 million).
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April 16, 2024
Cybersecurity-Focused PE Firm Secures $1.1B For 3rd Fund
Cybersecurity-focused private equity firm Evolution Equity Partners on Tuesday announced that it raised $1.1 billion of capital commitments for its third technology-focused fund, which will be used to back entrepreneurs building cybersecurity companies.
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April 16, 2024
Latham Adds 2 Simpson Thacher Attys To Its NY Office
Latham & Watkins LLP has added two attorneys from Simpson Thacher & Bartlett LLP for its New York office, one of whom joins as co-chair of its global hybrid capital practice.
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April 16, 2024
Cooley-Led Data Security Firm Rubrik Eyes $679M IPO
Venture-backed data security firm Rubrik Inc. on Tuesday launched plans for an estimated $679 million initial public offering, hoping to capitalize on an upturn in technology listings.
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April 15, 2024
Trump Media Files To Register More Shares For Potential Sale
The newly public owner of former President Trump's social media platform Truth Social filed paperwork on Monday to issue an additional 21.5 million shares and register for resale about 146 million existing shares, including a large stake owned by Trump.
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April 15, 2024
SEC Fines Adviser $60K Over Alleged Pay-To-Play Violations
The U.S. Securities and Exchange Commission announced Monday that a Minnesota-based investment advisory firm will pay $60,000 to settle allegations it violated the commission's pay-to-play rule, which prohibits investment advisers from providing services to government-related clients for two years following a political campaign contribution.
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April 15, 2024
Youth Sports Investment Group Bags Soccer, Baseball Cos.
Unrivaled Sports, a youth sports-focused investment group led by the owner of the NFL's Washington Commanders, NBA's Philadelphia 76ers and NHL's New Jersey Devils, is quickly building its portfolio since launching last month, with two acquisitions announced Monday and last week.
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April 15, 2024
Cleary Gottlieb Guides APi's $570M Elevator Repair Co. Buy
Cleary Gottlieb Steen & Hamilton LLP-represented APi Group, which owns contracting businesses serving industries like energy and construction, announced Monday that it has bought an elevator maintenance company in a $570 million cash deal.
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April 15, 2024
UK Trading Platform Marex Eyes US Markets For $300M IPO
Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.
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April 15, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware justices mulled whether one Chancery Court vice chancellor properly voided four company bylaws — just as another vice chancellor voided one more. Fights among Truth Social investors continued, and shareholders launched new cases involving Macy's, United Airlines, and Clayton Dubilier & Rice LLC and Stone Point Capital LLC.
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April 15, 2024
Bond Co. Asks For Life-Saving Pause On $811M Fine
Immigration bonding company Libre by Nexus Inc. has begged a Virginia federal court for more time to pay an $811 million judgment for predatory bonding practices, saying it would collapse if forced to pay before it can execute its transfer to a new owner.
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April 15, 2024
Clearlake Increases Blackbaud Takeover Bid To $4.3B
Private equity shop Clearlake Capital has upped its offer to purchase Blackbaud Inc. by roughly $500 million — bringing its proposal to around $4.3 billion — after the cloud computing software company rejected its previous buyout bid, with the firm saying the take-private deal would be the "clearest path" to maximizing shareholder value.
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April 15, 2024
Freshfields-Led CVC Plans €1.25B IPO In Amsterdam
Private equity giant CVC said Monday that it is planning to list its shares in Amsterdam and raise at least €1.25 billion ($1.3 billion) in a widely anticipated initial public offering guided by Freshfields Bruckhaus Deringer LLP.
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April 15, 2024
Simpson Thacher, Willkie Build $1.4B Sale Of Snap One
Willkie Farr & Gallagher LLP-advised Resideo Technologies Inc. on Monday announced plans to buy smart-living products provider Snap One Holdings Corp., led by Simpson Thacher & Bartlett LLP, for $1.4 billion, which will be supported by a $500 million investment from private equity giant Clayton Dubilier & Rice LLC.
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April 12, 2024
Jane Street Says Millennium, Ex-Workers Stole Trade Secrets
Trading firm Jane Street Group LLC sued rival Millennium Management LLC and two former employees in New York federal court Friday, alleging they stole a confidential trading strategy and have reaped "massive profits from this theft."
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April 12, 2024
S. Korea Must Pay Mason $32M In Samsung Merger Fight
An international tribunal ordered South Korea to pay Mason Capital Management LLC $32 million in a long-running investor-state suit filed by the New York-based hedge fund over the 2015 merger of two Samsung affiliates, according to the South Korea Ministry of Justice.
Expert Analysis
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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.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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Planning For Healthcare-Private Equity Antitrust Enforcement
U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.