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Mergers & Acquisitions
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April 14, 2025
Real Estate-Focused SPAC Prepares For $200M IPO
Special purpose acquisition company Timber Road Acquisition Corp. filed documents on Monday that outlined its plans for a $200 million initial public offering in search of merger targets in real estate and consumer industries, with Reed Smith LLP representing the company and Loeb & Loeb LLP as counsel for an underwriter.
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April 14, 2025
Morgan Stanley Raises $2.3B For 3rd Co-Investment Fund
Morgan Stanley Investment Management said Monday it has closed its third dedicated private equity co-investment fund at its hard cap of about $2.3 billion, underscoring investor demand for direct exposure to deals alongside leading buyout firms.
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April 14, 2025
Clifford Chance Hires Corporate M&A Atty From White & Case
Clifford Chance LLP has grown its U.S. corporate mergers and acquisitions practice with the addition of a former White & Case LLP partner in New York, the firm said Monday.
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April 14, 2025
Wilson Sonsini, Kirkland Lead $2.5B Driverless Truck Biz Deal
Wilson Sonsini Goodrich & Rosati PC-steered Kodiak Robotics, a firm valued at $2.5 billion that specializes in driverless truck technology, said Monday it plans to go public later this year by merging with blank-check company Ares Acquisition Corp. II, which is being represented by Kirkland & Ellis LLP.
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April 14, 2025
Sidley Lands M&A, Private Equity Pro From Skadden In NY
Sidley Austin LLP announced on Monday it has hired a partner from Skadden Arps Slate Meagher & Flom LLP to strengthen its mergers and acquisitions and private equity practices.
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April 14, 2025
Norton Rose Leads TowerBrook On £283M Buy Of Equals
A consortium of private equity firms, including TowerBrook Capital Partners LP, has completed its £283 million ($373 million) takeover of technology company Equals Group PLC, triggering the suspension of its shares from the London Stock Exchange, the British business said on Monday.
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April 14, 2025
Slaughter And May-Led Wood In £242M Bid After £1.6B Offer
Scotland-based engineering consultancy Wood Group said Monday that its West Asian rival Sidara has made an approximately £242 million ($379 million) takeover proposal, guided by Slaughter and May, after making a £1.6 billion offer in 2024.
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April 14, 2025
Silver Lake To Buy Stake In Intel Chips Unit At $8.8B Value
Skadden-led Intel Corp. said Monday it has agreed to sell a 51% stake in its Altera business to Latham & Watkins LLP-advised Silver Lake, valuing the semiconductor solutions business at $8.75 billion.
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April 14, 2025
3 Firms Guide $3.1B KKR Purchase Of S&P, CME Trading Unit
KKR has agreed to acquire post-trade solutions provider OSTTRA from Davis Polk-led S&P Global and Skadden-advised CME Group for $3.1 billion, with Simpson Thacher guiding the private equity giant on the deal, the companies said Monday.
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April 14, 2025
A&O Shearman-Led Ageas Inks £1.3B Deal For UK Insurer
Belgian insurer Ageas said Monday that it has reached an agreement with Bain Capital to buy Esure Group PLC, which provides motor and home cover, for £1.295 billion ($1.7 billion) as it moves to expand in the U.K. online market.
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April 11, 2025
FTC Democrat Members Seek Quick Win In Trump Firing Suit
Recently fired Federal Trade Commission Democrat members Rebecca Kelly Slaughter and Alvaro M. Bedoya on Friday asked a D.C. federal court for an expedited summary judgment ruling in their case challenging their removals, arguing that President Donald Trump's attempted firings run afoul of decades-old precedent and the FTC Act.
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April 11, 2025
Chancery Tosses Exabeam Stockholder's Appraisal Suit
A former stockholder of cybersecurity venture Exabeam Inc. saw his suit for Court of Chancery share appraisal shot down on Friday, after a vice chancellor concluded that the suit was launched as an unsupported workaround to secure documents unavailable to him on the company's merger with LogRhythm Inc.
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April 11, 2025
Tariff Reprieve Offers Little Comfort For Venture-Backed IPOs
President Donald Trump's move to pause most tariff threats is not reassuring venture-backed startups eyeing public listings, many of which will likely postpone initial public offerings for at least another quarter or until shaky market conditions stabilize, a new report concludes.
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April 11, 2025
NC AG Can't Shield Most Merger Review Docs, Judge Holds
The North Carolina Attorney General's Office can't shield a host of internal records pertaining to its review of a 2019 hospital merger at the center of a compliance case, a state court judge has said, finding "only a few" records constitute protected attorney-client communications or work product.
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April 11, 2025
FTC Starts Process That May Nix Chevron, Exxon Deal Limits
The Federal Trade Commission took the first steps Friday toward potentially lifting bans on the CEOs of Hess and Pioneer Natural Resources serving on the boards of Chevron and Exxon, respectively, under agreements assailed by the FTC's Republican leadership who want to permit the Chevron-Hess and Exxon-Pioneer mergers without those restrictions.
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April 11, 2025
Live Nation, Ticketmaster Can't Nix Consumer Antitrust Suit
A California federal judge Friday denied a bid from Live Nation and Ticketmaster to toss an antitrust case from consumers alleging monopolization of the concert ticketing market, following a tentative ruling issued earlier this week while finding a recent antitrust win for Amazon doesn't translate to the case before him.
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April 11, 2025
FTC Says Chamber's Merger Notice Rule Suit Belongs In DC
The Federal Trade Commission has asked a Texas federal judge to transfer a U.S. Chamber of Commerce regulation challenge to Washington, D.C., arguing that the only claims to Lone Star State jurisdiction are vague assertions that a local chamber's members could be affected by a new overhaul of merger filing requirements.
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April 11, 2025
Future Pak Goes Public With $255M Theratechnologies Bid
Pharmaceutical manufacturer and packager Future Pak LLC, advised by Honigman LLP, on Friday publicly unveiled its proposal to acquire pharmaceutical company Theratechnologies Inc. for up to $255 million, a move that comes after Future Pak has received "minimal engagement" from the other company.
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April 11, 2025
Nikola Corp. Gets OK For $30M Arizona Factory Sale
A Delaware bankruptcy judge Friday gave electric vehicle and hydrogen fueling technology maker Nikola Corp. the go-ahead to sell its Arizona factory and headquarters to electric carmaker Lucid Motors for $30 million.
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April 11, 2025
FTC Probing Valvoline's $625M Breeze Autocare Deal
Valvoline Inc. said Friday that the company and Greenbriar Equity Group LP have each received second requests from the Federal Trade Commission for Valvoline's proposed $625 million acquisition of Breeze Autocare from the middle market private equity firm.
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April 11, 2025
Trump Walks A Fine Line In Effort To Steer US Steel's Future
Nippon's hopes of acquiring U.S. Steel were revived when President Donald Trump ordered a fresh national security review of the deal, but he faces a delicate balancing act to strike an agreement acceptable to all parties without giving a foreign power full control of the vital American steelmaker.
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April 11, 2025
Envestnet Sued For Docs On $4.5B Bain Capital Deal In Del.
A former trust investor in wealth and data management giant Envestnet Inc. sued in Delaware's Court of Chancery on Thursday for access to books and records on the company's $4.5 billion take-private deal with Bain Capital last year, citing concerns over both price and potential conflicts.
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April 11, 2025
Fox Rothschild Hires Familiar Corporate Partner In Boston
Fox Rothschild LLP has expanded its Boston office with the addition of a Withers mergers and acquisitions attorney and corporate partner, who noted his path to the firm was shaped years ago, when he sat across the negotiation table from its lawyers on a memorable deal.
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April 11, 2025
Taxation With Representation: Norton Rose, Ropes & Gray
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime brokerage platform Hidden Road, and Bain Capital takes a stake in Lincoln Financial.
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April 11, 2025
Apollo Plugs $400M Into Joint Venture With Solar Company
Private equity giant Apollo, led by Orrick Herrington & Sutcliffe LLP, on Friday announced plans to commit up to $400 million to a new joint venture partnership with commercial solar company Summit Ridge Energy LLC.
Expert Analysis
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Fostering Healthcare Industry Success With Joint Ventures
As the healthcare industry continues to evolve, joint ventures remain a key strategy to unite health systems, private equity firms and physician practices in leveraging their collective strengths to foster innovation and improve patient care, say Carole Becker and Travis Jackson at McDermott.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Inside FTC's Decision To Exit Key Merger Review Labor Memo
Despite the Federal Trade Commission's recent withdrawal from a multiagency memorandum of understanding to step up enforcement of labor issues in merger investigations, the antitrust agencies aren't likely to give up their labor market focus, say attorneys at Stinson.
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Comments Show Need For Clarity On SBA Proposed Rule
The recent public comments period for the Small Business Administration's proposed rule on recertification and other regulations underscores the need for more precision, particularly on agreements in principle, which the SBA should address as it moves forward with this rulemaking, say attorneys at Covington.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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Election Unlikely To Overhaul Antitrust Enforcers' Labor Focus
Although the outcome of the presidential election may alter the course of antitrust enforcement in certain areas of the economy, scrutiny of labor markets by the Federal Trade Commission and the U.S. Department of Justice is likely to remain largely unaffected — with one notable exception, say Jared Nagley and Joy Siu at Sheppard Mullin.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Bristol-Myers Win Offers Lessons For Debt Security Holders
A New York federal judge's recent dismissal of a $6.4 billion lawsuit against Bristol-Myers Squibb, due to plaintiff UMB Bank's lack of standing, serves as an important reminder to debt security holders to obtain depositary proxies before pursuing litigation, say attorneys at Milbank.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Avoiding Merger Disputes Via Careful LLC Agreement Drafting
The Delaware Court of Chancery recently upheld a merger in a dispute over the process of amending the target's limited liability company agreement, underscoring the importance of understanding the Delaware LLC Act default rules and careful drafting to allow for contractual modifications, says Jane Trueper at Lathrop.