Private Equity

  • April 21, 2017

    Taxation With Representation: Skadden, Cravath, Simpson

    In this week’s Taxation With Representation, Skadden guides a $6.1 billion deal in the health industry, Cravath heads two transactions each worth $600 million or more, and Simpson Thacher helps PetSmart purchase online pet food retailer Chewy.

  • April 21, 2017

    First Phase Of Lynn Tilton Chancery Trial Wraps

    The first phase of the Delaware Chancery trial between Patriarch Partners LLC magnate Lynn Tilton and her so-called Zohar funds ended Friday, with Tilton expected to continue mounting a defense when proceedings resume in May that she alone can choose the board members for three associated companies.

  • April 21, 2017

    Don't Miss It: Hot Deals & Firms We Followed This Week

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Debevoise & Plimpton LLP and O'Melveny & Myers LLP. Here, Law360 recaps the transactions you might have missed.

  • April 21, 2017

    HK Investor Wants Out Of DreamWorks Insider Trading Case

    A Hong Kong private equity investor on Friday urged a Manhattan federal judge to toss U.S. Securities and Exchange Commission allegations that he made $29 million using insider information about Comcast's purchase of DreamWorks Animation, saying the suit lacks necessary elements such as an alleged tipper.

  • April 21, 2017

    Deals Rumor Mill: General Electric, L'Oreal, M1

    A number of companies are battling to buy GE's $3 billion industrial solutions business, the list of suitors vying for L'Oreal's Body Shop business has been whittled down and the three largest investors in Singaporean wireless operator M1 are considering a sale of their combined 61 percent stake.

  • April 21, 2017

    KKR’s Former Cleaners Say Firm Stiffed Them $1.9M

    Two cleaning companies filed suit Thursday in New York state court against Kohlberg Kravis Roberts & Co. LP, alleging that the international private equity firm bilked them of more than $1.9 million when it terminated their contracts early and that it failed to pay damages triggered by the alleged contract breach.

  • April 21, 2017

    China's Wecash Scores $80M Private Capital Infusion

    Wecash, a Chinese company using artificial intelligence to aid credit assessments, has collected $80 million from a group of private investors led by China Merchants Venture Capital, Forebright Capital and SIG Ventures, the companies said Friday.

  • April 21, 2017

    Ardian Agrees To Pay $2.5B In Deal With Mubadala Capital

    Ardian has agreed to pay a total of $2.5 billion to acquire an interest in a private equity portfolio managed by the financial investment arm of Mubadala Development Co. and help establish a new PE fund alongside the United Arab Emirates-based firm, the companies said Thursday.

  • April 21, 2017

    PE Deals Set To Rise After Slow Q1 As Dry Powder Piles Up

    Lingering concerns about competition, pricing and geopolitical uncertainty contributed to a sluggish start to the year for private equity dealmaking, but the pace is expected to pick up as the year goes on and fund managers feel pressure to deploy the record $842 billion in dry powder they collectively hold.

  • April 21, 2017

    Real Estate Rumors: Blackstone, RFR, Robbins Electra

    Part of Blackstone's recent $430 million deal was reportedly for a $103.6 million property in Palm Beach Gardens, Florida, RFR is said to have leased more space in New York to Tommy Hilfiger, and multifamily owner-operator Robbins Electra is reportedly buying an apartment complex in southwest Miami-Dade County.

  • April 20, 2017

    Lynn Tilton Takes Stand At Chancery Zohar Trial

    Patriarch Partners LLC magnate Lynn Tilton took the stand Thursday in the Delaware Chancery trial with her so-called Zohar funds over the proper board makeup of three associated businesses, giving testimony that highlighted disagreements between the sides over how her business empire is structured.

  • April 20, 2017

    Investors Rip Wells Fargo Doc Request In $1.2B MBS Suit

    BlackRock and other investors in a proposed class action against Wells Fargo over its alleged bungling of $1.2 billion in mortgage-backed securities asked a New York federal judge Wednesday to rein in the bank’s discovery requests, claiming it is demanding documents that are either irrelevant or too burdensome to produce.

  • April 20, 2017

    $20M Panda Temple DIP Short-Circuited By Court, Creditor

    A bankrupt Texas power plant’s $20 million debtor-in-possession loan plan got short-circuited Thursday, after close questioning by a Delaware bankruptcy judge and an accelerated, $5.7 million revenue hedge payment by an investor wary of DIP lender restrictions.

  • April 20, 2017

    Trump's Pick For No. 2 Commerce Position Bows Out

    President Donald Trump’s pick for the No. 2 spot at the Department of Commerce, Todd Ricketts, has withdrawn his nomination for the position, according to a Wednesday report from the Chicago Sun-Times.

  • April 20, 2017

    ER Operator Adeptus Files Ch. 11, Seeks PE Takeover

    Emergency room company Adeptus Health Inc. and 139 affiliates, mostly individual medical centers, filed for Chapter 11 bankruptcy in Texas on Wednesday with $454 million in debt and a plan to be taken over by private equity firm Deerfield Management Co.

  • April 20, 2017

    Macquarie, Others Drop $2.95B On UK Green Bank

    Macquarie Group Ltd. said Thursday it and other investors will buy UK Green Investment Bank PLC from the British government for £2.3 billion ($2.95 billion), despite concerns that a sale to the Australian financial services firm could result in the environmental investment bank having its assets stripped.

  • April 20, 2017

    Deals Rumor Mill: Toshiba, Atlantia, Bitauto Holdings

    Western Digital is considering a joint bid with Japanese investors for Toshiba's highly sought-after chip business, Italian infrastructure company Atlantia SpA hopes to raise up to €8 billion ($8.6 billion) to help finance a bid to take over Abertis Infraestructuras, and online car-financing platform Bitauto Holdings has raised about $1 billion from Tencent Holdings, Baidu and JD.com.

  • April 20, 2017

    Appraisal Actions May Be The Next Frontier For PE Shops

    Delaware’s Supreme Court will soon decide if lower courts properly determined that both Dell Inc.’s $24.9 billion management-led buyout and DFC Global Corp.’s $1.3 billion buyout were priced too low, potentially leading more companies to try appraisal litigation as an investment strategy.

  • April 20, 2017

    Blackstone Drops $430M On TA Realty Multifamily Portfolio

    Blackstone Real Estate Income Trust has purchased a multifamily portfolio that includes properties in Texas, Illinois and Florida from TA Realty LLC for roughly $430 million, according to an announcement on Wednesday from TA Realty.

  • April 20, 2017

    High Speed Trader Virtu Expands Reach With $1.4B KCG Buy

    High-frequency trading firm Virtu Financial said it would buy smaller rival KCG Holdings Inc. for $1.4 billion in cash on Thursday, giving the firm access to its counterpart’s institutional client base and expanding the reach of the two New York-based firms.

Expert Analysis

  • Monthly Column

    Gray Matters: The Attorney-Client Team

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    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • The 1st Case To Decline Corwin 'Cleansing'

    Gail Weinstein

    Saba Software Stockholder Litigation may be the first case in which the Delaware Chancery Court has declined to apply “cleansing” under Corwin, but the decision confirms the recent trend that Corwin cleansing of noncontroller stockholder-approved transactions is likely to be precluded only in unusual and egregious circumstances, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • A Snapshot Of M&A Activity In March

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    Global M&A activity was up significantly in March after two months of straight declines. In the U.S., it was a very different story, observes Ariel Deckelbaum of Paul Weiss Rifkind Wharton & Garrison LLP.

  • The Complexities Of Winding Down A Hedge Fund

    Finbarr O’Connor

    Hedge fund mortality is commonplace, yet it is an infrequently examined subject. As the U.S. Securities and Exchange Commission considers issuing guidance that could require mandatory transition planning for all registered investment advisers, understanding the various elements of a fund wind-down has become important, says Finbarr O’Connor of Berkeley Research Group LLC.

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.