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Private Equity
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April 30, 2024
Goodwin Private Funds Partner Joins Fried Frank In NY
Fried Frank has announced it hired a New York-based asset management attorney who spent more than a decade at Simpson Thacher & Bartlett LLP and was most recently a partner at Goodwin Procter LLP.
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April 30, 2024
Morrisons, MFG Close £2.5B Petrol Station Deal
Morrisons said Tuesday it has closed the sale of its 337 petrol station forecourts and 400 electric vehicle charging points to an independent forecourt operator in a £2.5 billion ($3.18 billion) transaction advised by five law firms including Pinsent Masons LLP.
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April 30, 2024
Don't Miss It: McDermott, Paul Weiss Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month. Here, Law360 recaps the deals you may have missed, including transactions helmed by McDermott and Paul Weiss.
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April 30, 2024
Golub Capital Amasses $2B For 6th Credit Opportunities Fund
Private credit-focused asset management firm Golub Capital on Tuesday announced that it clinched its sixth credit opportunities fund after amassing $2 billion of capital from investors.
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April 30, 2024
PE-Backed Medline Buying Ecolab's Surgical Unit For $950M
Private equity-backed medical supply company Medline said Tuesday it has agreed to acquire the global surgical solutions business of Ecolab Inc. for $950 million in cash.
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April 30, 2024
Backing For Concord's $1.5B Hipgnosis Bid Falls
Support for music rights company Concord Chorus' $1.5 billion bid for rival Hipgnosis Songs Fund Ltd. dropped among the latter's shareholders on Tuesday, after private equity giant Blackstone swooped in with an improved $1.6 billion offer.
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April 30, 2024
UAE-Backed Firm Walks Away From Telegraph Deal, Eyes Sale
RedBird IMI said Tuesday that it will ditch its takeover of Telegraph Media Group and sell the business as the Abu Dhabi-backed private equity firm added that its plans are "no longer feasible," citing a push to ban foreign ownership of British media groups.
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April 29, 2024
Amazon Files $200M Countersuit Over Solar Projects' Fallout
Amazon claims a California-based private equity firm reneged on a pair of 15-year deals to sell it power from two new solar developments, launching a suit in Washington state court following competing allegations in California that the retail giant tried to sabotage the projects after signing the deals.
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April 29, 2024
Cyber Co. ZeroFox Investor Sues In Del. For Sale Docs
A ZeroFox Holdings Inc. stockholder sued in Delaware's Court of Chancery Monday for books and records on the cybersecurity intelligence company's $1.14 per share, $350 million sale to private equity firm Haveli Investments, citing questions about a pre-closing reduction in the company's value estimate.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
Paramount CEO Departs As Rumors Of Skydance Deal Swirl
Paramount Global said Monday that CEO Bob Bakish is stepping down and will be replaced by three senior company executives, as the company is said to be closing in on a merger deal with Skydance Media.
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April 29, 2024
WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures
A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.
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April 29, 2024
No Need To Delay $811M Immigrant Bond Co. Fine, CFPB Says
The Consumer Financial Protection Bureau told a Virginia federal judge that there is no need to hold off fining a bonding company $811 million for predatory bonding practices, saying the company's fear of collapse is mooted by a recent sale.
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April 29, 2024
StarKist Looks To Block Guilty Plea From Price-Fixing Trial
StarKist and its South Korea-based owner are urging a California federal judge to reject a bid by packaged tuna buyers to bring evidence of the tuna company's guilty plea into the civil litigation, arguing that the plea agreement with the U.S. Department of Justice is irrelevant to a trial over claims that major tuna brands conspired to keep prices high.
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April 29, 2024
Kirkland Adds 2nd Funds Group From Goodwin This Year
Kirkland & Ellis LLP has hired a group of four attorneys specializing in investment funds from Goodwin Procter LLP, the firm said Monday, following its addition of five investment funds lawyers from the same firm in February.
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April 29, 2024
Bruin Capital Buys Turf Management Co. PlayGreen
Sports-focused private equity shop Bruin Capital, advised by Simpson Thacher & Bartlett LLP, announced on Monday that it is acquiring a majority stake in PlayGreen BV Inc., the Netherlands-based holding company that owns turf management company Stadium Grow Lighting.
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April 29, 2024
Viking Upsizes IPO To $1.2B As More Companies Enter Fray
Cruise operator Viking Holdings Ltd. on Monday upsized its expected initial public offering to about $1.2 billion, by increasing the number of shares that existing stockholders plan to sell, as more companies join an expanding IPO pipeline.
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April 29, 2024
Proskauer Brings On WndrCo GC As NY Private Funds Partner
Proskauer Rose LLP said Monday that it has added a former general counsel and general partner of venture capital firm WndrCo as a private funds partner in New York.
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April 29, 2024
Hipgnosis Backs Blackstone's New $1.6B Offer In Bidding War
Blackstone said on Monday that the directors of music rights company Hipgnosis Songs will back a new $1.6 billion offer by the private equity giant after they said they would withdraw their backing for an earlier $1.5 billion bid from a U.S. competitor, Concord Chorus.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
ERISA Suits Targeting Annuity Deals Could Escalate
A quartet of lawsuits targeting employers who terminate their pension plans and exchange them for annuity insurance contracts could trigger a new wave of class action litigation if they gain traction, since hundreds of thousands of retirees have been subject to pension risk transfers in recent years, attorneys say.
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April 26, 2024
Blackstone Must Face Claims Of Price-Fixing At Vegas Hotels
A Las Vegas hotel price-fixing suit against Blackstone and others has survived the private equity firm's motion to dismiss, with a Nevada federal judge ruling the plaintiffs had shown enough to allege Blackstone was in control of one of the target hotels, the Cosmopolitan Hotel, at the time of the alleged scheme.
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April 26, 2024
L Catterton Buys Majority Stake In KIKO Milano At $1.5B Value
Private equity firm L Catterton said Friday it has agreed to buy a majority stake in the Percassi family's beauty brand KIKO Milano, in a deal steered by Italian law firms Bonelli Erede Lombardi Pappalardo and Gatti Pavesi Bianchi Ludovici, respectively, along with several additional consultants and financial advisers.
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April 26, 2024
Therapy Co. SPAC Investors To Settle Del., Ill. Merger Suits
An attorney for a blank-check company that took ATI Physical Therapy Inc. public told Delaware's Court of Chancery it has agreed to settle two proposed stockholder class actions in conjunction with pending federal class and derivative suits in the Northern District of Illinois.
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April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
Expert Analysis
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement
The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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An Overview Of Key Financing Documents In Venture Capital
The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Why Oncology Deal Making Continues To Fuel Biotech M&A
The biotech sector's potential for advancements in cancer care continues to attract deal-maker interest, and the keys to successful mergers and acquisitions include the ability to integrate innovative therapies, leverage technological advancements and respond to the dynamic needs of patients, say Bryan Luchs and Mike Weir at White & Case.
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How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Document Retention Best Practices To Lower Litigation Risks
As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Tips For Healthcare M&A Amid Heightened Antitrust Scrutiny
As the Biden administration maintains its aggressive approach to antitrust merger enforcement, prudent healthcare M&A counsel will consider practical advice when contemplating their next transaction, including carefully selecting a merger partner and preparing for a potentially long waiting period prior to closing, say attorneys at Davis Wright.
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2 Issues For Venture-Backed Climate Tech Startups To Avoid
As climate tech startups become more common, poor equity dilution management and stacked seed financing are two common pitfalls that apply more acutely to climate tech startups than to the broader venture-backed startup space, say attorneys at Goodwin.
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Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.