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Private Equity
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March 13, 2024
4 Firms Steer PE-Backed Galderma's Plans For $2.3B IPO
Private equity-backed skincare firm Galderma S.A. on Wednesday set a price range on an estimated $2.3 billion initial public offering on the Swiss Stock Exchange, guided by four law firms, marking the latest sign of rebound for European IPOs.
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March 13, 2024
KKR Leads $500M HarbourView Music-Backed Financing
HarbourView Equity Partners said Wednesday it has secured about $500 million in debt financing through a music asset-backed securitization led by KKR, which will be used to further expand HarbourView's music investment capabilities.
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March 13, 2024
Simpson Thacher Steers Close Of $2B Travel-Focused Fund
Simpson Thacher & Bartlett LLP-advised KSL Capital Partners LLC on Wednesday said that it clinched its latest travel and leisure-centered private equity fund after amassing roughly $2 billion in capital commitments.
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March 13, 2024
Kirkland-Led Wind Point Closes Its Largest Ever Fund At $2.3B
Chicago-based private equity shop Wind Point Partners, advised by Kirkland & Ellis LLP, on Wednesday said that it closed its latest fund after securing $2.3 billion in commitments, marking the firm's largest fund raised to date.
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March 13, 2024
40-Nation Noncompete Must Be Nixed, Conn. Trader Says
A Connecticut trader who quit his job at Rowayton-based Graham Capital Management LP is seeking a quick win on arguments that his two-year noncompete agreement, which he says bans him from working in more than 40 nations worldwide, is too broad to be enforced under Nutmeg State law.
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March 13, 2024
North American Deal-Makers Bearish On 2024 M&A
A minority of deal-makers in North America expected increases in mergers and acquisitions activity moving into 2024, though their counterparts in Asia and the EMEA region were significantly more optimistic, a new report from software company SS&C Intralinks shows.
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March 13, 2024
Split 2nd Circ. Frees Ex-Apollo Exec From SEC Fraud Fine
A split Second Circuit panel on Wednesday released a former Apollo Management senior partner from a $240,000 civil penalty in a U.S. Securities and Exchange Commission suit alleging he used phony expense reports to fund a lavish lifestyle, saying there was no way for him to know that his customers would ultimately be charged.
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March 13, 2024
Blackstone Closes $600M Credit Deal For Utah Data Center
Blackstone Credit & Insurance has provided a $600 million senior secured credit facility for Aligned Data Centers' data center development project in West Jordan, Utah, the companies have announced.
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March 20, 2024
King & Spalding Hires Paul Hastings Finance Pro
King & Spalding LLP has appointed Paul Hastings LLP finance expert Peter Schwartz as partner in its London office in a bid to boost its European corporate practice.
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March 13, 2024
Orsted Sells Stake In 4 Onshore US Wind Farms For $300M
Danish energy giant Orsted said Wednesday that it will sell a stake in a portfolio of four U.S. onshore wind farms to investment firm Stonepeak for $300 million.
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March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
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March 12, 2024
Bolt Financial's Chairman Is Controlling Board, Suit Says
Stockholders of Bolt Financial Inc. on Monday updated their derivative complaint against the company's board of directors, alleging chairman, controlling shareholder and former CEO Ryan Breslow purposely defaulted on a $30 million loan that was secured by Bolt and that he has repeatedly appointed and removed directors for his personal interests.
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March 12, 2024
SEC Says Ex-Tallgrass Director Tipped Pals To $3.5B Takeover
The U.S. Securities and Exchange Commission on Tuesday fined a former director of Tallgrass Energy LP accused of committing insider trading by tipping off friends about the then-upcoming $3.5 billion sale of the corporation to private equity giant Blackstone.
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March 12, 2024
Auto Software Biz Valued At $6B After $250M Series E Round
Vehicle software supplier Applied Intuition Inc., advised by Goodwin Procter LLP, on Tuesday celebrated hitting a $6 billion valuation following the close of its $250 million Series E funding round.
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March 12, 2024
Clean Fuels Provider XCF To Go Public Via $1.84B SPAC Deal
Sustainable aviation fuel company XCF Global Capital Inc., advised by Stradley Ronon Stevens & Young LLP, announced on Tuesday that it will go public through a merger with Kirkland & Ellis LLP-advised special purpose acquisition company Focus Impact BH3 Acquisition Co. in a deal that will give the combined business a pro forma enterprise value of $1.84 billion.
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March 12, 2024
AT&T Offloaded Pensions In Risky Annuity Deal, Suit Says
AT&T shirked its fiduciary duty and put 96,000 workers' retirement savings in jeopardy by transferring pension obligations to a "risky" annuity provider, according to a proposed class action filed in Massachusetts federal court.
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March 12, 2024
Sheppard Mullin Adds Ex-Latham & Watkins Atty In Chicago
Sheppard Mullin Richter & Hampton LLP has hired as a partner in its Chicago office an attorney who formerly worked for accounting firm KPMG and also spent 18 years at Latham & Watkins LLP.
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March 12, 2024
Scholastic Buys Children's Content Co. 9 Story In $186M Deal
Children's publishing giant Scholastic on Tuesday announced that it will acquire all the economic interest and minority voting rights in 9 Story Media Group, an independent creator, producer and distributor of children's content, for roughly $186 million.
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March 12, 2024
CMS Guides UK Cash Savings Platform On £108M Investment
Flagstone has secured a £108 million ($138 million) investment from U.S. private equity firm Estancia Capital Partners to help it "capitalize on the opportunities ahead" in Britain's savings market.
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March 11, 2024
Hertz Tells Chancery To Reject $4B Buyback 'Hindsight' Suit
Hertz directors weren't certain when they authorized $4 billion in stock buybacks that it would transfer control of the company to a private equity-backed shareholder, an attorney for Hertz told Delaware's Court of Chancery on Monday, urging the court to toss a shareholder's lawsuit over the buybacks.
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March 11, 2024
Entire Deadspin Staff Cut After Site's Sale To European Firm
All existing employees of sports blogging site Deadspin have been laid off after finding out Monday that the blog's owner, private equity-backed G/O Media Inc., has agreed to sell the site to European firm Lineup Publishing for an undisclosed price.
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March 11, 2024
Shoppers' Kroger, Albertsons Suit Shelved Pending FTC Case
A California federal judge pumped the brakes Monday on a private lawsuit challenging Kroger's $24.6 billion bid for Albertsons, preferring to wait on the outcome of a Federal Trade Commission lawsuit against the deal newly filed in Oregon federal court.
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March 11, 2024
Sidley Gains Finance Ace From Paul Hastings In California
Sidley Austin LLP has strengthened its global finance practice with the addition of a partner who came aboard after practicing at Paul Hastings LLP for more than two decades and will be based in the firm's office in the Century City neighborhood of Los Angeles.
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March 11, 2024
Reddit Unveils Long-Anticipated IPO That Could Raise $715M
Reddit Inc. on Monday launched plans for an estimated $715 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP, setting in motion the social media platform's long-awaited IPO.
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March 11, 2024
Burford, Sysco Can't Swap In Price-Fixing Suits, Court Told
A magistrate judge was right to point to the underlying facts and public policy when denying an attempt to substitute a Burford Capital affiliate for Sysco in sprawling price-fixing lawsuits against pork and beef producers, the beef producers told a Minnesota federal court.
Expert Analysis
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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Series
The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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Keys To Robust AML Programs At Private Funds
Attorneys at Lowenstein Sandler explain why hedge funds, private equity funds and venture capital funds should develop risk-based anti-money laundering compliance programs despite not being subject to the Bank Secrecy Act, and offer tips on setting up a program similar to those implemented by financial institutions.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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How US Investment Regulation May Shift Under Biden Order
Attorneys at Ropes & Gray explore potential prohibitions, notification requirements and covered transactions under President Joe Biden's recent executive order, which marks an unprecedented expansion of U.S. regulation of investment activity.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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Leveraged Finance Market May Rebound After Cruel Summer
It has been a challenging summer for the leveraged finance market due to the economic climate and tight credit conditions, but cooling inflation and signs of life in the syndicated loan market suggest brighter days ahead, say attorneys at Weil.
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FTC's Proposed HSR Changes Will Complicate Merger Filings
Attorneys at Mayer Brown explore the proposed sweeping revisions to Hart-Scott-Rodino Act premerger notification rules and what the change would mean for deal terms, including the increased cost, uncertainty and risk added to the process.
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Tax Court Ruling Provides Helpful Profits Interest Guidance
A recent U.S. Tax Court decision holding that a partnership may exclude interests in a company that it indirectly received sheds light on related IRS guidance, including the proper valuation method for such interests, though the court's application of the method to the facts of this case appears flawed, say attorneys at Kramer Levin.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Private Equity Dry Powder Will Likely Spur M&A Opportunities
Despite economic uncertainty and recent headwinds, pent-up dry powder left uninvested by private equity firms may translate into pressure to invest capital and maintain high returns, possibly leading to M&A growth in the second half of the year, say attorneys at Norton Rose.
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Perspectives
A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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How SEC Money Market Fund Reform Diverges From Proposal
The U.S. Securities and Exchange Commission's final amendments to a rule that governs money market funds include several differences from the proposed rule, namely the elimination of swing pricing, the imposition of a new liquidity fee framework, and certain regulatory reporting requirements, say attorneys at K&L Gates.