Private Equity

  • February 21, 2018

    Activist Investor Barington Pushes Bloomin' Brands Spinoff

    Activist hedge fund Barington Capital Group LP sent a letter Wednesday to struggling restaurant company Bloomin’ Brands Inc. urging it to spin off its three smaller brands into a new company while leaving its successful Outback Steakhouses to operate independently, among other changes.

  • February 21, 2018

    Wilson Sonsini Hires Ex-Associate As Securities Partner

    Wilson Sonsini Goodrich & Rosati PC will bolster its securities practice by snagging a partner at Goodwin Procter LLP who used to work at Wilson Sonsini as an associate, the firm announced Tuesday.

  • February 21, 2018

    Sidley Austin Adds Ex-Winston & Strawn Global Finance Atty

    A financing specialist with experience working on bankruptcies and restructurings has left Winston & Strawn LLP to join Sidley Austin LLP as a partner in its Chicago office, the firm announced Wednesday.

  • February 21, 2018

    Deals Rumor Mill: Blackstone, SimplyBiz, Telecom Italia

    Blackstone is reportedly nearing a deal for a sizable stake in an Indiabulls Real Estate unit, SimplyBiz is planning an initial public offering, and the board of directors of Telecom Italia is set to meet to discuss an offer for its broadcasting business Persidera.

  • February 21, 2018

    New Senior Can't Duck Shareholder Suit Over $640M Merger

    New Senior Investment Group’s board and its once-removed corporate overlord, Fortress Investment Group, can’t dodge a derivative suit alleging that the senior housing REIT structured a $640 million deal to benefit Fortress at the expense of its own shareholders, Delaware’s Chancery Court said Tuesday.   

  • February 21, 2018

    Weil Seeks To Nip Conflict Concerns In Breitburn Ch. 11 Case

    Weil Gotshal & Manges LLP on Tuesday told a New York bankruptcy court that allegations of conflicts of interest involving the bidding for Breitburn Energy Partners LP’s assets were baseless, saying the deal being offered as evidence was with an entity unrelated to the case.

  • February 21, 2018

    Surgical Robotics Co. Reaps $118M In Private Financing

    Privately held surgical robotics company Procept BioRobotics said on Wednesday that it had secured $118 million in equity financing from a funding round led by a new investor, Connecticut-based hedge fund Viking Global Investors LP.

  • February 21, 2018

    Investor Counsel Sanctioned For ExamWorks Suit Delays

    Citing document delivery failures that in some cases were “degrading to the litigation process,” a Delaware vice chancellor on Wednesday sanctioned attorneys for funds pursuing a consolidated appraisal suit targeting ExamWorks’ $2.2 billion go-private sale.

  • February 21, 2018

    Public Transit Tech Co. Moovit Nabs $50M From Investors

    Public transit application maker Moovit App Global Ltd. scored $50 million from a recent funding round led by Intel Capital and including the venture capital arm of BMW, as the company looks to expand and improve its existing platform and add to its global sales team.

  • February 21, 2018

    Lifetime Fitness Exec Cops To Insider Trading Scheme Role

    A former Lifetime Fitness executive accused of tipping friends about the gym chain’s planned private equity buyout in exchange for a cut of trading profits pled guilty on Wednesday to a count of conspiracy to commit securities fraud he faced over the scheme.

  • February 20, 2018

    Ex-Citadel Plastics CEO Demands Advancement Of Legal Fees

    The former president and CEO of Citadel Plastics Holdings LLC filed a complaint late Friday in Delaware seeking advancement of his legal fees incurred in relation to the $800 million acquisition of the company and a federal criminal investigation into alleged fraud.

  • February 20, 2018

    Real Estate Rumors: Blackstone, Angelo Gordon, GGP

    Blackstone is said to have sold an Illinois office property for $47 million, Angelo Gordon has reportedly sold a Florida apartment complex for $64 million, and mall real estate investment trust GGP is said to have bought an Illinois Macy's store for $25 million and leased it back to the retailer.

  • February 20, 2018

    4 Cos. Restock IPO Pipeline With Filings Totaling $300M

    Four companies, spanning the life sciences, technology and banking industries, have filed initial public offerings that are preliminarily estimated to raise $300 million, adding new potential deals to an IPO pipeline that has thinned out in recent weeks.

  • February 20, 2018

    Deals Rumor Mill: Deutsche Bank, Tesco, United Arab Bank

    Deutsche Bank is planning to list its asset management arm next month, Booker investors are being urged to reject Tesco's $4.6 billion takeover offer, and the Commercial Bank of Qatar is looking to sell its stake in United Arab Bank to Tabarak Investment.

  • February 20, 2018

    Del. Justices Revive Suit Over Diamond's $2B Sale To Apollo

    The Delaware Supreme Court on Tuesday revived a shareholder suit contesting Diamond Resorts International's $2.2 billion sale to Apollo Global Management, saying Diamond’s board should have disclosed why the company’s founder opposed the sale.

  • February 20, 2018

    Texas AI Co. Pockets $56.5M In Series B Funding Round

    Texas artificial intelligence company SparkCognition on Tuesday said its series B funding round, led by the corporate venture capital arm of Verizon Communications Inc., reaped $56.5 million by its official close, up from the $32.5 million the company initially announced it raised in June.

  • February 20, 2018

    PE-Backed Grocery Giant Albertsons Plans To Buy Rite Aid

    Private equity-backed grocery giant Albertsons on Tuesday unveiled plans to snap up Rite Aid, giving the pharmacy chain a new merger partner after its planned $17.2 billion takeover by Walgreens was scrapped for a smaller store sale amid regulatory pushback.

  • February 20, 2018

    Reed Smith Snags Morgan Lewis' Corporate Head In Philly

    The former leader of the corporate practice at Morgan Lewis & Bockius LLP’s Philadelphia office has taken his private equity and other transactional experience across town to Reed Smith LLP, Reed Smith announced Tuesday.

  • February 20, 2018

    3 Firms Guide Rhône's $560M Deal For Brazilian Steakhouse

    A Brazilian steakhouse chain with dozens of international locations on Tuesday said it agreed to be swallowed by affiliates of private equity firm Rhône Capital in a $560 million, all-cash deal steered by Davis Polk & Wardwell LLP, Weil Gotshal & Manges LLP and Sullivan & Cromwell LLP.

  • February 20, 2018

    Harbor Drops $56M On Offices Via Goldman, Blue Vista JVs

    Harbor Associates LLC has picked up a pair of California office properties through separate transactions, one through a joint venture with private equity shop Blue Vista Capital Management and another with Goldman Sachs, for a total of $56 million, the Long Beach-based firm announced on Monday.

Expert Analysis

  • How To Fix Your Broken Client Teams

    Mike O'Horo

    Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.

  • How To Serve Your Blind Client Effectively

    Julia Satti Cosentino

    While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.

  • How Notice 2018-13 Frames Foreign Earnings Transition Tax

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    On Jan. 19, the U.S. Department of the Treasury and the IRS issued Notice 2018-13, elaborating on previous guidance about the Tax Cuts and Jobs Act’s new deemed repatriation provision. The notice also describes the agencies' intent to issue updated Form 5471 instructions, which will introduce an important — and much needed — limitation to filing requirements following the repeal of Section 958(b)(4), say attorneys at Morgan Lewis & Bockius LLP.

  • Opinion

    Evolving Due Process In The Digital Age

    Stephen Kane

    Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.

  • The Allure And Pitfalls Of Earnouts: Part 2

    Gail Weinstein

    Given the prevalence of earnout disputes in M&A, a dispute resolution mechanism that deters litigation should be included in the acquisition agreement. The Delaware courts will not intervene in post-closing disputes, including over earnout payments, when an agreement provides a mechanism for an alternative dispute resolution, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Under New Tax Law, Time Is Running Out For Ponzi Victims

    Kevin Diamond

    Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.

  • The New Limited Interest Deduction: Good For Business?

    Jennifer Tolsky

    The Tax Cuts and Jobs Act purports to lower taxes and simplify the Internal Revenue Code, but the new limitation on the deductibility of business interest seems contrary to this objective. This change will certainly cause many businesses to pause and consider whether debt financing is the best option for them, says Jennifer Tolsky of Gould & Ratner LLP.

  • Centers Of Influence Are Key To Small Law Firm Rainmaking

    Frank Carone

    In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.

  • The Allure And Pitfalls Of Earnouts: Part 1

    Gail Weinstein

    Earnouts in M&A often prevent disagreements during the negotiation of the deal price only to result in post-closing disputes over the earnout itself. The most recent Delaware earnout decision, GreenStar v. Tutor Perini, provides a stark illustration of the need for clear, specific earnout-related provisions, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The Future Of France Is Innovation

    Anne-Charlotte Rivière

    Initiatives and legislation in France to cut red tape, reduce taxes and loosen labor laws have caught investors’ attention, highlighting a shift in French business culture that has brought new energy to innovation-dependent sectors like life sciences and software, say Anne-Charlotte Rivière and Kristopher Brown of Dechert LLP.