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Private Equity
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June 07, 2024
Shein's Pursuit Of London IPO Proves US-China Rift Persists
Online fashion giant Shein's expected pivot to London rather than the United States for its initial public offering — triggered by persistent tensions between China and the U.S. — will be closely watched by IPO prospects mulling where to list their shares in a dicey geopolitical climate, experts say.
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June 07, 2024
Emboldened SEC Spells Double Trouble For Defense Bar
The U.S. Securities and Exchange Commission's enforcement division has taken an increasingly aggressive stance in recent years thanks in part to an influx of federal prosecutors joining the agency and court decisions that have gradually become more permissive on parallel civil and criminal investigations, defense lawyers say.
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June 07, 2024
Bryan Cave, Goodwin Guide New Era's Merger With '47 Brand
Acon Investments-owned New Era Cap LLC announced Friday that it agreed to buy fellow sports lifestyle brand '47 to create a merged business that brings in roughly $2 billion in annual revenue in a deal built by Bryan Cave Leighton Paisner LLP and Goodwin Procter LLP.
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June 07, 2024
Davis Polk Guides Emerson On $3.5B Copeland JV Exit
Davis Polk & Wardwell LLP represented Emerson on a newly inked agreement to sell its remaining stake in its Copeland joint venture to Blackstone in a $3.5 billion deal.
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June 07, 2024
PE Firm TDR To Take Control Of UK's Asda Grocery Chain
Private equity shop TDR Capital will become majority owner of British supermarket giant Asda by acquiring the shares held by one of the British Indian billionaire Issa brothers, the companies said Friday.
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June 07, 2024
Ropes & Gray-Repped Bain Buying PowerSchool In $5.6B Deal
Bain Capital has agreed to buy PowerSchool Holdings Inc., a provider of cloud-based software for K-12 education, in a deal that values the business at $5.6 billion, the companies said in a statement Friday.
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June 06, 2024
Simpson Thacher, Latham Guide Waystar's $968M IPO
Private equity-backed hospital billing firm Waystar Holding Corp. priced a $967.5 million initial public offering within its range on Thursday, represented by Simpson Thacher & Bartlett LLP and underwriters' counsel Latham & Watkins LLP, marking the largest IPO since April.
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June 06, 2024
Trump Media SPAC Sponsor Must Post Bond In Chancery Row
Dissenting members of the LLC sponsor for the blank check company that took Trump Media & Technology Group public in March must post a hefty 10% security for potential losses on more than 1.5 million shares — now trading at $46 — snarled in a sponsor control dispute.
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June 06, 2024
MNC Capital Ups Bid For Vista Outdoor To More Than $3B
MNC Capital Partners on Thursday upped its bid to take over outdoor products company Vista Outdoor Inc. to over $3 billion after the company rejected MNC's previous buyout offers on multiple occasions due to its already-inked agreement to sell its sporting products division to Czech defense company Czechoslovak Group AS.
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June 06, 2024
Crowell & Moring's Latest Ex-GC Boosts Fin Services Team
As more general counsels look to opportunities in BigLaw, Crowell & Moring announced Thursday that it has hired the former general counsel and chief compliance officer at investment firm Commonwealth Asset Management.
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June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say
BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
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June 06, 2024
Deals Rumor Mill: Carl Icahn, Bill Ackman, Michael Bloomberg
Carl Icahn invests in Caesars, Bill Ackman plans Pershing's public offering, and Michael Bloomberg joins prospective Timberwolves buying group. Here, Law360 breaks down the notable deal rumors from the past week.
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June 06, 2024
5 Firms Steer Pair Of Cross-Border IPOs Totaling $230M
Australian-listed location app Life360 Inc. and Israeli nanotechnology startup Gauzy Ltd. began trading on Thursday after pricing two cross-border initial public offerings that raised a combined $230 million, steered by five law firms.
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June 06, 2024
Aquiline Secures More Than $3.4B Across 2 New Funds
Financial services-focused private investment firm Aquiline Capital Partners LP on Thursday announced that it garnered more than $3.4 billion of capital across its two latest funds, a financial services-focused private equity fund and a continuation fund.
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June 06, 2024
Fried Frank Exec Comp Partner Moves To Paul Hastings In NY
Executive compensation lawyer Jason Ertel has joined Paul Hastings LLP's global compensation, benefits and ERISA practice as a partner in New York, the firm said Thursday.
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June 06, 2024
Haynes Boone Guides Natural Gas Producer's SPAC Merger
An Italian natural gas producer has said that it will merge with a Nasdaq-listed blank-check company to help accelerate its transition to clean energy in a deal steered by Haynes and Boone and Greenberg Traurig.
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June 05, 2024
StarTek Controller Sued In Del. After Public-Share Buyout
Two public stockholders of global customer experience outsourcing consultant StarTek Inc. sued four company directors and its private equity controller in Delaware's Court of Chancery on Wednesday, alleging an unfair and conflicted $4.30-per-share buyout of the company's remaining public shares.
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June 05, 2024
Debevoise-Led Ambac Unveils 2 Deals Totaling $702M
Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.
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June 05, 2024
AI Co., Biotech Prep IPOs Worth $602M As Novelis Delays
Healthcare data artificial intelligence platform Tempus AI and Australian biotech Telix Pharmaceuticals on Wednesday unveiled plans for initial public offerings that will aim to raise a combined total of approximately $602 million, while sustainable aluminum solutions provider Novelis, a day prior, postponed IPO plans due to market conditions.
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June 05, 2024
Truth Social Investors Want Fla. Suit Paused For Del. Claims
Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.
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June 05, 2024
Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit
A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.
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June 05, 2024
Texas To Launch Stock Exchange Backed By $120M Capital
TXSE Group Inc. said Wednesday it plans to launch the Texas Stock Exchange, a national trading venue for public companies and exchange-traded products, following a $120 million private capital raise that was guided by Haynes and Boone LLP.
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June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
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June 05, 2024
HanesBrands Selling Champion To Authentic For Up To $1.5B
HanesBrands said Wednesday it has agreed to sell its Champion business to Authentic Brands Group for up to $1.5 billion, under the guidance of Kirkland & Ellis LLP and Jones Day.
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June 05, 2024
StepStone Clinches Record $3.3B VC Secondaries Fund
New York-based investment firm StepStone Group Inc., advised by Proskauer Rose LLP, has clinched its latest venture capital secondaries fund after securing $3.3 billion from investors, marking what the firm says is the largest fund dedicated exclusively to pursuing venture capital secondaries to date.
Expert Analysis
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Behind Indiana's Broad New Healthcare Transactions Law
The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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The Merger Cases That Will Matter At ABA Antitrust Meeting
While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.