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Private Equity
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March 29, 2024
Kirkland-Led Hunter Point Amasses $3.3B For Inaugural Fund
Kirkland & Ellis LLP-advised Hunter Point Capital on Friday announced that it closed its inaugural general partner stakes fund after securing $3.3 billion in capital commitments, marking what the firm says is the largest-ever debut general partner stakes fund dedicated to private market strategies.
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March 29, 2024
Apollo Buying Majority Stake In Panasonic Auto At $2B Value
Paul Weiss-led Apollo Global Management said Friday it has agreed to buy a majority stake in Panasonic Automotive Systems Corp. from Japan's Panasonic Holdings Corp., in a transaction with a total enterprise value of 311 billion yen ($2.06 billion).
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March 29, 2024
Don't Miss It: Davis Polk, Simpson Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions managed by Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP.
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March 28, 2024
Disney Shareholder Demands To See Books Amid Board Row
An affiliate of Walt Disney Co. shareholder Blackwells Capital on Thursday asked Delaware's Court of the Chancery to force Disney to open its books and records as the investor looks into potential wrongdoing and mismanagement stemming from the entertainment giant's dealings with ValueAct Capital.
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March 28, 2024
PE Group Seeks $32.4M In Serbia Real Estate Arbitration
A group of companies in Cyprus and an associated Rand Investments Ltd. executive that are entangled in international arbitration over allegations that Serbia expropriated real estate in Belgrade have argued that Serbia owes them €30 million ($32.4 million) for their share of the land's value.
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March 28, 2024
2 Firms Steer Close Of Hildred's $750M Continuation Fund
Healthcare-focused private equity firm Hildred Capital, advised by Kirkland & Ellis LLP and Lowenstein Sandler LLP, on Thursday said it clinched a multiasset continuation fund after securing more than $750 million in commitments, which will be used to acquire two companies from the firm's previous funds.
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March 28, 2024
Deals Rumor Mill: WeWork, Reading FC, Pet Food Co.
Ex-WeWork CEO Adam Neumann looks to buy the company back, Chiron Sports Group is in talks to buy Reading Football Club, and the private equity firms Advent and CVC eye a pet food company. Here, Law360 breaks down the notable deal rumors from the past week.
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March 28, 2024
Auto Parts Mogul Must Face Lender's $127M Trust Fraud Suit
An auto parts mogul must face allegations that he tampered with assets in a trust that owes hundreds of millions of dollars to a lending agent, a Michigan federal judge said this week after ruling the lender has plausibly alleged the mogul made fraudulent transfers to hinder the debt repayment.
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March 28, 2024
Timberwolves Owner Calls Off $1.5B Sale To A-Rod, Lore
Glen Taylor, the longtime majority owner of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx, confirmed Thursday he will not sell the teams for $1.5 billion to former MLB star Alex Rodriguez and entrepreneur Marc Lore, publicly stating the two would-be buyers missed the deadline to acquire a controlling interest.
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March 28, 2024
Radiology Co. To Pay $19M To End ESOP Self-Dealing Suit
A radiology company and its employee stock ownership plan trustee will pay $19 million to settle a proposed class action alleging that executives used shell companies to suck value out of the company and shorted workers when the business was sold for $215 million.
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March 28, 2024
Mass. Justices Say 2019 Sunday-Wage Ruling Is Retroactive
Massachusetts' highest court on Thursday affirmed a finding that a furniture retailer violated the state's wage laws by paying salespeople overtime and a Sunday premium out of their own earned commissions, keeping intact a nearly $10 million damages award.
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March 28, 2024
Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud
FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."
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March 28, 2024
The Home Depot Buying PE-Backed SRS For $18.25B
The Home Depot said Thursday it has agreed to acquire SRS Distribution Inc., a private equity-backed distributor of roofing and building supplies, for $18.25 billion, inclusive of debt.
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March 27, 2024
Latham, Cooley Steer Oncology Firm's $100M IPO
Clinical-stage oncology firm Boundless Bio Inc. raised a $100 million initial public offering at the middle of its price range late on Wednesday, represented by Latham & Watkins LLP and underwriters' counsel Cooley LLP, joining a potentially recovering IPO market.
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March 27, 2024
FERC Finds Fans And Foes Of Wall Street's Utility Ownership
The deadline has just passed for initial comments on the Federal Energy Regulatory Commission's reexamination of its policy for allowing financial firms to own electric utilities. Here's a recap of what FERC is contemplating and the initial feedback the agency has received from players throughout the U.S. power sector.
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March 27, 2024
T-Mobile Can Appeal Refusal To Toss Sprint Merger Case
An Illinois federal court granted T-Mobile's request on Wednesday to immediately appeal a ruling refusing to toss a proposed class action from AT&T and Verizon subscribers who have alleged their prices increased because of T-Mobile's 2020 merger with Sprint.
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March 27, 2024
Backers Of Trump-Tied SPAC Sue To Confirm Manager Purge
Investors behind the sponsor of the special-purpose acquisition company that took Donald Trump's Truth Social public sued its managing member, seeking a declaration from the Delaware Chancery Court that they have validly removed him from his post and that he has no authority to act on their behalf.
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March 27, 2024
DLA Piper Lands Kirkland Private Equity Ace In Austin
DLA Piper is expanding its corporate team, announcing Wednesday it is adding a Kirkland & Ellis LLP private equity expert as a partner in its Austin, Texas, office.
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March 27, 2024
Paul Weiss Reps Wellspring On $975M Continuation Fund
New York-based private equity firm Wellspring Capital Management Group LLC, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Wednesday announced that it has closed a multi-continuation vehicle with $975 million in tow, which was used to acquire interests in three portfolio companies from one of the firm's previous funds.
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March 27, 2024
Everbridge Investor Seeks To Block $1.8B Thoma Bravo Deal
A shareholder in Massachusetts-based emergency management platform Everbridge Inc. is asking a state court to intervene in a pending $1.8 billion acquisition by private equity firm Thoma Bravo LP, alleging in a Wednesday lawsuit that investors are being misled about the true value of shares and the motives of those promoting the deal.
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March 27, 2024
Bain Capital Sells £68M Of TI Fluid Shares
Private equity and venture capital firm Bain Capital LP on Wednesday said it has sold 50 million shares of auto parts supplier London-listed TI Fluid Systems through a subsidiary and raised approximately £67.5 million ($85 million) in the process.
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March 27, 2024
Kirkland-Led Percheron Closes Sophomore Fund At $1.55B
Kirkland & Ellis LLP-advised Percheron Capital on Wednesday announced that it clinched its sophomore fund after securing $1.55 billion in capital commitments, which will be used to invest in essential services businesses across North America.
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March 26, 2024
SPAC 'Frenzy' Led To $1.6B Deal For Dog Treat Co., Suit Says
Shareholders of a special-purpose acquisition company that merged with dog-treat box company BarkBox in a $1.6 billion deal have sued the executives and directors of both entities, alleging they breached their fiduciary duties in connection with what the complaint calls "an extreme example of the 'churn-and-burn' SPAC frenzy."
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March 26, 2024
AI Weapons Detector Faces Investor Suit After Gov't Probes
Evolv Technologies, which makes metal detectors that purportedly use artificial intelligence to detect weapons, is facing a proposed shareholder class action in Massachusetts federal court alleging that false claims about its products' abilities to screen for types of tactical knives and guns led to federal investigations and share declines.
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March 26, 2024
Terraform Backer Tells Jury His Firm Lost Big On $36M Stake
A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.
Expert Analysis
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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Series
ESG Around The World: Japan
Japan is witnessing rapid developments in environmental, social and corporate governance policies by making efforts to adopt a soft law approach, which has been effective in encouraging companies to embrace ESG practices and address the diversity of boards of directors, say Akira Karasawa and Landry Guesdon at Iwata Godo.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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The Impact Of Proposed HSR Form Changes On Agency Staff
The Federal Trade Commission's recent proposed changes to the Hart-Scott-Rodino Notification and Report Form will have the unintended effect of drastically increasing the burden on agency staff without an appreciable increase in their ability to detect potentially anti-competitive transactions, say Amanda Wait and Andrew Eklund at Norton Rose.
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FTC's Health Co. Suit Indicates Agency's Private Equity Focus
The Federal Trade Commission's latest lawsuit against an anesthesia company and its private equity investor highlights the agency's willingness to regulate the health care industry even when relevant acquisitions are relatively dated or when the controlling entity's economic interest is under 50%, say attorneys at Simpson Thacher.
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Top 4 Antitrust Enforcement Issues In Health Care Today
The Federal Trade Commission's recent lawsuit against U.S. Anesthesia Partners exemplifies antitrust enforcement authorities' efforts to aggressively reshape the health care industry, ranging from new proposed rules to withdrawals of previous guidance, say attorneys at Fried Frank.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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SEC Risk Alert Provides Helpful Info For Adviser Exam Prep
The U.S. Securities and Exchange Commission's recent risk alert makes clear that as the registered investment adviser population continues to grow in size and complexity, the Division of Examinations will keep pace by examining a significant number of advisers each year through its sophisticated and coordinated program, say attorneys at Simpson Thacher.
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Alleged $636M Deal Error Highlights Ethics Considerations
Adelman v. Proskauer, a malpractice suit that allegedly arose from a cut-and-paste error resulting in potential damages of $636 million, presents an intriguing juxtaposition of facts and legal issues — and practical ethical considerations for transactions attorneys, says Richard Leisner at Trenam Law.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.