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Private Equity

  • June 6, 2019

    VC-Backed Cybersecurity 'Unicorn' Hikes IPO Price Target

    Venture capital-backed cybersecurity startup CrowdStrike on Thursday boosted the amount it expects to raise in its initial public offering to $522 million if shares price at midpoint, a potentially bullish sign for the Davis Polk-guided “unicorn” company.

  • June 6, 2019

    Closed UCC Sale Can't Be Unwound, NY Appeals Court Says

    A New York state appeals panel ruled Thursday that the Uniform Commercial Code does not permit the unwinding of a commercial property sale that has already closed, substantially modifying a lower court ruling that reached the opposite conclusion.

  • June 6, 2019

    Kirkland Nabs $57M Fees In 'Hard-Fought' Toys R Us Ch. 11

    A Virginia bankruptcy judge on Thursday approved a $57.3 million fees and expenses reward to Kirkland & Ellis LLP for shepherding retail chain Toys R Us through what the law firm called a "hard-fought" Chapter 11 liquidation.

  • June 6, 2019

    Third Rock Raises $770M To Boost Biotech Portfolio

    Boston-based venture capital firm Third Rock Ventures LLC, which has created or invested in more than 50 biotechnology startups, said Thursday that it has raised $770 million in an oversubscribed fifth round of funding, marking its largest round to date.

  • June 6, 2019

    RioCan Snags Toronto Mixed-Use Property In $248M Deal

    Canada's RioCan Real Estate Investment Trust on Thursday said it will take over the portion of a Toronto retail, residential and office property it does not already own, striking a CA$331 million ($247.7 million) deal with private equity firm KingSett.

  • June 6, 2019

    3 Firms Sculpt $570M Deal For Management Software Biz

    A subsidiary of industrial equipment maker Fortive Corp. on Thursday agreed to pay $570 million for private equity-backed Intelex Corp., which makes cloud-based management software for businesses, in a deal guided by Kirkland & Ellis, Goodwin Procter and Osler Hoskin.

  • June 6, 2019

    Skadden-Led Chinese Online Tutoring Co. Prices $208M IPO

    Shares of venture-backed online tutoring company GSX Techedu Inc., represented by Skadden, remained relatively flat in debut trading Thursday after the company raised $208 million through an initial public offering that priced at the midpoint of its range. 

  • June 6, 2019

    PE-Backed BJ's Announces Latham-Led Sale Of 17.5M Shares

    Private equity-backed retailer BJ's Wholesale Club Holdings has announced a secondary stock offering steered by Latham & Watkins LLP that could net the selling shareholders almost $433 million if their shares are sold at Wednesday's $24.74 closing stock price.

  • June 6, 2019

    Goodwin Helps Advent Snag $17.5B For Year's Top PE Fund

    Advent International, advised by Goodwin Procter, has closed the largest private equity fund of the year so far, saying Thursday that it raised $17.5 billion for a vehicle that will invest in deal types including buyouts and corporate carveouts, mainly in Europe and North America.

  • June 6, 2019

    Crowell-Led Blank Check Co. Raises $150M In Upsized IPO

    Palo Alto, California-based blank check company GigCapital2 Inc. on Thursday said it had raised $150 million in an upsized, Crowell & Moring LLP-led initial public offering on the New York Stock Exchange after the company added another 2 million units to the offering.

  • June 5, 2019

    Ex-Goodwin Hong Kong Partner Returns To Wilson Sonsini

    A former Goodwin Proctor LLP partner who spent a decade working in Hong Kong has returned to Wilson Sonsini Goodrich & Rosati PC in California to help bolster its fund services and emerging companies practices, the firm has announced.

  • June 5, 2019

    VC-Backed Cycling Startup Peloton Confidentially Files IPO

    Venture-backed home exercise startup Peloton Interactive Inc. said Wednesday that it filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering, joining a slew of technology companies going public this year.

  • June 5, 2019

    Deals Rumor Mill: Arriva, T-Mobile, Permira

    Carlyle and DWS are reportedly getting ready to lob offers for Deutsche Bahn's Arriva unit, T-Mobile has tapped Goldman Sachs to help it sell assets as part of its efforts to win approval of a merger with Sprint, and private equity firm Permira is about to hit the final close of a $1.7 billion fund.

  • June 5, 2019

    KKR's German Real Estate Fund JV Sold In $253M Deal

    Germany property company DIC Asset AG has said it will pay €225 million ($252.6 million) to take over property investment and asset management firm GEG Group from KKR & Co. and German real estate investment firm TTL Real Estate.

  • June 5, 2019

    Cybersecurity Biz SentinelOne Snags $120M From Investors

    Insight Partners is leading a group of investors that on Wednesday agreed to plug $120 million into SentinelOne, a cybersecurity software developer that uses artificial intelligence to protect so-called endpoint devices like computers and smartphones.

  • June 5, 2019

    Greenspoon Marder Adds NY Corporate And Business Partner

    Greenspoon Marder LLP announced Wednesday that it has expanded its corporate and business practice group in New York, bringing in a long-time transaction attorney from Blank Rome LLP.

  • June 5, 2019

    Pharma Co. Hid Value To Shrink Payout, Says Former Exec

    Cerberus Capital Management and Covis Pharmaceuticals understated the value of pharmaceutical assets to a former executive to dupe him into selling his profit interests millions of dollars short of their worth, the former manager has claimed in New York federal court.

  • June 5, 2019

    Simpson Thacher Assists On $4B Digital Infrastructure Fund

    Digital Colony Management LLC, advised by Simpson Thacher, said Wednesday that it has clinched its debut fund after securing more than $4 billion from limited partners, with plans to focus on digital infrastructure assets like cell towers and data centers.

  • June 4, 2019

    BlackRock Employees Seek Class Cert. In $100M ERISA Suit

    Employees of BlackRock Inc. urged a California federal judge on Monday to allow them to proceed as two classes in their lawsuit alleging the investment firm violated the Employee Retirement Income Security Act and cost retirement plan participants more than $100 million.

  • June 4, 2019

    Justices Urged To Hear $133M Dallas Terminal Takings Fight

    Private equity-backed leaseholders of a demolished Dallas airport terminal told the U.S. Supreme Court Tuesday that a Federal Circuit decision nullifying their $133.5 million award improperly gives the federal government carte blanche to engage in regulatory takings without just compensation.

  • June 4, 2019

    Airtel Africa Seeks To Raise $750M In London IPO

    Airtel Africa, a subsidiary of Indian telecommunications giant Bharti Airtel Ltd., said Tuesday it plans to raise $750 million on the London Stock Exchange through an initial public offering planned for July.

  • June 4, 2019

    Gibson Dunn Adds Ex-Cadwalader Partner To NY Tax Group

    Gibson Dunn & Crutcher LLP has added a former Cadwalader Wickersham & Taft LLP partner to its tax practice group in New York, the firm recently announced.

  • June 4, 2019

    Fintech Co. Biz2Credit Snags $52M In Funding Push

    Digital lending platform Biz2Credit on Tuesday said investors poured in $52 million as the DLA Piper-led financial technology company looks to grow its existing platforms and roll them out on a larger scale.

  • June 4, 2019

    Deals Rumor Mill: BRF, China Three Gorges, Volkswagen

    Some of BRF SA’s board members are resistant to talks about merging with rival Marfrig, China Three Gorges Corp. is mulling a deal for the Brazilian business of Energias de Portugal, and Volkswagen is likely to make moves to sell off its Renk unit this fall.

  • June 4, 2019

    Jevic Lenders Sue In Del. To Recover $2M From Busted Deal

    The private equity backer behind defunct trucking company Jevic has sued the company's bankruptcy estate and a handful of law firms, creditors and other stakeholders in Delaware seeking to claw back $2 million paid to fund a settlement that fell apart after the U.S. Supreme Court repudiated the deal.

Expert Analysis

  • Women In Law Need Equal Treatment, Not Affirmative Action

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    The sheer number of women entering the legal profession means gender equality is coming, one way or the other. This Women’s History Month, BigLaw firms should reflect on this with the understanding that they dismiss the flight of senior female attorneys from their ranks at their peril, says Tamara Kurtzman, founder of TMK Attorneys PC.

  • Rebuttal

    Visible Diversity Is A Sign Of Organizational Health

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    A recent Law360 guest article cautioned against the hazards that can stem from pursuing "optimal" diversity, but overlooks the value of paying attention to visible diversity, says Matt Lykken of Potomac Law Group PLLC.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • Health Care M&A: Now Insurable

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    As the representations and warranties insurance industry has expanded, it is now seriously considering and writing risks that were once considered anathema, such as health care transactions, say David Kuffler of Kaufman Dolowich & Voluck LLP and Brian Thede of Ethos Specialty Insurance Services LLC.

  • The Hidden Value Of Carveout-Specific Due Diligence

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    Prior to launching a carveout transaction process, sellers should consider investing in carveout specific diligence, using the vendor due diligence construct employed in some European transactions as a model, say attorneys at Baker McKenzie.

  • How A US Discovery Statute Can Affect Cayman Litigation

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    Though admissibility will continue to be decided on a case-by-case basis, what is clear is that evidence obtained through Section 1782 applications in the U.S. will remain a feature of litigation in the Cayman Islands, say Conal Keane and Nick Hoffman of Harney Westwood & Riegels LLP.

  • 3 Lessons From A Crypto Mock Trial

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    We recently hatched a plan to test whether litigators could get blockchain ledger entries into evidence under the existing Federal Rules of Evidence, and we found a federal judge willing to help us, say attorneys Justin Steffen, Andrew Hinkes, Lisa Braganca, Christopher Veatch, Kashan Pathan and Jimmie Zhang.

  • How VC-Backed Companies Can Mitigate #MeToo Risk

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    While public companies have had their share of struggles responding to allegations of improper behavior by executives in the #MeToo era, venture capital-backed startups — especially in their early stages — face unique challenges in addressing such claims, say attorneys at Foley & Lardner LLP.

  • Q&A

    A Chat With McDermott COO John Yoshimura

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature John Yoshimura, chief operating officer at McDermott Will & Emery LLP.

  • Opinion

    The Problem With 'Optimal' Diversity

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    Organizations should seek to avoid discrimination, but they should also be wary of the idea that diverse teams function better than nondiverse teams, because this reasoning lacks evidence and can lead to a slippery slope, says J.B. Heaton of J.B. Heaton Research LLC.

  • Oxbow: Alignment Is Key In Put Valuation Processes

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    The recent Oxbow Carbon Unitholder Litigation demonstrated many common put valuation issues, but also how an alignment mechanism can foster cooperation despite a highly adversarial relationship, say Kyle Gann and Jason Osborn of Winston & Strawn LLP.

  • Qualified Opportunity Fund Structuring For PE Sponsors

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    Private equity sponsors hoping to take advantage of the qualified opportunity zone regime need to consider several structuring points unique to qualified opportunity funds. It will be both easier and harder than structuring typical PE funds, say Robert Holo and Tyler Robbins at Simpson Thacher Bartlett LLP.

  • SEC Should Revisit Its Special Purpose Acquisition Co. Regs

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    Although the U.S. Securities and Exchange Commission has removed some roadblocks to capital formation, it has not taken a fresh look at special purpose acquisition companies in over a decade — leaving operating companies that go public by merging with SPACs saddled with unnecessary restrictions, says Carol Anne Huff of Kirkland & Ellis LLP.

  • Mediation Opening Arguments Should Not Be A Throwdown

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    Presenting a powerful opening statement at mediation plays an important role in achieving success, but you need to reach into your toolbox for more than just a hammer, says Anthony Rospert of Thompson Hine LLP.

  • Fresh Takes On Seeking Costs And Fees Under Rule 45

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    Recent case law reveals that courts vary widely in their approaches to shifting the costs and fees incurred in responding to a Federal Rule of Civil Procedure 45 subpoena. Nonparties responding to such requests should consider certain district court trends, say attorneys at Pepper Hamilton LLP.

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