Private Equity

  • March 24, 2017

    HK Investor Agrees To Freeze In DreamWorks Trading Case

    A New York federal judge on Thursday extended an injunction freezing the assets of a Hong Kong private equity investor accused by the U.S. Securities and Exchange Commission of making $29 million by trading on insider information about Comcast's purchase of DreamWorks Animation.

  • March 24, 2017

    Don't Miss It: Hot Deals & Firms We Followed This Week

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Kirkland & Ellis LLP and Latham & Watkins LLP. Here, Law360 recaps the ones you might have missed.

  • March 24, 2017

    Alston & Bird Advice Caused $7.6M Tax Bill, PE Firm Says

    Alston & Bird LLP left a private equity firm on the hook for a $7.6 million tax liability after providing bad advice during a 2011 investment deal, a lawsuit filed in Georgia state court charges.

  • March 24, 2017

    Deals Rumor Mill: Time, Canyon Bridge Capital, Portsmouth

    A sale of Time valuing the magazine publisher at about $2 billion is inching closer, Canyon Bridge Capital will ask the Committee on Foreign Investment in the United States to review its $1.3 billion acquisition of Lattice Semiconductor for a second time, and Michael Eisner's investment firm is in exclusive talks to buy a professional soccer team.

  • March 24, 2017

    PE-Backed Silver Run Raises $900M In IPO For Energy Buy

    An energy-focused blank check company backed by Riverstone Holdings LLC recently announced that it has raised $900 million in an initial public offering, just months after Riverstone used funds from a similar blank check IPO to take control of an oil and gas drilling business.

  • March 24, 2017

    Air Products Drops Pursuit Of Yingde Gases Stake

    Air Products and Chemicals Inc. on Friday took itself out of the running to buy fellow industrial gases supplier Yingde Gases Group Co. Ltd., potentially opening the door for PAG Asia Capital to try to complete the HK$4.8 billion (US$618.2 million) acquisition of a controlling stake in Yingde.

  • March 24, 2017

    Blackstone Exits SeaWorld In $429M Stake Sale

    Private equity giant Blackstone Group has agreed to sell its roughly 21 percent equity interest in SeaWorld Entertainment Inc. to an affiliate of Chinese investor Zhonghong Zhuoye Group Co. Ltd., the companies said Friday, in a deal worth about $429 million.

  • March 24, 2017

    What Attys Should Know About The Rise Of Private Debt

    The private debt industry has grown tremendously over the past decade as fund managers tapped into an asset class that blossomed in the financial crisis's wake, but attorneys seeking to leverage private debt funds’ popularity must beware the potential pitfalls, including the reemergence of traditional lenders.

  • March 24, 2017

    Shell Sells Africa Oil And Gas Assets In $587M Deal

    Royal Dutch Shell PLC has agreed to sell its onshore assets in Gabon, Africa, to private equity-backed Assala Energy, an oil and gas production company focused on energy opportunities in sub-Saharan Africa, in a deal worth $587 million, the companies said on Friday.

  • March 23, 2017

    Justices Avoid Upending Ch. 11 Creditor Payment Practices

    With its ruling that so-called structured dismissals to end Chapter 11 cases cannot sidestep the Bankruptcy Code's creditor priority scheme, the U.S. Supreme Court avoided going so far as to prohibit deviation from the scheme at any time during a case, instead making a carefully tailored decision that doesn't disturb routine practices, experts say.

  • March 23, 2017

    CORRECTED: Diabetes Company Valeritas Prices $54M Offering

    Private equity-backed insulin device maker Valeritas Inc. priced a $53.5 million initial public offering Thursday under guidance from Morgan Lewis & Bockius LLP, marking the company’s second attempt at an IPO after pulling earlier plans, but saw shares slump in their debut.

  • March 23, 2017

    Toyota Drops $1.3B On PE-Backed Automation Biz

    Toyota Industries Corp. said Thursday it will buy Dutch logistics automation company Vanderlande Industries Holding BV for 140 billion yen ($1.26 billion) from its private equity backer, beefing up the auto parts, forklifts and textile machinery maker's material handling business.

  • March 23, 2017

    Bank Seeks $2.2M Fee For $575M Performance Sports Sale

    Investment bank Centerview Partners LLC on Wednesday asked a Delaware bankruptcy court to sign off on a $2.2 million final fee for its work on Performance Sports Group Ltd.'s $575 million Chapter 11 sale last month.

  • March 23, 2017

    LendingClub Investors Can Proceed With Trimmed Stock Suit

    A California federal judge said Thursday he’ll trim claims from a putative investor class action alleging LendingClub hid internal control problems that led to its stock plunge, but refused to throw out the investors’ case against the company, saying they’d provided evidence of a “wink wink” agreement to inflate loan sales.

  • March 23, 2017

    Private Equity Co. Wants Quick Win Against $89M IP Suit

    Energy companies locked in a battle over patent licensing for an energy catalyzer filed dueling motions for summary judgment in Florida federal court this week, with the patent owner insisting it has a right to enforce its contract and the licensees saying the device didn’t perform as promised.

  • March 23, 2017

    Deals Rumor Mill: Credit Suisse, Pret A Manger, Shell

    Credit Suisse may sell more than $3 billion worth of stock in its Swiss business, private equity-backed sandwich chain Pret A Manger is readying for a New York IPO, and Royal Dutch Shell is in discussions to sell its last remaining asset in California.

  • March 23, 2017

    MarketsandMarkets Receives $56M Private Funding Injection

    An Indian industry research and consulting company said it secured its first institutional investment on Thursday via a $56 million infusion from investment firm FTV Capital and venture capital shop Zodius Capital, allowing the company to continue its growth efforts.

  • March 23, 2017

    Paul Weiss Guides Oak Hill In $525M Checkers Restaurant Buy

    Middle-market private equity firm Oak Hill Capital Partners said Thursday it has agreed to acquire Checkers Drive-In Restaurants Inc. from PE firm Sentinel Capital Partners in a deal valued at about $525 million and guided by Paul Weiss Rifkind Wharton & Garrison LLP.

  • March 22, 2017

    Deals Rumor Mill: Deutsche Boerse, Souq, Generali

    The European Commission will block the proposed $30 billion merger of Deutsche Boerse and the London Stock Exchange, Amazon.com has agreed to buy United Arab Emirates-based online retailer and marketplace Souq.com, and Italian insurance giant Generali intends to sell its businesses in Colombia, Ecuador and Panama.

  • March 22, 2017

    Chadbourne M&A Tax Partner Joins Holland & Knight

    A former Chadbourne & Parke LLP tax partner with experience representing companies in mergers, including private equity fund I Squared Capital in its $1.2 billion acquisition of Latin American energy interests, has joined Holland & Knight LLP in New York.

Expert Analysis

  • A Primer On The SBIC Program

    Excerpt from Lexis Practice Advisor
    Mark Kromkowski

    The Small Business Investment Company Program enables private equity fund managers to access government leverage at rates that are typically lower than traditional lending sources. Mark Kromkowski and Bryan Bylica of McGuireWoods LLP explore the program's key features and reporting requirements.

  • The Rise Of The Modern Carveout

    Crozier_Jannan.jpg

    It's not just trade buyers who are taking advantage of the growing trend of carveout transactions. In a market where there are fewer standalone opportunities, financial sponsors are increasingly prepared to tackle carveout transactions as a means of generating higher returns, say Jannan Crozier and Richard Needham of Baker & McKenzie LLP.

  • Google, NASA, Planes And A Stronger Legal Team

    Nicholas Cheolas

    Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Basel III And The Move Toward Uncommitted Lines Of Credit

    Mark C. Dempsey

    The Basel III regulations have impacted the types of subscription credit facilities lenders are putting in place, and there are a few key components of the U.S. Basel III framework that can be linked to the recent increase in the use of uncommitted lines of credit, say attorneys with Mayer Brown LLP.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • $7B And Unclear Future For New Markets Tax Credits

    James Lang

    The New Markets Tax Credit program was recently awarded another $7 billion for community development entities to use in attracting private capital to projects in low-income areas. While the Trump administration has not yet weighed in on the program, it is noteworthy that the president himself has a history of using tax credits for development purposes, say James Lang and Justin Mayor of Greenberg Traurig LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • Structuring Considerations For Growth Equity Investments

    Excerpt from Lexis Practice Advisor
    Brien Wassner

    The need for both capital and advisory services makes growth-stage companies attractive targets for private equity investment professionals. In this article, Brien Wassner of Milbank Tweed Hadley & McCloy LLP highlights a number of legal and practical considerations that growth equity investors will face.