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Mergers & Acquisitions
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December 10, 2024
Google, TPG To Help Steer $20B Clean Energy Investment
Google and an arm of private equity shop TPG that is focused on solutions to combat climate change revealed plans to partner with clean energy company Intersect Power to invest $20 billion in renewable power infrastructure by the end of the decade, with an initial plug of $800 million announced on Tuesday.
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December 10, 2024
Stellantis, CATL Invest Up To €4.1B For Battery Plant In Spain
Automaker Stellantis announced Tuesday that it has formed a joint venture with Chinese battery maker CATL that sees the two investing up to €4.1 billion ($4.3 billion) to help build a large-scale European lithium iron phosphate battery plant in Spain.
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December 10, 2024
Advent Says Chancery Rulings End Funeral Co. Suit
Private equity firm Advent International told a Boston federal judge that a heated fraud lawsuit tied to its sale of a Mexican funeral business must be dismissed due to rulings from a Delaware judge upholding agreements it entered with the buyer limiting claims related to the transaction.
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December 10, 2024
Kirkland, Davis Polk Drive Gen Digital's $1B MoneyLion Buy
Cybersecurity software company Gen Digital Inc., led by Kirkland & Ellis LLP, has entered into a definitive agreement to acquire Davis Polk & Wardwell LLP-advised personal finance platform MoneyLion Inc. for about $1 billion, the companies said Tuesday.
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December 10, 2024
Utah Beverage Canning Co. Seeks Sale In Ch. 11
A company that makes and fills beverage cans has filed for Chapter 11 protection in Utah bankruptcy court with $476 million in debt, saying COVID-19 caused delays in the opening of its Salt Lake City facility that left it with too little liquidity to continue.
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December 10, 2024
Remote Access Co. To Buy British Biz From Carlyle For $720M
German remote connectivity company TeamViewer said Tuesday that it has reached a deal with U.S. investment giant Carlyle Group Inc. to acquire London-based IT firm 1E at an enterprise value of $720 million, in a deal guided by White & Case LLP.
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December 09, 2024
Trump Media Investors Urge Stay Denial In Del. Suit
Investors in Donald Trump's social media website urged a Delaware Chancery Court to deny a temporary stay brought by the president-elect in order to let Florida litigation play out first, saying presidential immunity doesn't extend to unofficial acts, and the lawsuit can proceed against Trump's affiliates.
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December 09, 2024
Jones Says Waiver Gave Onion Unfair Edge In Infowars Auction
Lawyers for Alex Jones on Monday stepped up their criticism of satirical news outlet The Onion's bid to buy the conspiracy theorist's Infowars website, urging a Texas bankruptcy judge to block the deal and hand Infowars to a company operating a supplements website instead.
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December 09, 2024
Satellite Co. Sued In Del. For Docs After $450M Merger
Two stockholders of satellite venture Terran Orbital Corp. sued the business in Delaware's Court of Chancery Friday for access to company records, linking the demand to their investigation of events leading up to the company's $450 million, 25-cents-per-share sale to Lockheed Martin in October.
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December 09, 2024
Live Nation Denied Rehearing In 9th Circ. Arbitration Fight
The full Ninth Circuit has refused to reconsider an appellate panel's recent decision invalidating Live Nation and Ticketmaster's choice of a digital arbitration startup for consumer antitrust claims over allegedly exorbitant ticket prices.
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December 09, 2024
Facebook Execs Deny Email Breach Harm In Del. Hearing
Two former Facebook directors turned to "chutzpah" in answering a stockholder class call for sanctions against them for deleting uncounted emails regarding privacy violations and the Cambridge Analytica scandal, a stockholder attorney told a Delaware vice chancellor on Monday.
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December 09, 2024
Judge Eyes Far Less Trial Time In Meta Case Than FTC Wants
The Federal Trade Commission likely has to cram much more trial in much less time than it had planned after a D.C. federal judge suggested Monday that the agency's social media monopolization case against Meta Platforms Inc. can't go much past the first week of June 2025.
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December 09, 2024
NC Attorney General Cans Counterclaims In HCA Hospital Suit
North Carolina Attorney General Josh Stein has immunity from counterclaims brought by HCA Healthcare in an enforcement suit centered on the for-profit health network's actions since purchasing an Asheville hospital five years ago, a state Business Court judge has ruled.
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December 09, 2024
TikTok Seeks Halt On Sale-Or-Ban Law For High Court Appeal
TikTok Inc. and its users are pressing the D.C. Circuit to put on hold the implementation of a law that is set to bar the platform from the U.S. market next month while they appeal a ruling backing the measure to the U.S. Supreme Court.
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December 09, 2024
Apollo, Santander Invest In $370M Infrastructure Portfolio
Private equity giant Apollo and commercial bank Santander on Monday unveiled plans to partner to invest in a $370 million portfolio of infrastructure credit.
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December 09, 2024
Barington And Thor Invest In Macy's, Push For New Direction
Barington Capital Group LP and Thor Equities LLC said Monday they've taken a position in Macy's as they pushed the storied retailer to make strategic changes to help "improve shareholder value," while Macy's acknowledged the development and disclosed it was being counseled by Wachtell Lipton Rosen & Katz on the matter.
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December 09, 2024
Paul Hastings, Paul Weiss Lead $6.7B Pactiv Evergreen Sale
Packaging products maker Novolex, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced that it will combine with food merchandising product manufacturer Pactiv Evergreen, led by Paul Hastings LLP, in a $6.7 billion take-private deal that is backed by private equity funds.
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December 09, 2024
Arthur J. Gallagher Buying AssuredPartners For $13.5B
Arthur J. Gallagher & Co. has agreed to purchase independent insurance brokerage AssuredPartners for $13.5 billion in cash, in what its seller, private equity firm GTCR, said will be the largest sale of a U.S. insurance broker to a strategic acquiror in the history of the industry.
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December 06, 2024
DC Circ. Ruling Far From Last Word On Looming TikTok Ban
The D.C. Circuit's decision Friday paving the way for a U.S. ban on TikTok to take effect next month sparked immediate concerns about the loss of a social platform that millions rely on to freely express themselves, but a likely appeal and upcoming administration change could end up flipping the script.
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December 06, 2024
FTC Dems Tout Impact of Handbag Merger Win
The Federal Trade Commission's leader said a recent court ruling that led the owners of Coach and Michael Kors to abandon their planned $8.5 billion tie-up should make it easier to prove mergers hurt competition without needing to rely on expensive economic experts.
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December 06, 2024
New EU Antitrust Head Leaves Google Breakup 'On The Table'
A potential breakup of Google, particularly its advertising placement technology business, remains on the table on both sides of the Atlantic, based on comments from the European Union's brand new antitrust chief.
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December 06, 2024
Trump DOJ Antitrust Pick Means 'Google Should Be Nervous'
President-elect Donald Trump's pick to lead the U.S. Department of Justice Antitrust Division signaled the aggressive push against major technology giants is likely to continue, but may also suggest a somewhat friendlier reception for mergers.
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December 06, 2024
$29.75M Deal Proposed To End Del. Latch Inc. SPAC Suit
Attorneys for investors who bought into Latch Inc.'s Tishman Speyer-led, $1.5 billion take-public deal only to see their shares nosedive have tentatively settled consolidated class damage claims for $29.75 million, according to a Delaware Court of Chancery filing.
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December 06, 2024
Shell, Equinor Creating UK Oil Giant As Sea Basin Matures
Shell UK Ltd. and Equinor UK Ltd. are joining forces to create what they said will be the largest independent oil and gas company in the U.K., citing declining production in the "once-prolific basin" of the North Sea as the impetus for the 50-50 joint venture.
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December 06, 2024
Creditor Says Failed Solar Biotech Bidder Shouldn't Get Fee
A creditor of Solar Biotech asked a Delaware bankruptcy judge to deny a request to pay the failed stalking horse bidder's $456,000 breakup fee, arguing there was no evidence the protections were necessary or that the bidder relied on them.
Expert Analysis
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Trump's 2nd Term May Be A Boost To Banking Industry
President-elect Donald Trump's personnel appointments could be instrumental in reshaping the financial regulatory landscape during his second administration, likely allowing for greater merger activity and halting or undoing some of the Biden administration's more restrictive financial services policies, say attorneys at Debevoise.
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Predicting Shareholder Activism Trends In New Trump Admin
While President-elect Donald Trump has promised tax policies, deregulation and lax antitrust enforcement — which all fuel shareholder activism — a closer look at his first administration's track record suggests that his second presidency might be a mixed bag for activist investors and companies alike, say attorneys at Sidley.
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Destination Skiing And The DOJ's Mountain Merger Challenge
Attorneys at Robins Kaplan consider what the U.S. Department of Justice's second request for information portends for Alterra's acquisition of Colorado's Arapahoe Basin ski area, exploring the potential consequences for market definition, industry consolidation and the transformation of the lift ticket market.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Dissecting New Circuit Split Over SEC's Proxy Adviser Rule
The Sixth Circuit recently upheld the U.S. Securities and Exchange Commission's partial rescission of enhanced conflict-of-interest disclosure requirements for proxy voting advice businesses, creating a circuit split over broader questions concerning the standard for assessing the legality of agency actions in general, say attorneys at Cahill Gordon.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Empathy In Mediation Offers A Soft Landing For Disputes
Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Fostering Healthcare Industry Success With Joint Ventures
As the healthcare industry continues to evolve, joint ventures remain a key strategy to unite health systems, private equity firms and physician practices in leveraging their collective strengths to foster innovation and improve patient care, say Carole Becker and Travis Jackson at McDermott.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.