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Mergers & Acquisitions
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December 03, 2024
Fairfax India Ups Stake In Bangalore Intl. Airport In $255M Deal
Investment holding company Fairfax India Holdings Corp. announced plans Tuesday to acquire an additional equity interest in Bangalore International Airport Ltd. from a subsidiary of Siemens Financial Services in a $255 million deal.
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December 03, 2024
Attys For Sears Ex-CEO, Appraisal Camp Clash In Chancery
A lawyer for Sears Hometown and Outlet Stores' former top fiduciary told a Delaware vice chancellor on Tuesday that case law does not support carving out stockholder proceeds from a fiduciary breach settlement in order to pay shareholders whose separate appraisal lawsuit was foiled by SHOS' bankruptcy.
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December 03, 2024
Norton Rose Names US Corporate, M&A And Securities Head
Norton Rose Fulbright announced Tuesday that it has tapped a New York partner to co-lead its U.S. corporate, mergers and acquisitions, and securities team.
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December 03, 2024
McCarter & English Adds Ex-DOJ Antitrust Atty In DC
McCarter & English has hired a new partner and former Wilson Sonsini Goodrich & Rosati PC senior counsel, who started her career working on antitrust issues for the U.S. Department of Justice in Washington, D.C., the firm announced Tuesday.
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December 03, 2024
KPS To Acquire Resin Maker Ineos Composites In $1.8B Deal
Private equity shop KPS Capital Partners LP, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Tuesday announced plans to buy resin maker Ineos Composites, led by Slaughter and May, for roughly €1.7 billion ($1.8 billion).
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December 03, 2024
Skadden, Clifford Chance Guide BlackRock On $12B HPS Buy
BlackRock said Tuesday it has agreed to buy HPS Investment Partners for approximately $12 billion, in a deal that will align HPS' nearly $150 billion global credit portfolio with BlackRock's $3 trillion public fixed income business.
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December 03, 2024
UK Watchdog Probes BlackRock Deal For Data Co. Preqin
The U.K.'s competition regulator said on Tuesday it is delving into whether private equity giant BlackRock Inc.'s proposed £2.55 billion ($3.2 billion) acquisition of private markets data provider Preqin would harm competition in U.K. markets.
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December 03, 2024
Trump Pledges To Block $14.9B US Steel-Nippon Deal
President-elect Donald Trump has reiterated his opposition to the proposed $14.9 billion acquisition of Pennsylvania-based U.S. Steel by Japan's Nippon Steel, pledging on Truth Social to block the deal and virtually extinguishing any remaining glimmers of hope that it can get done.
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December 03, 2024
Skadden-Led Zurich Buys AIG Travel Insurance Biz For $600M
Zurich Insurance Group said Tuesday that it has completed the $600 million acquisition of the personal travel insurance business of financial group AIG, which it reported will make it one of the largest entities in the sector.
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December 03, 2024
Squire Patton-Led Animal Health Co. To Buy Vet Biz For £62M
A subsidiary of Animalcare pharmaceutical group said Tuesday that it has agreed to buy Australian equine veterinary business Randlab for 120 million Australian dollars ($79 million), as the U.K. company looks to expand its product portfolio and global presence.
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December 02, 2024
DOJ, AGs Back Block Of ESPN Sport Streaming JV At 2nd Circ.
The Justice Department and a group of Democratic state attorneys general are backing a lower court injunction against a sports-only streaming service from ESPN, Fox and Warner Bros. Discovery, telling the Second Circuit the sports giants can't claim they have a right to refuse dealing with rivals after joining forces.
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December 02, 2024
Chancery OKs $21M Deal To End Gene Co. Class Suit
A $21 million settlement of stockholder challenges to a blank check company's take-public merger with clinical data and genomics company Sema4 Holdings in July 2021 won Delaware Court of Chancery approval Monday, with nearly $4.1 million carved out for attorney fees.
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December 02, 2024
Citi Splits Off Mexican Retail Bank Ahead Of Planned IPO
Citigroup said Monday it has completed the expected spinoff of its Mexican retail banking unit called Banamex — part of a strategy to separate its retail and institutional banking businesses in Mexico — paving the way for an initial public offering of Banamex.
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December 02, 2024
PE Firms Swap Calisen Stake At Reported $5B Value
A majority stake in Calisen Group is changing hands in a private equity-backed deal that is said to value the British smart metering company at more than $5 billion, according to disclosures made Monday.
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December 02, 2024
US Pitches $7.5B Loan To Stellantis-Samsung Battery Venture
The U.S. Department of Energy on Monday said it intends to lend up to $7.54 billion to back a pair of lithium-ion battery manufacturing facilities that a joint venture of Samsung SDI and automaker Stellantis NV is developing in central Indiana.
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December 02, 2024
Gibson Dunn-Led TreeHouse Foods Buys Tea Biz For $205M
Private brands snacking and drink manufacturer TreeHouse Foods Inc., advised by Gibson Dunn & Crutcher LLP, on Monday announced plans to buy Holland & Knight LLP-led Harris Tea for roughly $205 million.
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December 02, 2024
Bochner Litigator Jumps To Gordon Rees In Bay Area
Gordon Rees Scully Mansukhani LLP is deepening its California bench, bringing in a Bochner PLLC litigation and transactional attorney as a partner in its San Francisco Bay Area offices.
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December 02, 2024
Software Biz K3 To Sell Unit To PE-Backed Co. For £36M
U.K. business software group K3 said Monday that it has agreed to sell subsidiary NexSys to Syspro for £36 million ($46 million) as the private equity-backed company aims to expand in the U.K. and Europe.
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November 29, 2024
US Firm Gathers Support For £351M Bid For Loungers
U.S. investment firm Fortress Investment Group LLC said Friday that its takeover bid of approximately £350.50 million ($447 million) for British hospitality chain Loungers has won support from another shareholder.
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November 29, 2024
Kirkland-Led Apollo Biz Makes £1B Offer For Auto Parts Maker
TI Fluid Systems said Friday that it has agreed to accept a takeover offer of just over £1 billion ($1.27 billion) from a Canadian rival, ABC Technologies, in a transaction guided by three law firms — Kirkland, Paul Weiss and Latham.
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November 28, 2024
Jones Day-Led Loungers Backs £351M Fortress Takeover Bid
British hospitality chain Loungers said Thursday that it has agreed to accept a takeover offer of approximately £350.5 million ($444.5 million) from U.S. investment firm Fortress Investment Group LLC, which will remove the company from the London Stock Exchange.
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November 27, 2024
$83M Air Force Award Must Account For Merger, GAO Says
The U.S. Government Accountability Office says the Air Force must reconsider its award of an $83 million task order, saying the veteran-owned small business protesting the award possessed the requisite certification following a merger.
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November 27, 2024
FCC Refers T-Mobile, UScellular Deal To Team Telecom
The Federal Communications Commission has referred T-Mobile's anticipated $4.4 billion purchase of wireless operations from United States Cellular Corp. to the committee that vets foreign investment in the U.S. telecom market.
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November 27, 2024
Rentokil Hid Terminix Merger Issues, Pension Fund Alleges
A pension fund claims in a new proposed class action that pest control company Rentokil Initial PLC hid disruptions and challenges during its merger with Terminix Global Holdings Inc. to fully integrating the acquired business, negatively impacting Rentokil's revenue growth as a result.
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November 27, 2024
Yale Health Group Can Bolster Bid To Dodge $435M Sale Deal
Yale New Haven Health Services Corp. can add allegations to its complaint against Prospect Medical Holdings Inc. seeking to dodge a $435 million contract to buy a string of Connecticut hospitals and cite more examples of the seller's alleged breach of the deal, including $16 million in pension liens and ongoing regulatory investigations.
Expert Analysis
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What's Inside Feds' Latest Bank Merger Review Proposals
Recent bank merger proposals from a trio of federal agencies highlight the need for banks looking to grow through acquisition to consider several key issues much earlier in the planning process than has historically been necessary, say attorneys at Simpson Thacher.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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How Biden Admin Has Used Antitrust Tools, And What's Next
The last four years have been marked by an aggressive whole-of-government approach to antitrust enforcement using a broad range of tools, and may result in lasting change regardless of the upcoming presidential election result, say attorneys at Norton Rose.
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How BIS' Rule Seeks To Encourage More Voluntary Disclosure
Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Harris Unlikely To Shelve Biden Admin's Food Antitrust Stance
A look at Vice President Kamala Harris' past record, including her actions as California attorney general, shows why practitioners should prepare for continued aggressive antitrust enforcement, particularly in the food and grocery industries, if Harris wins the presidential election, says Steve Vieux at Bartko.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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John Deere Penalty Shows Importance Of M&A Due Diligence
The U.S. Securities and Exchange Commission's recent $10 million penalty against John Deere underscores the risks of not conducting robust preacquisition due diligence and not effectively integrating a new subsidiary into the existing compliance framework, say attorneys at Ropes & Gray.
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8 Issues AI Firms May Encounter As M&A Action Accelerates
As the AI merger climate heats up, potential complications may arise, including antitrust scrutiny, talent retention agreements, and aggressive and protective deal terms intended to compensate for lofty valuations, say Scott Schwartz and Kishan Barot at Manatt.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Building US-Japan Relationships In The M&A Market
The prospect of U.S.-Japanese mergers and acquisitions presents stronger competition to U.S. investors in the global M&A markets, while also opening up an additional exit route for sellers looking to offload strategic assets, says Nick Wall at A&O Shearman.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.