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Mergers & Acquisitions
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November 27, 2024
Weil-Led Apse Capital Secures €350M For Continuation Fund
British private equity firm Apse Capital Ltd., led by Weil Gotshal & Manges LLP, on Wednesday announced that it closed a €350 million ($370.1 million) continuation fund, which will be used to acquire three portfolio companies from one of the firm's other funds.
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November 27, 2024
Miner Sells Further $529M Of Shares In Platinum Unit
British multinational mining giant Anglo American PLC said Wednesday that it has raised 9.6 billion South African rand ($529 million) by selling approximately an additional 6% of its platinum producing subsidiary as part of a separation process.
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November 27, 2024
Chaotic But PE-Friendly Enviro Expected As Trump Returns
Donald Trump’s 2024 presidential election victory means that, for only the second time in U.S. history, a former president will make his way back to the White House after a four-year gap. Here, Law360 speaks to private equity attorneys from three separate firms about what they expect to see from Trump’s administration and the ramifications it might have on the industry.
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November 27, 2024
JD Sports Completes €520M Deal For French Footwear Biz
JD Sports Fashion PLC said Wednesday that it has finalized the €520 million ($546 million) acquisition of French footwear company Groupe Courir SAS, after the European Union addressed competition concerns.
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November 27, 2024
Banco BPM Rejects UniCredit's €10B Takeover Offer
Italian lender Banco BPM SpA has rebuffed a €10 billion ($10.5 billion) offer from its domestic rival UniCredit SpA, a move that would create the country's biggest bank, stating that the bid fails to reflect its profitability and prospects.
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November 26, 2024
Workers Say Kroger-Albertsons No-Poach Deal Hurt Wages
A Colorado grocery store employee has filed a putative class action accusing Kroger Co. and Albertsons Cos. Inc. of scheming to suppress workers' wages, alleging in a state court complaint that the grocers entered into an illegal "no-poach" agreement during a 2022 strike.
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November 26, 2024
HCA Hospital Sale On Hold Amid Antitrust Concerns
An Indiana healthcare system has withdrawn its application with the state health department for a planned purchase of a hospital from HCA Healthcare following concerns from the Federal Trade Commission, saying it needs more time to rework the application.
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November 26, 2024
GTCR Plugs $1.33B Into Software Testing Biz Tricentis
Software testing and engineering company Tricentis, advised by Willkie Farr & Gallagher LLP, on Tuesday revealed that it has reached an enterprise value of $4.5 billion following a $1.33 billion investment from Kirkland & Ellis LLP-led private equity giant GTCR.
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November 26, 2024
Pa. Nursing Home Eying Sale Seeks Fraud Sentencing Delay
The parent company for a troubled Western Pennsylvania nursing home asked a federal court to postpone a sentencing for defrauding state and federal healthcare programs so the company can keep trying to sell the facility, or at least relocate its residents over a longer period of time.
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November 26, 2024
Streaming Biz Brightcove Sold In $233M Go-Private Deal
Streaming technology company Brightcove Inc., advised by Goodwin Procter LLP, has agreed to go private and be bought by Latham & Watkins LLP-led software company Bending Spoons in an all-cash deal valued at around $233 million.
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November 26, 2024
Sidley-Steered Roche To Buy Biopharma Biz For Up To $1.5B
Swiss multinational Roche said Tuesday that it has agreed to acquire Poseida Therapeutics, a U.S. genetic engineering company, for up to $1.5 billion in cash to bolster the healthcare giant's range of blood cancer therapies.
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November 25, 2024
Judge Eyes Dec. Hearing To Sort Out Onion's Bid For Infowars
A Texas judge asked the Chapter 7 trustee in right-wing fabulist Alex Jones' bankruptcy to preserve the status quo until a sale hearing sometime in December that will determine whether the parent company of satirical news publisher The Onion was correctly chosen as the winning bidder in the auction for Jones' Infowars program.
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November 25, 2024
Lampert, Sears Stockholders Set Appraisal Share Faceoff
Delaware's Court of Chancery has teed up an argument on how to handle class member claims of former Sears Hometown and Outlet Stores Inc. stockholders whose share appraisal demand was torpedoed by the company's bankruptcy in 2022.
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November 25, 2024
Microsoft-Activision Atty Snubs $15M Class Fee In Del. Suit
An attorney for Microsoft Corp. and Activision Blizzard Inc. on Monday downplayed the benefits from an ongoing stockholder suit seeking $15 million for mid-case fixes to the two companies' $68.7 billion merger, saying the action's modest advantages should be weighed more as disclosure matters than a deal rescue.
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November 25, 2024
Greenberg Traurig Grows In Middle East With 2 From Clyde
Greenberg Traurig LLP said Monday that it is expanding its coverage in the Middle East with the addition of an international arbitration and litigation lawyer as well as a corporate lawyer with expertise in mergers and acquisitions, who were both hired away from Clyde & Co. LLP.
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November 25, 2024
Judge Bemoans 'Chaotic' Contracts In Jack Nicklaus IP Case
The New York state judge presiding over golf legend Jack Nicklaus' intellectual property lawsuit on Monday signaled he may not be able to untangle a set of contradictory contracts, which could lead to a trial over who can use the "Golden Bear's" name and likeness.
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November 25, 2024
Spirit's Cayman Units To Hit Ch. 11 As Airline Eyes Swift Reorg
Four Spirit Airlines subsidiaries in the Cayman Islands were expected to file for bankruptcy protection Monday and ask a New York federal court to join the company's main Chapter 11 case, a move that Spirit says will help keep the debtor on course to confirm a reorganization plan.
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November 25, 2024
FTC's Antitrust Case Against Meta Gets April Trial Date
A D.C. federal court has set an April 14 trial date for the Federal Trade Commission's antitrust case accusing Meta of monopolizing personal social networking through its acquisitions of Instagram and WhatsApp.
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November 25, 2024
Hedge Fund-Backed SPAC Returns To Market With 3rd IPO
Inflection Point Acquisition Corp. III, the third special purpose acquisition company affiliated with executives of hedge fund Kingwood Capital Management, filed plans on Monday for a $220 million initial public offering, guided by three law firms.
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November 25, 2024
Kirkland, Milbank Shape $3.5B Blackstone-EQT Corp. JV
EQT Corp., led by Kirkland & Ellis, will form a $3.5 billion joint venture with Blackstone Credit & Insurance to take over ownership of the Mountain Valley Pipeline and other midstream assets that EQT got in its re-acquisition of Equitrans Midstream, the partners announced Monday.
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November 25, 2024
Trump 2.0 Expected To Maintain Tech Antitrust Cases
President-elect Donald Trump has promised dramatic changes with his pending second term, but antitrust practitioners are anticipating a return to normal after four years of an aggressive Biden administration that's seemed skeptical of big business on the whole, though they also don't expect enforcement to be lax.
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November 25, 2024
3 Firms Guide $11.5B Building Materials Co. Buyout
Summit Materials Inc. announced Monday that it has reached an agreement to be bought out by rival Quikrete Holdings Inc. that sees the construction materials company valued at $11.5 billion, in a deal guided by Davis Polk, Troutman Pepper and Covington.
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November 25, 2024
5 Firms Build CA$12.1B Take-Private Of CI Financial
Canada-based asset and wealth management company CI Financial Corp. on Monday announced that it has agreed to go private through an acquisition by Mubadala Capital that boasts an enterprise value of roughly CA$12.1 billion ($8.7 billion) and was built by five law firms.
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November 25, 2024
Italy's UniCredit Makes €10B Offer For Rival Banco BPM
UniCredit SpA said Monday that it has offered to buy rival Italian lender Banco BPM SpA for €10 billion ($10.5 billion) in an all-share deal, with the aim of creating a pan-European banking giant.
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November 25, 2024
Latham, Jones Day Lead Anglo American's $3.8B Oz Biz Sale
Anglo American PLC said Monday that it will sell its remaining steel-making coal mines in Australia for up to $3.78 billion in cash to Peabody Energy, a U.S. miner, as it presses ahead with a corporate restructuring plan to reward shareholders.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Navigating Antitrust Considerations In ESG Collaborations
The intersection of ESG goals and antitrust laws presents a complex challenge for businesses and their counsel — but by creating clear frameworks for collaboration, adhering to established guidelines and carefully considering the competitive implications of their actions, companies can work toward sustainability while mitigating legal risks, say attorneys at Morgan Lewis.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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FTC Focus: Private Equity Investments In Healthcare
As the Federal Trade Commission is tightening its scrutiny of private equity investment in healthcare, the agency is finding novel grounds to challenge key focus areas, including rollup acquisitions, the flip-and-strip approach and minority investments in rival providers, say attorneys at Proskauer.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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How 5 States' Deal Notification Laws Are Guiding Healthcare
Healthcare transaction notification laws at various stages of implementation in California, Illinois, Indiana, Oregon and Washington are shaping sector mergers and acquisitions, with significant transparency, continuity of care and compliance implications as providers tackle complex regulatory requirements, says Melesa Freerks at DLA Piper.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Preparing For Increased Scrutiny Of Tech Supply Chains
The U.S. Department of Commerce's recent action prohibiting sales of a Russia-based technology company's products in the U.S. is the first determination under the information technology supply chain rule, and signals plans to increase enforcement of protections that target companies in designated foreign adversary jurisdictions, say attorneys at Debevoise.