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Mergers & Acquisitions
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August 02, 2024
Monitor Says HCA Possibly Flouted Promises In Hospital Deal
The independent monitor tasked with ensuring HCA Healthcare has complied with an agreement that cemented its $1.5 billion acquisition of a North Carolina health system has said the for-profit network may have deviated from those promises, according to a new report.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
Withers Hires Duane Morris Corporate Partner In NY
Withers has hired a nearly 16-year veteran of Duane Morris LLP, who's joining in New York to continue her cross-border corporate practice, focusing on a range of international and domestic clients, the firm announced Thursday.
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August 02, 2024
Banking Vet Still Has Work To Do As Paul Weiss M&A Head
After a long tenure in banking, including as Morgan Stanley's global head of mergers and acquisitions, Rob Kindler could have rested on his laurels. Instead, Kindler joined Paul Weiss as its global chair of M&A and has led the team that represented Envestnet Inc. on its July 11 deal to sell the business to Bain Capital for $4.5 billion. He spoke with Law360 about what he sees ahead.
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August 02, 2024
Iberdrola To Buy 88% Of UK Electric Power Co. In $5.5B Deal
Spanish electric utility company Iberdrola said Friday it plans to buy 88% of Electricity North West in a deal that values the British electric power network at roughly €5 billion ($5.5 billion), including debt.
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August 02, 2024
HCR Law-Led Howden Hits Right Note With Allianz Music Buy
Howden Group Holdings Ltd. has agreed to buy the musical insurance book of Allianz UK as the U.K. broker looks to broaden its global business.
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August 02, 2024
Broker Sails Away With Marine Insurer From Zurich UK
A subsidiary of Ardonagh Group Ltd. has bought boat insurance specialist Navigators & General from Zurich UK, as it looks to broaden its horizons in the maritime insurance sector.
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
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August 01, 2024
Sidley Launches New San Diego Office With Five Partners
Sidley Austin LLP has opened a new office in San Diego, with five partners specializing in a range of areas including mergers and acquisition, venture capital and global finance, marking the global law firm's fifth office in the Golden State, the firm announced Thursday.
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August 01, 2024
Goodwin Procter Reps Behrman Unit In $475M Sale To ITT
Private equity firm Behrman Capital, guided by Goodwin Procter LLP, has agreed to sell its portfolio company kSARIA Holdings to global manufacturer ITT Inc. in a $475 million transaction, according to an announcement Thursday.
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August 01, 2024
Kirkland & Ellis Guides Arcosa On $1.2B Stavola Buy
Texas infrastructure products company Arcosa Inc., advised by Kirkland & Ellis LLP, has agreed to buy the family-owned construction materials business of Stavola Holding Corp. for $1.2 billion, moving forward in its "long-term vision" that includes increasing its aggregates presence across the U.S., Arcosa announced Thursday.
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August 02, 2024
CORRECTED: Delay Sought In Citgo Auction
A Delaware federal judge has appeared open to postponing to October an auction for Citgo Petroleum Corp.'s parent company, a proceeding aimed at satisfying billions of dollars in Venezuelan debt. Correction: A previous version of this article mischaracterized the nature of Judge Stark's order. The error has been corrected.
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August 01, 2024
Latham, Ellenoff Rank Among Top Firms For July IPOs
Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.
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August 01, 2024
EU Approves $18B Grain Deal With Asset Sales
European enforcers on Thursday approved grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, conditioned on the sale of Viterra's oilseed businesses in Hungary and Poland.
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August 01, 2024
Pioneer Health Approved For $450K To Fund Ch. 11 Sale Plan
Bankrupt clinic operator Pioneer Health Inc. received approval from a Delaware court to borrow $450,000 as it pursues a sale of its assets, but agreed to delay a hearing on a proposed Chapter 11 plan to give the company time to update the filings to reflect its new track.
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August 01, 2024
Deals Rumor Mill: BNP Paribas, Blackstone, Honeywell
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of. Here, Law360 breaks down the notable deal rumors from the past week.
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August 01, 2024
Monthly Merger Review Snapshot
The Federal Trade Commission brought its latest case contesting a vertical merger, Tempur Sealy's bid for Mattress Firm, while continuing to battle Microsoft's purchase of Activision and Kroger's purchase of Albertsons, even as the agency allowed several oil deals to move forward without challenge.
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August 01, 2024
Brookfield Buys Thermal Management Biz In $1.7B Deal
nVent, a London-based electrical connection and protection solutions provider advised by Foley & Lardner, announced Thursday it has agreed to sell its thermal management segment to funds run by private equity shop Brookfield Asset Management, represented by Simpson Thacher, for $1.7 billion in cash.
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August 01, 2024
Duane Morris Seeks $3.25M Fee For Pirate Treasure Win
Duane Morris LLP attorneys who recently won a Delaware Court of Chancery order unwinding a merger that set up unfair terms for distributions from a sunken pirate ship salvage venture potentially worth $200 million to $1 billion have asked for a $3.25 million fee for their five-year effort.
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August 01, 2024
Skadden Names Shareholder Engagement and Activism Head
Skadden tapped seasoned transactional attorney Elizabeth Gonzalez-Sussman to lead the firm’s shareholder engagement and activism practice as more clients seek help navigating investor demands.
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August 01, 2024
Outbrain Buys Video Platform Teads From Altice In $1B Deal
Advertising platform Outbrain, advised by three law firms, on Thursday revealed plans to acquire global omnichannel video advertising platform Teads from telecommunications company Altice, led by two law firms, in a $1 billion deal meant to create an open internet advertising platform giant.
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August 01, 2024
R1 RCM Going Private In $8.9B Deal Steered By 4 Firms
TowerBrook Capital Partners and Clayton Dubilier & Rice have agreed to take R1 RCM Inc. private in a deal that values the healthcare-focused tech provider at about $8.9 billion, the company said in a Thursday announcement.
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July 31, 2024
Live Nation Says In-House Attys Can't Access DOJ Docs
As it warned would be the case, Live Nation is telling a New York federal judge that it has no in-house counsel that will be able to meet his rules on counsel access to highly confidential material in the U.S. Department of Justice's antitrust suit against the live events company.
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July 31, 2024
Del. Justices Reject New Earnout Claim In $300M Deal Appeal
Delaware's Supreme Court on Wednesday upheld dismissal of a post-sale stockholder representative suit challenging denial of accelerated, post-closing "earnout" payments after the merger of Edwards Lifesciences and Valtech Cardio Ltd., rejecting a stockholder bid to introduce post-appeal developments.
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July 31, 2024
Discover Could Pay $200M In Card 'Misclassification' Fines
Discover Financial Services told investors on Wednesday that it could face $200 million in potential regulatory penalties over its past "misclassification" of certain credit card accounts, an issue that's also led to class action litigation and other scrutiny for the card giant.
Expert Analysis
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Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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5 Tips For Policyholders Arbitrating R&W Insurance Claims
With more representations and warranties insurance disputes being arbitrated, policyholder counsel should note issues that are unique to RWI claims, including those of privilege, priority and preserving subrogation, says Micah Skidmore at Haynes Boone.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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What To Know About RWI In Acquisition And Divestiture Deals
As a slower pace of merger activity turns underwriters toward new industries, representations and warranties insurance policies are increasingly being written for acquisition and divestiture energy deals, making it important for contracting parties to understand how the RWI underwriting process works in this new sector, say attorneys at Haynes Boone.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.