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Mergers & Acquisitions
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October 21, 2024
MVP: Goodwin's Joshua Zachariah
Joshua Zachariah of Goodwin Procter LLP's mergers and acquisitions practice led the team that advised Qualtrics in its $12.5 billion sale to private equity giant Silver Lake and is guiding Novo Holdings on its $16.5 billion merger agreement with Catalent, earning him a spot as one of the 2024 Law360 M&A MVPs.
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October 21, 2024
Davis Polk, Kilpatrick Guide $1.6B Mid-Atlantic Bank Merger
Davis Polk & Wardwell LLP and Kilpatrick Townsend & Stockton LLP are guiding a $1.6 billion deal that will see Virginia-based Atlantic Union Bankshares Corp. absorb Maryland's Sandy Spring Bancorp in what the companies said Monday will create a lower Mid-Atlantic region bank holding company with more than $39 billion in assets.
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October 21, 2024
Debevoise-Led EQT Pool To Buy $14.5B Private School Biz
Swedish investment giant EQT AB said Monday that it has formed a new consortium to acquire international school operator Nord Anglia Education for $14.5 billion in a deal guided by Latham & Watkins LLP, Debevoise & Plimpton LLP and Ropes & Gray LLP.
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October 21, 2024
Sanofi Sells Majority Stake In Opella To CD&R, French State
Pharmaceutical giant Sanofi SA said Monday that it will sell a controlling stake in Opella to U.S. private equity shop Clayton Dubilier & Rice LLC and France's public investment bank, in a deal valuing its consumer healthcare business at €16 billion ($17 billion).
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
Downstream Lumentum Tippee Settles SEC Claims For $443K
A New Jersey man will pay nearly $443,000 to end the latest insider trading allegations made by the U.S. Securities and Exchange Commission involving the 2021 acquisition of photonics company NeoPhotonics by optical product maker Lumentum Holdings Inc.
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October 18, 2024
Consumer Capital One-Discover Suit Paused For Gov't Review
A Virginia federal judge hit pause Friday on a private cardholder proposed class action challenging Capital One's planned $35 billion acquisition of Discover Financial Services, agreeing with the companies that it's best to let still-pending review by banking regulators play out first.
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October 18, 2024
Chancery Keeps Better Therapeutics SPAC Suit Alive
A Delaware vice chancellor on Friday refused to dismiss a suit challenging the take-public merger of now-defunct Better Therapeutics, saying the investors have sufficiently pleaded direct breach of fiduciary duty claims against the medical technology business' special purpose acquisition company partner and its directors.
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October 18, 2024
Hong Kong Regulators Unveil Plans To Quicken IPOs
Hong Kong regulators and stock exchange officials announced a plan on Friday to accelerate their time frames for reviewing initial public offerings, a bid to improve the region's attractiveness for new listings amid intense global competition.
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October 18, 2024
Credit Suisse, PwC Fight Bondholders' Separate Merger Suits
Credit Suisse and PwC have urged a New York federal judge to toss a proposed class action alleging that they concealed the impact of quarterly losses and the bank's inability to retain client funds leading up to its takeover by UBS AG, saying the plaintiff launched the suit to circumvent its rejected bid to be lead plaintiff in a similar suit.
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October 18, 2024
Paramount-Skydance Merger Triggers Class Atty Fight In Del.
A five-firm stockholder attorney team investigating the proposed $7 billion Paramount Global-Skydance Media LLC merger has urged Delaware's Court of Chancery to put the brakes on another firm's motion for co-lead plaintiff appointment for a deal challenge, arguing that the move would reward a rush to the courthouse.
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October 18, 2024
Hogan Lovells Guides Buyer On San Diego Soccer Team Deal
National Women's Soccer League team the San Diego Wave Fútbol Club has assumed new ownership after Hogan Lovells-advised private equity firm Levine Leichtman Family Office bought the team from previous owner Ron Burkle, advised by Loeb & Loeb LLP, marking the latest in a string of NWSL deals this year.
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October 18, 2024
Allianz, Santander End Shareholder Suit Coverage Fight
Allianz has agreed to drop its request in Massachusetts federal court for a ruling that it is not obligated to cover Santander Holdings' defense in a now-settled 2022 shareholder lawsuit, a recent filing showed.
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October 18, 2024
6 Firms Guide $1.1B Turkish-Kazakh E-Commerce Deal
Six law firms across three countries have guided a transaction announced Friday that will see Kaspi.kz, which runs a popular payments app in Kazakhstan, purchase a majority stake in Turkish e-commerce platform Hepsiburada for more than $1.1 billion in cash.
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October 18, 2024
Verbose BigLaw Attys Irk Judge: 'Not Serving You Well'
A Boston federal judge on Friday laid into attorneys for Boies Schiller Flexner LLP, Quinn Emanuel Urquhart & Sullivan LLP, and Ropes & Gray LLP for what she called needlessly aggressive and voluminous court filings in heated fraud litigation involving the sale of a Mexican funeral business.
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October 18, 2024
BCLP Corporate Ace Jumps To Barnes & Thornburg In LA
A longtime Bryan Cave Leighton Paisner LLP attorney has taken his practice to Barnes & Thornburg in Los Angeles, becoming the fourth partner to join its corporate department in just the last month.
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October 18, 2024
O'Melveny Duo Includes Ex-Hogan Lovells Singapore Head
O'Melveny has expanded its platform in Asia with the addition of two transactional lawyers from Hogan Lovells, including a former practice head and Singapore managing partner who will now lead O'Melveny's Singapore and Southeast Asia team as well as its Singapore office.
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October 18, 2024
Taxation With Representation: Baker, Simpson, Ropes
In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.
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October 18, 2024
CVS Health Replaces CEO Amid Reported Activist Pressure
CVS Health announced an executive shakeup on Friday, including the appointment of new President and CEO David Joyner, a move that comes as the troubled healthcare services giant faces pressure from activist investors pushing for change.
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October 18, 2024
FTC Faces More Pressure To Block $16.5B Novo-Catalent Deal
A dozen advocacy groups are pushing the Federal Trade Commission to block Novo Holdings' planned $16.5 billion purchase of Catalent, arguing that the deal would stifle competition for certain obesity and gene therapy drugs — and that no remedy can fix that.
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October 17, 2024
Zoox Investors Battle Amazon Sale Suit Toss In Chancery
An attorney for self-driving robotaxi venture Zoox Inc., its directors and Amazon.com told Delaware's chancellor on Thursday that insolvency was days away when Zoox agreed to a $1.3 billion acquisition by Amazon.com in June 2020, despite conflicting claims from stockholders who challenged the deal.
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October 17, 2024
DOJ Defends States' Right To Recoup Live Nation Overcharges
The federal government and 40 states are urging a New York federal court not to trim their antitrust case against Live Nation, arguing that states have the right to go after overcharges customers allegedly paid for concert tickets and also defending a tying claim based on venues and promotion services.
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October 17, 2024
MMA Fighter Hits Bellator With $15M Antitrust Suit
A fighter lodged a $15 million antitrust lawsuit against Bellator, claiming that after it merged with the Professional Fighters League, the mixed martial arts company broke a previous agreement that had guaranteed him a certain amount of bouts and payouts.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
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October 17, 2024
$20B Verizon-Frontier Deal Faces Scrutiny, And Other Rumors
A growing list of Frontier Communications' largest shareholders are concerned about its planned $20 billion takeover by Verizon Communications, and a group of former professional athletes are in talks to buy a stake in the NFL's Buffalo Bills. Here, Law360 breaks down these and other notable rumors from the past week.
Expert Analysis
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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The Tricky Implications Of New Calif. Noncompete Laws
Two new California noncompete laws that ban certain out-of-state agreements and require employers to notify certain workers raise novel issues related to mergers and acquisitions, and pose particular challenges for technology companies, says John Viola at Thompson Coburn.
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Planning For Healthcare-Private Equity Antitrust Enforcement
U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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DOJ's Safe Harbor Policy May Quietly Favor M&A Enforcement
In a change that has received little attention, the U.S. Justice Department's recently codified safe harbor policy essentially reads the Antitrust Division's criminal enforcement out of the policy entirely, and now appears to favor merger enforcement in antitrust, rather than criminal enforcement, as originally intended, say Daniel Oakes and James Attridge at Axinn.
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How Activision Ruling Favors M&A Formalities Over Practice
The Delaware Chancery Court’s recent nod to a proposed class action, alleging shareholder notice violations in Activision Blizzard’s sale to Microsoft, puts practitioners on notice that customary merger and acquisition market practices do not offer protection from potential liability, say John Stigi and Eugene Choi at Sheppard Mullin.
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How Policymakers Can Preserve The Promise Of Global Trade
Global trade faces increasing challenges but could experience a resurgence if long-held approaches adjust and the U.S. accounts for factors that undermine free trade's continuing viability, such as regional trading blocs and the increasing speed of technological advancement, says David Jividen at White & Case.
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Why Oncology Deal Making Continues To Fuel Biotech M&A
The biotech sector's potential for advancements in cancer care continues to attract deal-maker interest, and the keys to successful mergers and acquisitions include the ability to integrate innovative therapies, leverage technological advancements and respond to the dynamic needs of patients, say Bryan Luchs and Mike Weir at White & Case.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.