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Mergers & Acquisitions
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September 18, 2024
Campari Buys Stake In Whisky Brands Owner For £69.6M
Italian drinks maker Campari Group said it has bought a 14.6% stake in Capevin Holdings Proprietary Ltd., the South African owner of a whisky producer, for £69.6 million ($92 million) in cash.
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September 18, 2024
British Packaging Co. To Buy US Conveyor Biz For $17M
British packaging business Mpac Group PLC said Wednesday that it has agreed to acquire U.S.-based Boston Conveyor & Automation Inc. for $17 million in a cash-and-stock deal from its sole owner, Jim Laverdiere, expanding Mpac's footprint in North America.
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September 18, 2024
Travers Smith, Simpson Thacher-Led PEs In £1.4B Builder Buy
U.S. investors Sixth Street and Patron Capital said Wednesday that they have agreed to buy U.K. house builder Cala from Legal & General Group PLC for £1.35 billion ($1.78 billion), as the nation's construction sector rebounds from a bruising downturn.
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September 17, 2024
Chancery Sides With Truth Social Backer In SPAC Deal Payout
A Delaware Chancery judge sided Tuesday with the investment sponsor of the entity that took former President Donald Trump's Truth Social media company public, on claims it was shortchanged in the deal, ordering a larger share of the stock be handed over from the transaction.
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September 17, 2024
FDIC, OCC Cement New Bank-Merger Policy Guidelines
Federal banking regulators on Tuesday approved plans to tighten their oversight of bank mergers, scoping out heightened scrutiny for deals that result in banks with $100 billion in assets among other things.
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September 17, 2024
Wheel Pros Floats $30M Ch. 11 Sale Of Its 4WP Unit
Bankrupt automotive wheel company Wheel Pros LLC asked a Delaware bankruptcy court to bless a private $30 million sale of its recently acquired 4WP retail unit to a subsidiary of Australia's ARB Corp., a move that would bypass the usual Chapter 11 auction.
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September 17, 2024
DOT Clears $1.9B Alaska-Hawaiian Airlines Combo For Takeoff
Alaska Airlines and Hawaiian Airlines intend to close their $1.9 billion merger within days as the U.S. Department of Transportation greenlit the deal Tuesday after convincing the companies to agree to conditions meant to protect travelers, rural communities and competition in the market.
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September 17, 2024
VivoPower Plots $1.13B Merger After Unit's SPAC Deal Closes
Sustainable energy solutions company VivoPower and hydrogen technology company FAST are mulling a combination valuing the pair at $1.13 billion, in a potential deal that would follow the departure of VivoPower's electric utility vehicle subsidiary through a special purpose acquisition company merger.
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September 17, 2024
White & Case Foreign Investment Pro Joins Paul Hastings
A longtime White & Case LLP attorney specializing in national security compliance for clients with international business dealings has made the jump to Paul Hastings LLP as a partner in Washington, D.C., the firm announced on Tuesday.
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September 17, 2024
Philip Morris To Part With Inhaler Maker In Up To £258M Deal
Philip Morris International is spacing itself from the British inhaler maker it purchased in 2021 through an up to £258 million ($339.6 million) sale that preserves a commercial relationship, amid what the tobacco company called "unwarranted opposition" to its role in developing inhaled therapeutics.
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September 17, 2024
E-Discovery Services Co. Proteus Makes 1st Acquisition
Indianapolis-based e-discovery services and consulting company Proteus Discovery Group has acquired Portland-headquartered e-discovery provider Novitas Data, marking the company's first acquisition.
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September 17, 2024
Merit Medical To Buy Rival's Heart Implant Biz For $210M
Merit Medical Systems Inc. said Tuesday it has agreed to buy Cook Medical Inc.'s heart device implant portfolio for $210 million, as the U.S. medical product maker looks to capture a slice of the growing global cardiac intervention market.
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September 17, 2024
Competitiveness Outranks Climate In New EU Commission
European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.
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September 17, 2024
Ashurst Hires Fintech Pro From EY Law In London
Ashurst LLP has recruited an expert in financial technology from EY Law to strengthen its capability to advise clients on digital transformation projects.
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September 17, 2024
US Utility AES Sells 30% Stake In Ohio Unit For $546M
Power generation company AES Corp. said Tuesday that it has sold a 30% stake in its Ohio unit to Canadian investment group CDPQ for $546 million to help fund improvements to its infrastructure and meet a growing demand for data centers.
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September 17, 2024
Guardian In Talks To Sell The Observer To Tortoise Media
The parent company of the Guardian newspaper is in talks to sell the Observer to Tortoise Media, in a possible deal that would include an investment of more than £25 million ($33 million) in the Sunday newspaper, the businesses said Tuesday.
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September 17, 2024
Conn. AG Balks At Avangrid's $2.55B Take-Private Deal
Connecticut Attorney General William Tong and Consumer Counsel Claire E. Coleman want the state's utility watchdog to probe a Spanish energy firm's $2.55 billion proposal to take a Constitution State-based utility private, citing fears about reduced regulatory oversight amid soaring electricity and gas prices.
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September 17, 2024
Syensqo Transfers $485M of Pension Risk To Pacific Life, RBC
Belgian chemicals company Syensqo said Tuesday it has offloaded $485 million of its U.S. and Canadian pension liabilities through a bulk annuity deal with two insurers.
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September 17, 2024
Freshfields-Led Warburg Pincus Sells IT Biz Shares For €153M
Global private equity firm Warburg Pincus said Tuesday that it has sold a part of its stake in German Internet service provider Ionos Group SE and raised total proceeds of approximately €153 million ($170.3 million) in a placement guided by Freshfields Bruckhaus Deringer LLP.
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September 17, 2024
Euronext Buys UK Stock Market Research, Data Software Biz
Euronext NV said Tuesday that it has bought Substantive Research Ltd., a British provider of investment research and market data, as the stock exchange aims to bolster its analysis service for investors.
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September 17, 2024
Wealth Manager Brooks Macdonald To Buy Financial Planner
Brooks Macdonald Group said Tuesday that it will buy Lucas Fettes Financial Planning, a move the London-based wealth manager said it expects to widen its footprint in eastern England.
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September 17, 2024
Arthur Cox Steers Betting Giant On €2.3B Italian Biz Buy
Sports betting giant Flutter Entertainment PLC said on Tuesday that it has agreed to buy the Italian online sports betting subsidiary of Playtech PLC, a gambling technology company, for €2.3 billion ($2.6 billion).
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September 16, 2024
Swedish Amazon Aggregator Files Ch. 15 To Halt Arbitration
Swedish Amazon aggregator Go North Group AB, a business that consolidates small sellers into one platform, filed for Chapter 15 recognition in a New York bankruptcy court Monday, aiming to halt arbitration over a post-merger earnout dispute until it completes a roughly $75 million reorganization in its home country.
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September 16, 2024
DLA Guides Software Biz Netcall On €8.7M Acquisition
Automation software business Netcall PLC said Monday it has bought Belgian document processing company Parble for €8.7 million ($9.7 million), advised by DLA Piper Belgium, a move it expects will bolster its presence outside the U.K.
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September 16, 2024
Ex-Cadwalader Litigation Co-Head Among Duo Added By V&E
Cadwalader Wickersham & Taft LLP's former global litigation group co-chair is one of two ex-partners in New York bringing their practices to Vinson & Elkins LLP, according to a Monday announcement.
Expert Analysis
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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.
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The Latest Antitrust Areas For In-House Counsel To Watch
The U.S. Department of Justice and the Federal Trade Commission's increasingly aggressive approach to antitrust enforcement means in-house counsel should closely monitor five key compliance issues, say attorneys at Squire Patton.
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Navigating New Regulations In Healthcare And Other M&A
While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.
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Aviation Back On Course, But Keep Seat Belts Fastened
While the airline industry finally returned to profitability last year for the first time since the onset of COVID-19, and is poised for historic levels of traffic in 2024, supply chain problems and economic and geopolitical uncertainty persist — so more turbulence may lie ahead, say Kevin Lewis and Bart Biggers at Sidley.
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
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Healthcare Collabs Can Alleviate Labor, Antitrust Challenges
Two major challenges facing hospitals and health systems include labor shortages and increased antitrust scrutiny at both federal and state levels, but collaborative efforts may help with addressing these difficulties, says Sumaya Noush at McDermott.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Assessing Merger Guideline Feedback With Machine Learning
Large language modeling appears to show that public sentiment matches agency intent around the new merger control guidelines from the Federal Trade Commission and U.S. Justice Department, says Andrew Sfekas at Cornerstone Research.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Cos. Evaluating M&A Can Glean From Latest HSR Report
The recently released Hart-Scott-Rodino report for fiscal year 2022 helps unearth important data points for companies as they evaluate potential transactions, including that, despite a historically low enforcement rate, the number of actions exceeds the number of second requests for the first time in nearly 20 years, say Ryan Quillian and John Kendrick at Covington.
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Ch. 11 Ruling Highlights 'Two-Step' Challenges In 4th Circ.
A North Carolina bankruptcy court’s recent ruling in Bestwall’s Chapter 11 case, and the decision's interpretation of Fourth Circuit law, suggests that, compared to other circuits, it may be more difficult to dismiss so-called Texas Two-Step bankruptcy cases within the Fourth Circuit, say Brittany Falabella and Kollin Bender at Hirschler Fleischer.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.