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Mergers & Acquisitions
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December 13, 2024
Lawmakers Press Tech Giants As TikTok D-Day Looms
A pair of lawmakers on Friday leaned on TikTok to ensure it meets a Jan. 19 deadline to sell its operations or face a U.S. ban, while also pressing tech giants Apple and Google to be prepared to deplatform the video-sharing app if it refuses to sell.
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December 13, 2024
Kirkland, Wachtell Guiding Warner Bros.' Strategic Split
Kirkland & Ellis LLP and Wachtell Lipton Rosen & Katz are guiding Warner Bros. Discovery Inc. on a new plan to separate its cable TV businesses from its streaming and studio operations.
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December 13, 2024
4 Firms Rep On Rent-A-Center Owner's $460M Brigit Deal
Rent-A-Center owner Upbound Group Inc. has agreed to acquire financial technology company Brigit for up to $460 million, with Sullivan & Cromwell LLP and Mayer Brown LLP guiding Upbound and Cooley LLP and Morgan Lewis & Bockius LLP representing Brigit.
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December 13, 2024
CMA Ends Probe Into Sonoco's $3.9B Buy Of European Rival
Britain's antitrust watchdog has ended its investigation into the $3.9 billion acquisition by U.S. packaging company Sonoco Products of Eviosys, a food can-maker, from private equity firm KPS Capital Partners and another packaging business.
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December 13, 2024
UK Launches Probe Into BlackRock Deal For Data Biz Preqin
The antitrust authority said Friday that it has launched a formal probe into the proposed £2.55 billion ($3.2 billion) acquisition by private equity giant BlackRock of markets data provider Preqin.
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December 13, 2024
Charles Russell Leads PE Firm In £100M Warehouse Purchase
A subsidiary of EQT AB has acquired two warehouses in southern England for more than £100 million ($126 million) as part of the Swedish private equity firm's investment in the developing logistics market.
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December 13, 2024
Switzerland's SoftwareOne In Talks To Buy IT Consultancy
Swiss cloud technology company SoftwareOne Holding AG is in talks to buy Crayon Group, the companies said Friday, a transaction that would create a leading European reseller of software licenses.
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December 12, 2024
Cantor Fitzgerald To Pay SEC $6.75M Over SPAC Disclosures
Cantor Fitzgerald on Thursday agreed to pay a $6.75 million penalty to the U.S. Securities and Exchange Commission to resolve claims that it caused two special purpose acquisition companies that it controls to make misleading statements to investors ahead of the SPACs' initial public offerings.
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December 12, 2024
Koch Foods Demands $178K For 'Burdensome' Subpoena
Koch Foods has become the latest nonparty to an antitrust fight between Tyson Foods and a poultry rendering company to try to recover a six-figure legal bill from the latter company, after Koch said it was forced to comply with a "broad and ambiguous subpoena" for its communications with Tyson.
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December 12, 2024
Pharma Co. Says Federal Court Must Weigh Atty Fee Bid
Harpoon Therapeutics Inc., which was acquired earlier this year by Merck Sharp & Dohme LLC, has asked a California federal judge to weigh an attorney fee bid by Monteverde & Associates PC, which sued Harpoon over allegedly incomplete merger disclosures.
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December 12, 2024
Biden Steel-Deal Block, Walgreens For Sale, And More Rumors
President Biden is reportedly ready to block the U.S. Steel-Nippon merger on national security grounds, pharmacy giant Walgreens is exploring selling itself to private equity firm Sycamore, and cryptocurrency-related trading platform EToro is preparing an initial public offering.
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December 12, 2024
Bausch And Lomb Says Potential Sale In The Works
Bausch and Lomb Corp. on Thursday confirmed reports that it is exploring a potential sale, acting in response to a request from the Canadian Investment Regulatory Organization.
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December 12, 2024
Holland & Knight's Latest Corporate Atty Joins From WilmerHale
Holland & Knight LLP announced the addition of a former WilmerHale attorney to its New York office Wednesday, touting his work for clients in sectors such as technology, life sciences, municipal services, financial services, specialty manufacturing and energy.
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December 12, 2024
Blackstone Buying Tokyo Mixed-Use Building For $2.6B
Blackstone said Thursday it has agreed to acquire a 2.4 million-square-foot mixed-use office building in central Tokyo from affiliates of Japanese hotel and railway group Seibu Holdings for $2.6 billion, in what the private equity giant called the largest-ever real estate investment by a foreign investor in Japan.
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December 12, 2024
White & Case Steers Up To $160M Buy Of Gambling Biz
White & Case LLP-advised Gambling.com Group, which provides digital marketing services for the online gambling industry, on Thursday announced plans to buy the parent of OddsJam, advised by Cruz-Abrams Seigel LLC, for up to $160 million.
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December 11, 2024
Feds Fire Back At TikTok's Bid To Halt Sale-Or-Ban Law
The federal government Wednesday urged the D.C. Circuit to reject TikTok's bid to pause legislation poised to bar the app from the U.S. market next month while it takes its First Amendment fight to the Supreme Court, arguing TikTok is "downplaying" national security concerns that prompted the law.
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December 11, 2024
Big Tech, 'Censorship' Animate Trump FTC Picks
President-elect Donald Trump's picks Tuesday to lead and join the Federal Trade Commission show he plans to continue Washington's focus on antitrust enforcement against major technology platforms, while also signaling a potential shift toward more populist Republican concerns alleging that Big Tech censors conservative voices.
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December 11, 2024
Grocery Store Rulings Back Enforcers' Merger Approach
Federal and state enforcers scored key victories Tuesday with a pair of court rulings blocking the planned $24.6 billion merger between Kroger and Albertsons that largely adopted their allegations about the deal and rejected a proposal to unload nearly 600 stores to save it.
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December 11, 2024
Trump Media Fights Stay Of Fla. Suit In Investor Dispute
The company behind Donald Trump's Truth Social platform told a Florida appeals court on Wednesday that a trial court should not have paused its suit against investors in favor of a related dispute in Delaware because the two suits are not substantially similar.
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December 11, 2024
Nippon Offers $5K Bonuses To Ease US Steel Deal Concerns
Nippon Steel Corp. has committed to providing $5,000 closing bonuses to employees of U.S. Steel in hopes of easing concerns about the controversial $14.9 billion merger between the two companies, which both the sitting and incoming president have said they oppose.
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December 11, 2024
Kirkland-Led Patient Square Pays $4.1B For Animal Health Co.
Healthcare-focused private equity firm Patient Square Capital on Wednesday unveiled plans to acquire and take private dental and animal health distributor Patterson Companies Inc. in a $4.1 billion deal built by several law firms.
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December 11, 2024
Bills, Dolphins Are First NFL Teams To Add PE Firm Investors
The Buffalo Bills and Miami Dolphins, represented by Proskauer Rose LLP and Wachtell Lipton Rosen & Katz, on Wednesday became the first two NFL teams to sell minority ownership shares to private equity firms, three and a half months after the football league agreed to allow such investment.
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December 11, 2024
Norton Rose Advises TowerBrook's £283M Deal For Equals
Private equity shop TowerBrook Capital Partners LP said Wednesday that it has made a £283 million ($361 million) recommended cash offer for British financial technology business Equals Group PLC.
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December 11, 2024
Albertsons Sues Kroger In Chancery After Blocked Megadeal
Grocery giant Albertsons, in a Wednesday lawsuit in the Delaware Court of Chancery, said Kroger did not put forth its "best efforts" into getting their planned $24.6 billion megamerger cleared while also announcing official plans to nix the deal, moves that came just one day after two judges blocked the proposed acquisition.
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December 11, 2024
6 Firms Guide Nippon Life's $8.2B Resolution Life Acquisition
Japanese life insurer Nippon Life said Wednesday that it has agreed to buy the remaining 77% stake in holding group Resolution Life that it does not already own for $8.2 billion.
Expert Analysis
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Calif. Out-Of-State Noncompete Ban Faces Several Hurdles
California's attempt to bolster its noncompete law has encountered significant procedural and constitutional challenges, and litigating parties must carefully analyze not only the restrictive covenants contained in their agreements, but also the forum-selection and choice-of-law provisions, say Jennifer Redmond and Gal Gressel at Sheppard Mullin.
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Autonomy Execs' Acquittal Highlights Good Faith Instruction
The recent acquittal of two former Autonomy executives demonstrates that a good faith jury instruction can be the cornerstone of an effective defense strategy in white collar criminal cases, in part because the concept of good faith is a human experience every juror can relate to, says Sara Kropf at Kropf Moseley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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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.