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Private Equity
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January 07, 2025
Carlyle Beats Chancery Challenge To $77.5M Authentix Sale
The Carlyle Group on Tuesday beat a more than four-year-old suit accusing the global investment giant and three directors of authentication provider Authentix Inc. of breaching their fiduciary duties in approving Authentix's $77.5 million sale to private equity firm Blue Water Energy LLP in 2017.
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January 07, 2025
Canada Needs Catalysts To Heat Up Cold IPO Market
Following another chilly year for initial public offerings in Canada, capital markets lawyers in the Great White North are approaching 2025 with caution, hoping that a few catalysts can break through and thaw an otherwise frozen market for public listings.
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January 07, 2025
Winston & Strawn Lands Sidley Transactions Ace In Miami
A former Sidley Austin LLP partner jumped to Winston & Strawn LLP's transactions department in Miami to continue his work advising multinational clients on cross-border transactions in the U.S. and Latin America, the firm announced Tuesday.
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January 07, 2025
Davis Polk, Kirkland Guide Paychex's $4.1B Paycor Buy
Human capital management company Paychex Inc., advised by Davis Polk & Wardwell LLP, on Tuesday unveiled plans to buy fellow human capital management, payroll and talent acquisition software company Paycor, led by Kirkland & Ellis LLP, in a deal with an enterprise value of $4.1 billion.
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January 07, 2025
6 Firms Guide $5.6B PE-Backed Deal For GFL Unit
Six law firms are guiding a deal disclosed Tuesday that will see funds managed by affiliates of Apollo and BC Partners purchase the environmental services business of GFL Environmental Inc. at an enterprise value of 8 billion Canadian dollars ($5.6 billion).
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January 07, 2025
London Software Co. Receives Two £315M Takeover Bids
Team Internet Group PLC said Tuesday that it has received two competing bids from investment managers TowerBrook and Verdane, which each value the internet services company at approximately £315 million ($394 million).
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January 07, 2025
PE Firm Lovell Minnick Invests In UK Consultancy Broadstone
Lovell Minnick said Tuesday that it has taken a stake in Broadstone, a British financial services consultancy, as the U.S. private equity firm eyes a slice of the growing advisory sector.
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January 06, 2025
Biden Signs DC Football Stadium Bill Into Law
President Joe Biden on Monday gave Washington, D.C., government control over a site that could become home to a new stadium for the NFL's Commanders.
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January 06, 2025
Proskauer Adds New Funds Partners In NY, DC
Proskauer Rose LLP announced Monday it has rung in the new year by adding two new partners to its private funds group, with the addition of a tax expert from Schulte Roth & Zabel LLP in New York and a regulatory specialist from the SEC in Washington, D.C.
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January 06, 2025
KKR Pushes Fuji Soft To Pursue Legal Action Against Bain
Private equity giant KKR called on the board of Fuji Soft on Monday to take legal action against Bain Capital amid a bidding war for the company between the two competing investors, arguing that Bain's unauthorized use of confidential information and breach of its nondisclosure agreement "significantly jeopardizes" the reputation of private equity funds in Japan.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
Olshan Frome, Ellenoff Grossman Guide Gun Biz SPAC Deal
Online firearm retailer GrabAGun, advised by Olshan Frome Wolosky LLP, announced plans on Monday to go public through a $150 million merger with special purpose acquisition company Colombier II, led by Ellenoff Grossman & Schole LLP.
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January 06, 2025
More Investment Firms Fight Saba's Plans To Oust Boards
Another two investment companies listed on the London Stock Exchange warned shareholders on Monday against voting for proposals by Saba Capital Management LP to infiltrate their boards with its own nominees, calling the U.S. hedge fund's plans "opportunistic" and "self-serving."
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January 03, 2025
Cancer Drug Co. Revives Bid To Go Public Via Direct Listing
Brain cancer-focused drug developer NeOnc Technologies Holdings Inc. filed plans on Friday to go public through a direct listing, represented by Manatt Phelps & Phillips LLP, as it pursues an alternative to an initial public offering after canceling a prior IPO attempt.
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January 03, 2025
PayPal's Minority Program Biased Against Asians, Suit Says
A lawsuit filed in New York federal court alleges that PayPal's $535 million investment program for Black- and minority-led businesses is racially biased against Asian Americans and violates federal civil rights laws.
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January 03, 2025
Food Delivery App Inks $80M Deal To End SPAC Merger Suit
Investors suing mobile food delivery and ride-hailing services operator Grab Holdings Ltd. have asked a New York federal judge to preliminarily approve an $80 million deal to settle claims that several sections of a proxy statement Grab filed with a special purpose acquisition company were false and misleading.
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January 03, 2025
Missed Deadline Bars Startup Investors' Conspiracy Claims
A three-year statute of limitations — missed by a little more than a month — dooms civil conspiracy claims in a lawsuit alleging that partners in a venture capital firm created "sham" independent contractor agreements with a firm controlled by one of its partners to charge "massive and inexplicable" fees, a Massachusetts judge has ruled.
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January 03, 2025
DE Shaw Rips Air Products' CEO Succession Plan Failure
Activist investment firm The D.E. Shaw Group on Friday slammed the board of directors of industrial gas supplier Air Products and Chemicals Inc., accusing it of failing to manage an effective CEO succession process, and called for a change in the board's composition and the retirement of the company's current CEO.
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January 03, 2025
Influencer Marketing Biz Later Buys Mavely In $250M Deal
Influencer marketing and social media management software services company Later on Friday announced plans to buy everyday influencer platform Mavely in a $250 million deal.
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January 03, 2025
PE Firm Permira To Buy Stake In Energy Adviser Westbridge
British investment company Permira Funds has agreed to acquire a majority stake in Westbridge Advisory, a European energy and sustainability consultancy for the real estate industry.
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January 02, 2025
A-Rod's SPAC Deal Seeks Extra Innings, Plus More IPOs Filed
The period between Christmas Eve and Jan. 1 wasn't completely quiet on the capital markets deals front, with A-Rod's special purpose acquisition company seeking an extension to complete its merger and several new IPOs being filed. Here, Law360 looks at the capital markets news from the holiday break.
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January 02, 2025
Interactive Brokers Fined $2.2M Over 'Free-Riding' Monitoring
Interactive Brokers LLC has agreed to pay $2.25 million to settle allegations from the Financial Industry Regulatory Authority that the firm failed to detect millions of so-called free-riding transactions in customers' cash accounts.
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January 02, 2025
Del. Courts Gavel Out 2024 With Fox, Opioid Case Rulings
2024 went out with a flurry of rulings in Delaware's corporate and commercial law courts, while the new year saw a Chancery veteran become that court's first senior magistrate. Here's a quick roundup of the latest news in First State courts.
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January 02, 2025
4 Firms Build CA$169M Take-Private Of Quisitive Technology
Microsoft cloud and artificial intelligence solutions provider Quisitive Technology Solutions Inc. on Thursday announced that it has agreed to go private and be bought by private equity shop H.I.G. Capital in a CA$169.1 million ($117.1 million) deal built by four law firms.
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January 02, 2025
Food Service Tech Biz Buys PE-Owned Delaget In $132M Deal
Food service technology company Par Technology Corp. on Thursday announced plans to acquire restaurant analytics business Delaget LLC in a $132 million deal.
Expert Analysis
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.