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Private Equity
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August 07, 2024
Simpson Thacher Pilots Stonepeak's $3B Opportunities Fund
Private equity firm Stonepeak, advised by Simpson Thacher & Bartlett LLP, raised $3.15 billion for a fund dedicated to opportunistic investing in the infrastructure sector, beating the fund's target by over $600 million, according to a Tuesday announcement.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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August 06, 2024
Ex-Barnes & Thornburg, Apollo Atty Joins Perkins Coie
A former Barnes & Thornburg LLP attorney and one-time Apollo Global Management counsel is the latest funds attorney to join Perkins Coie's New York office, the firm said Tuesday.
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August 06, 2024
Rising Star: Skadden's George Gray
Skadden Arps Slate Meagher & Flom LLP partner George Gray has used his expertise to navigate Markerstudy Group's $1.6 billion merger with an insurance brokering giant and to help private equity firm HgCapital LLP exit its investment in Argus Media, earning him a spot among private equity practitioners under age 40 honored by Law360 as Rising Stars.
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August 06, 2024
Gibson Dunn Guiding Veritas On $2.45B Cloud Banking Buy
Gibson Dunn is advising Veritas Capital on a deal to purchase the cloud-based digital banking business of NCR Voyix Corp., represented by King & Spalding, for $2.45 billion in cash plus a potential future payment of up to $100 million, NCR Voyix said in a statement Tuesday.
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August 06, 2024
Paul Hastings Gains Tax Pro In Dallas From McDermott
Paul Hastings announced Tuesday that its meteoric growth in Texas is continuing with the addition of a partner in Dallas who strengthens its global tax practice and came aboard from McDermott Will & Emery LLP.
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August 05, 2024
Inari Agriculture Can't Sink Patent Case Over Corn Seed
A legal fight between a DowDuPont spinoff and a Massachusetts plant breeding startup over the exporting of patent-protected corn seed will continue to grow in Delaware federal court, unimpeded by DuPont researchers' decision to publicly deposit their seeds.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
Freshfields, Wachtell Guide $925M CVC, Mallinckrodt Deal
Dublin-based pharmaceutical company Mallinckrodt has inked a deal to sell its immunotherapy business Therakos to Luxembourg-based private equity firm CVC Capital Partners for $925 million, Mallinckrodt said in a Monday statement.
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August 05, 2024
Rising Star: Dechert's Sam Whittaker
Sam Whittaker of Dechert's work helping Singaporean sovereign wealth fund GIC Pte. Ltd. coinvest in deals like the $17 billion acquisition of Athenahealth and the more than $15 billion take-private of media data giant Nielsen has kept a "cornerstone client" happy and made him one of the Law360 Rising Stars in private equity under age 40.
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August 05, 2024
AI Biz Hits $2.8B Valuation After Latest Funding Round
Artificial intelligence inference platform Groq on Monday announced that it reached a $2.8 billion valuation after successfully closing a $640 million Series D funding round.
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August 05, 2024
PE Firms Carlyle, Quantum Ink $3B Deal For US Power Co.
Houston-based Quantum Capital Group said Monday it has agreed to purchase Cogentrix Energy, a U.S. independent power producer, from Carlyle for about $3 billion.
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August 05, 2024
3 Firms Guide $1.75B Thoughtworks-Apax Deal, Stock Soars
Chicago-based Thoughtworks said it will be sold to British private equity firm Apax Partners LLP at a roughly $1.75 billion enterprise value, a deal that sent the technology consultancy's stock soaring more than 25% on Monday morning.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Chancery Won't Force Open Paramount's Books On Skydance
A pension fund shareholder that sued Paramount Global for more information on its pending merger with Skydance Media may not have access to the entertainment company's corporate documents because the pension fund hasn't shown a "credible basis" to suspect wrongdoing, Delaware's Court of Chancery ruled Friday.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ares Sees Single-Best Fundraising Quarter In Firm History
Asset management giant Ares Management Corp. on Friday boasted its most successful period of fundraising in the firm's 27-year history, raising $26 billion of capital in 2024's second quarter and marking $43 billion raised year-to-date.
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August 02, 2024
Real Estate Recap: Grants Pass, Population Data, CMBS Risk
Catch up on the past week's key developments by state from Law360 Real Estate Authority — including city and state reactions to the U.S. Supreme Court's ruling on homeless encampments, a new proptech venture leveraging population data for investors and developers, and one BigLaw leader's view of which sectors are most sensitive to commercial mortgage-backed securities distress.
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August 02, 2024
Ex-Loeb Tax Atty Latest Addition To Kilpatrick's NY Team
A former Loeb & Loeb LLP attorney is bringing his experience in U.S. federal tax matters and real estate transactions to Kilpatrick Townsend & Stockton LLP, the firm announced Thursday.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 02, 2024
Ex-CFO Of Embattled PE Firm Sues In Del. For Legal Fees
The former chief financial officer of 777 Partners LLC has sued the private equity firm in Delaware's Court of Chancery, seeking advancement of his legal fees in connection with a fraud investigation and at least 20 civil lawsuits related to the company's business.
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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 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 01, 2024
GPB Capital Execs Convicted Of Fraud For $1.8B Scheme
A New York federal jury on Thursday convicted former GPB Capital executives of wire and securities fraud charges stemming from allegations they ran the private equity fund like a $1.8 billion Ponzi scheme, according to an announcement from the U.S. Department of Justice.
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August 01, 2024
Lewis Brisbois Slams RICO Claims Alleging 'Sham' Suits
Lewis Brisbois Bisgaard & Smith LLP has urged a California federal judge Tuesday to toss Chinese investors' accusations that its attorneys filed lawsuits to cover their failure to read "draconian" contract terms that led the investors to lose their $92.5 million stake in a $2.5 billion Los Angeles mixed-used development.
Expert Analysis
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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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.