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Private Equity
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April 26, 2024
Kirkland Steers $5B US Bid For Latham-Led Cybersecurity Biz
British cybersecurity company Darktrace said Friday that it has agreed to accept a bid of approximately $5.3 billion to take it private from U.S. private equity firm Thoma Bravo, in a deal steered by Kirkland & Ellis LLP and Latham & Watkins LLP.
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April 25, 2024
Atty Sued For Malpractice Can't Rep His Firm, Ex-Client Says
A Seattle real estate broker suing her former attorney for allegedly botching arbitration proceedings has told a Washington state judge that that attorney can't both be a defendant and represent his firm in their counterclaims for unpaid fees.
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April 25, 2024
Rubrik Leads Trio Of IPOs That Buoy Recovering Market
Three companies debuted trading Thursday following initial public offerings that raised nearly $1.4 billion combined under guidance from six total law firms, including two offerings that priced above range by data security firm Rubrik and aerospace company Loar, providing fresh energy for a strengthening IPO market.
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April 25, 2024
Zendesk Beats Shareholders' Suit Over $10B PE Takeover
Zendesk Inc. has defeated a securities class action in California federal court accusing the customer service software company of undervaluing itself to get a $10.2 billion go-private merger with private equity firms approved by Zendesk shareholders.
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April 25, 2024
Chancery Seeks More Info About Bond In Truth Social Case
A Delaware vice chancellor said Thursday she needs more information from the sponsor of the blank-check company that took Donald Trump's Truth Social public about a bond it requested during litigation with some of the company's stockholders.
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April 25, 2024
Deals Rumor Mill: Paramount, Salesforce, ShipBob
Sony and Apollo Global Management may make a joint bid for Paramount Global, Salesforce Inc. has abandoned its effort to potentially buy data-management software company Informatica, and e-commerce fulfillment service provider ShipBob Inc. is readying an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 25, 2024
Antitrust Enforcers Warn FERC About Ownership Overlaps
The Federal Trade Commission and the U.S. Department of Justice warned energy regulators Thursday about competitive risks that can arise from investment firms that own stakes in multiple electric utilities, even if they don't have controlling interests.
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April 25, 2024
BlackRock, Temasek Joint Venture Closes $1.4B Climate Fund
Decarbonization Partners, a joint venture between private equity giant BlackRock and investment firm Temasek, on Thursday announced that it closed its inaugural late-stage venture capital and growth private equity fund after securing $1.4 billion in commitments.
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April 25, 2024
T-Mobile, EQT Form Joint Venture To Acquire Fiber Biz
T-Mobile and private equity shop EQT on Thursday announced that they have entered into a joint venture, under which T-Mobile will invest $950 million at closing, to purchase fiber-to-the-home platform Lumos from one of EQT's previous infrastructure funds, in a deal built by at least three firms.
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April 25, 2024
Ex-Burns & Levinson Life Sciences Chair Joins Polsinelli
Polsinelli PC announced that the former life sciences co-chair at New England firm Burns & Levinson LLP has joined its Boston office as a shareholder.
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April 25, 2024
Kirkland Guides $2.7B PE Deal For Wealth Management Tech
U.S. private equity firm GTCR said Thursday it has agreed to buy AssetMark, a prominent wealth management technology platform, for approximately $2.7 billion, as the U.S. private equity firm moves to strengthen its presence in the sector.
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April 25, 2024
Mercer Clinches Nearly $4B Private Investment Fund
Retirement and investment solutions firm Mercer, advised by Clifford Chance U.S. LLP, on Thursday announced that it closed its seventh fund after securing over $3.9 billion in capital commitments.
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April 25, 2024
Hipgnosis Ditches Blackstone Bid For Concord's $1.5B Offer
Hipgnosis Songs has accepted a revised offer from its U.S. competitor Concord Chorus to buy the music rights investor for $1.5 billion, ditching Blackstone's $1.2 billion offer just days after accepting the private equity giant's deal.
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April 24, 2024
Cooley, Latham Lead Data Security Firm Rubrik's $752M IPO
Venture-backed data security firm Rubrik Inc. on Wednesday priced a $752 million initial public offering above its range, represented by Cooley LLP while Latham & Watkins LLP advised the underwriters, joining an increasingly receptive market for technology firms.
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April 24, 2024
NGM Biopharma Investor Seeks Stock Appraisal In Del.
An NGM Biopharmaceuticals Inc. stockholder has sued for court appraisal of his stock in Delaware's Court of Chancery after the company closed on a $1.55 per share cash tender offer with an affiliate of venture fund The Column Group on Feb. 25.
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April 24, 2024
Trump Media Exec Urges GOP To Probe Stock 'Manipulation'
Devin Nunes, CEO of Trump Media Technology & Group Corp., is urging key House Republicans to investigate "anomalous trading" involving shares of the company that owns former President Donald Trump's social media platform, marking Nunes' latest effort to call attention to alleged signs of manipulation, according to a regulatory filing Wednesday.
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April 24, 2024
Chancery Lets $344M Carlyle Tax-Payout Suit Move Ahead
A vice chancellor of the Delaware Court of Chancery on Wednesday refused to toss most claims in a stockholder suit led by a Pittsburgh pension fund targeting a $344 million tax-asset buyout at The Carlyle Group Inc., though she did trim the suit by a single count.
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April 24, 2024
Private Equity Lag Continues To Stunt M&A Growth
Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.
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April 24, 2024
Faegre Drinker Adds Perkins Coie Investment Partner In DC
Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.
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April 24, 2024
MassMutual Plugs Billions Into Apollo-Backed Atlas SP
Private equity giant Apollo, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Wednesday announced that Simpson Thacher & Bartlett LLP-led insurance company MassMutual has become the newest minority equity owner of its Atlas SP Partners after a multibillion-dollar investment.
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April 24, 2024
Ex-Kirkland M&A Atty Joins Greenberg Traurig In Chicago
Greenberg Traurig LLP has announced the hiring of a former Kirkland & Ellis LLP attorney in Chicago as the latest shareholder in its mergers and acquisitions and private equity practices.
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April 24, 2024
PRA Asks Banks To Review Private Equity Exposure
The Prudential Regulation Authority asked banks to review and assess their current practices to ensure they align with the regulator's expectations for effective risk management concerning private equity-linked credit and counterparty exposures.
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April 24, 2024
Baker McKenzie Adds 17-Atty Deals Team From Munger Tolles
A team of 11 transactional partners and six associates in Los Angeles is heading to Baker McKenzie from Munger Tolles & Olson LLP, according to an announcement Wednesday.
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April 23, 2024
Grain Co.'s $18B Deal Raises Competition Flags For Canada
Canada's competition enforcer said Tuesday it has concerns over grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, saying the acquisition could result in lower prices paid to farmers and higher prices for refined canola oil.
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April 23, 2024
Trump's Stake In Truth Social Swells An Additional $1.2B
The value of Donald Trump's stake in his newly public social media company soared by nearly $1.2 billion on Tuesday as the former president became eligible to receive bonus shares that were conditioned on the company's stock performance.
Expert Analysis
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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How Reps And Warranties Insurance Can Aid Sellers In M&A
Amid the current slowdown in the M&A climate, representation and warranty insurance offers sellers a number of advantages, including protection against fraud and possible leverage to insist on a no-seller-indemnity deal, say Alex Leibowitz and Eric Jesse at Lowenstein Sandler.
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Series
ESG Around The World: Australia
Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.
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Del. Corporate Law Overhaul Delivers On Flexibility For Cos.
Recent amendments to the Delaware General Corporation Law provide needed flexibility to public companies, including by making it easier to effect stock splits or changes to authorized shares, and by streamlining the process to ratify defective corporate acts, say attorneys at Venable.
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Restructuring Concerns For Distressed De-SPACs
Distressed companies struggling to remain viable following a de-SPAC transaction can reduce uncertainty by deleveraging balance sheets, reconfiguring contractual and operational relationships, and creating new opportunities for investors via the pursuit of a prepackaged Chapter 11 reorganization plan, say attorneys at Pillsbury.
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Info Exchanges Must Stay Inside Now-Invisible Antitrust Lines
While the antitrust agencies recently withdrew long-standing enforcement policy statements for being "overly permissive" on information exchanges, we should not assume that all information exchanges are inherently suspect — they are still permissible if carefully constructed and vigorously managed, say attorneys at Nelson Mullins.
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Private Fund Advisers Should Prep Now For New SEC Rules
The U.S. Securities and Exchange Commission's final private fund adviser rules place significant burdens on this group, and despite both modifications to the initial ruleset and litigation challenges, advisers should begin developing practices that could comply with these regulations should any of them take effect, say attorneys at Simpson Thacher.
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Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
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Blockchain Tech's Role As A Driver Of M&A Action Evolves
Distributed ledger and other blockchain derivative technologies are uniquely positioned to drive M&A activity, and will play a pivotal role in shaping the future of financial and investment landscapes despite the turmoil in the cryptocurrency space, say Louis Lehot and Pat Daugherty at Foley & Lardner.
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Transaction Risks In Residential Mortgage M&A Due Diligence
As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.
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ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
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With Equity Markets Down, Venture Lending Provides Solution
Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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HHS Neuromonitoring Advisory May Have Broad Relevance
The Health Department Office of Inspector General's recent advisory opinion rejecting a neuromonitoring service's proposal for a shell arrangement isn't surprising, but it could be a harbinger of more warnings against problematic joint venture arrangements to come, says Mary Kohler at Kohler Health Law.
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Previewing Big Changes To NY's Finance Cybersecurity Rules
With the New York State Department of Financial Services likely to significantly amp up its cybersecurity requirements for financial institutions later this year, covered entities should prepare to adapt their technical security safeguards and employee protocols to comply with the proposed amendments, say attorneys at Squire Patton.