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Private Equity
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January 23, 2025
Bain Matches CC Capital's Rival Bid For Insignia Financial
Bain Capital has submitted a revised bid of more than $1.9 billion for Australia's Insignia Financial Ltd., matching an earlier revised offer submitted by fellow U.S. private equity firm CC Capital Partners just days ago, Insignia said Thursday.
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January 22, 2025
Del. Justices Probe $10.4B Anaplan-Thoma Bravo Deal
The Delaware Supreme Court on Wednesday repeatedly asked attorneys what Anaplan Inc.'s officers needed to tell shareholders before they voted on the company's $10.4 billion sale to private equity firm Thoma Bravo, probing what sorts of disclosures would be required under the First State's so-called Corwin doctrine.
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January 22, 2025
Waste Co. Says Ex-Director Used Secret Info For Sabotage
Commercial waste management company RTS has accused a former board director in Delaware Chancery Court of misusing its confidential information and deliberately sabotaging the business to try to force a cheap sale to the ex-director's private equity firm.
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January 22, 2025
Space Explorer Voyager Technologies Confidentially Files IPO
Defense and space exploration company Voyager Technologies Inc. said Wednesday it has confidentially filed plans for an initial public offering, marking the second company from the industry to join the IPO pipeline this week and potentially benefiting from increased government funding for space travel.
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January 22, 2025
Paul Weiss Guides Ares On $304M Form Technologies Buy
Paul Weiss is guiding an Ares Management-led group on the $304 million purchase of a majority of Form Technologies Inc.'s common equity, in a transaction that allows Kirkland & Ellis LLP-advised Form to "substantially deleverage" its balance sheet, Form said Wednesday.
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January 22, 2025
Cooley-Led Insulin Device Maker Preps $113M IPO
Insulin delivery system maker Beta Bionics on Wednesday announced the terms for its initial public offering, planning to raise $113 million.
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January 22, 2025
Mounting Pressure For PE Exits To Drive IPO Volume In 2025
Private equity-backed companies will generate nearly half of initial public offerings in 2025, analysts predicted on Wednesday, driven by a growing demand for exit strategies among investors that have owned stakes in companies for lengthy periods.
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January 22, 2025
Novacap Lands Over $1B For Digital Infrastructure Fund
North American private equity shop Novacap, advised by Davies Ward Phillips & Vineberg LLP, on Wednesday announced that it clinched its first fund dedicated solely to digital infrastructure investing after securing more than $1 billion from investors.
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January 22, 2025
Saudi Wealth Fund Selling Biz Service Firm In $907M Deal
Saudi Arabia's Public Investment Fund said Wednesday it has agreed to sell business services and digital solutions firm Thiqah to Elm Company, a Saudi Arabian digital security firm, in a deal valued at $907 million.
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January 21, 2025
Bacon Giant Smithfields Leads 3 IPOs Primed To Exceed $1B
Bacon maker Smithfields Foods Inc. led a trio of companies unveiling price ranges for initial public offerings Tuesday that could raise $1.3 billion combined over the next week, with 10 law firms guiding the IPOs in various capacities.
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January 21, 2025
Dozen Morris Manning Attys Headed To Reed Smith, Firm Says
A dozen attorneys from Morris Manning & Martin LLP's Atlanta office, including the firm's private equity co-chair and other leaders, have told the firm they are leaving to join Reed Smith LLP, a Morris Manning spokesperson told Law360 Pulse on Tuesday.
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January 21, 2025
Ex-Chemical Biz Atty Drops Claims Against Bain Capital
A former in-house attorney for chemicals company Arxada has agreed to remove Bain Capital as a defendant in her New Jersey state court suit alleging that she was unlawfully dismissed after she discussed taking leave to recover from a miscarriage.
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January 21, 2025
New SEC Task Force Eyes 'Sensible' Crypto Regulations
A day after being appointed acting chairman of the U.S. Securities and Exchange Commission, Mark T. Uyeda on Tuesday launched a cryptocurrency task force to develop "a comprehensive and clear regulatory framework" for such assets.
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January 21, 2025
Pactiv Evergreen's $6.7B Sale To Novolex Goes Unchallenged
Food merchandising product maker Pactiv Evergreen on Tuesday revealed that the waiting period for its $6.7 billion merger with packaging products manufacturer Novolex has expired, clearing the path for the deal to close.
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January 21, 2025
Thoma Bravo Clinches $3.6B Credit Fund III
Software investor Thoma Bravo on Tuesday announced that it wrapped fundraising on its most recent credit fund after securing $3.6 billion in total available capital.
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January 21, 2025
Bain-Backed Kantar Group Selling Media Arm In $1B Deal
London-based marketing data and analytics company Kantar Group has disclosed what it called a proposed sale of its Kantar Media unit to HIG Capital for approximately $1 billion.
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January 21, 2025
Holland & Knight Reps Redwire On $925M Edge Buy
Holland & Knight LLP is guiding space infrastructure company Redwire Corp. on a new agreement to acquire Edge Autonomy for $925 million, expanding Redwire's portfolio to include Edge's combat-tested uncrewed aircraft and drones.
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January 17, 2025
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.
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January 17, 2025
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.
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January 17, 2025
Tennessee, BlackRock Settle Suit Over ESG Goals
Tennessee Attorney General Jonathan Skrmetti announced Friday that his office has dismissed its lawsuit accusing BlackRock of misleading customers about its environmental, social and corporate governance investment strategies, with the asset manager committing to certain transparency and compliance measures.
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January 17, 2025
PE Firm Resolves FTC's Antitrust Anesthesia Roll-Up Case
Private equity firm Welsh Carson Anderson & Stowe agreed to limit its involvement, entanglement and ownership rights with its portfolio company U.S. Anesthesia Partners Inc. to resolve allegations they engaged in a "roll-up" scheme to buy anesthesiology practices in Texas and drive up costs, the Federal Trade Commission said Friday.
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January 17, 2025
SEC Says Food Tech Startup Overstated Revenue By $550M
The U.S. Securities and Exchange Commission on Friday fined venture-backed food technology startup GrubMarket $8 million for allegedly misleading investors by overstating revenue by more than $550 million, with faulty accounting that regulators say the company should have known was unreliable.
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January 17, 2025
Sidley-Led Hennessy Capital's 7th SPAC Raises $175M
Blank-check company Hennessy Capital Investment Corp. VII began trading publicly on Friday after raising $175 million in its initial public offering, which will be used to merge with a company in the industrial technology or energy transition sectors.
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January 17, 2025
PE-Backed M&A Values, Megadeals Surged In 2024
Private equity-backed merger and acquisition values jumped nearly 25% year-over-year in 2024, while PE-backed megadeals valued above $5 billion more than doubled, according to S&P Global Market Intelligence.
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January 17, 2025
Taxation With Representation: Simpson Thacher, Covington
In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater Analytics buys Enfusion, and Lantheus Holdings Inc. buys Life Molecular Imaging Ltd.
Expert Analysis
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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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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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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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.