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Private Equity
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August 15, 2024
Carrier Wraps Strategic Exit Plan With $3B Sale Of Fire Units
Carrier Global Corp. said Thursday it has inked an agreement to sell its commercial and residential fire units to an affiliate of Lone Star Funds at an enterprise value of $3 billion, completing the company's strategic plan to sell off several business units and focus on its core ventilation business.
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August 15, 2024
PE-Backed Green Energy Biz To Buy £68M Stake In Gas Plant
U.K. renewable energy supplier Future Biogas said Thursday that it has agreed to buy a controlling stake in a gas production facilities portfolio from JLEN, an environmental infrastructure investment fund, for £68.1 million ($88 million).
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August 14, 2024
Synopsys Escapes Exclusivity Breach Suit At Chancery
Delaware's Chancery Court on Wednesday dismissed private equity firm Sunstone Partners' lawsuit accusing Synopsys Inc. of breaching an exclusivity provision for a potential sale of its security testing services business, saying Sunstone failed to adequately allege Synopsys solicited proposals from other potential buyers.
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August 14, 2024
Tuna Price-Fixing Deal Comes With A Catch: $26M In Fish
Two groups of buyers accusing major canned tuna producers of price-fixing have asked a California federal judge to give the first seal of approval to settlements totaling more than $168 million in cash, plus $26 million in packaged tuna products.
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August 14, 2024
Top Stories From Real Estate's Latest Quarterly Updates
Catch up on the headlines made by the largest public real estate companies during their latest quarterly earnings calls with investors, from data centers and lease deals to market forecasts and casinos.
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August 14, 2024
Class Split Disrupts Hearing On $8.7M Sears Suit Settlement
A Sears Hometown and Outlet Stores stockholder that saw its share appraisal case tanked by the company's bankruptcy in late 2022 won Court of Chancery clearance Wednesday to intervene with a novel, alternative claim for recovery through a separate, ongoing SHOS class damages suit.
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August 14, 2024
Del. Justices Affirm $266M Atty Fee Award In Dell Class Suit
Delaware's Supreme Court on Wednesday backed a Chancery Court decision awarding an almost record-breaking $266.7 million fee for stockholder attorneys who settled a class action against Dell Technologies Inc. for $1 billion, saying the Chancery "did not exceed its discretion in setting the fee percentage."
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August 14, 2024
Boeing Scraps Electric Jet Co.'s $72M Trade Secrets Trial Win
A Washington federal judge on Wednesday canceled a $72 million jury award against The Boeing Co. for misappropriating electric jet startup Zunum Aero Inc.'s trade secrets, finding Zunum offered "only vague and amorphous descriptions" of the trade secrets at trial.
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August 14, 2024
Proskauer-Led PE Firm Closes $800M Tech Fund
Software-focused private equity shop Resurgens, advised by Proskauer Rose LLP, announced Wednesday it closed a third fund after securing $800 million in investor commitments.
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August 14, 2024
Future Claim Question Clouds Chancery Trampoline Park Deal
A Chancery Court settlement that would assure founding investors in a chain of trampoline parks a fair stake in the company despite a controller's allegedly self-interested loans stopped just short of approval Wednesday, with a vice chancellor seeking assurances that the deal will pass state Supreme Court muster.
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August 14, 2024
EU OKs Siemens' $3.8B Sale Of Innomotics To PE Firm KPS
European Union antitrust enforcers signed off Wednesday on German tech conglomerate Siemens AG's plan to sell its Innomotics large motors and drives unit to New York City-based private equity firm KPS Capital Partners, finding that the deal, with an enterprise value of €3.5 billion ($3.9 billion), poses "limited" overlap concerns.
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August 14, 2024
EliseAI Becomes 'Unicorn' After Latest $75M Fundraise
EliseAI, a conversational artificial-intelligence platform focused on the housing industry, on Aug. 14 announced it had reached "unicorn" status after the successful close of a $75 million Series D funding round.
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August 14, 2024
Squarespace Shareholder Opposes $6.9B Go-Private Deal
Squarespace Inc. minority shareholder Glazer Capital LLC on Wednesday announced its intent to vote against the company's planned $6.9 billion buyout by private equity giant Permira, saying it has "serious concerns" about the fairness and integrity of the sale process.
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August 14, 2024
Skadden, Davis Polk Guide $2.1B US Food Service Deal
Skadden-led Performance Food Group Co. said Wednesday it has agreed to purchase private equity-backed food service distributor Cheney Bros. Inc., represented by Davis Polk, for $2.1 billion in cash.
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August 14, 2024
Brewers Owner Implicated In Fight Over Stolen Beach Sand
The principal owner of the Milwaukee Brewers has been drawn into a testy dispute accusing one of his companies of stealing public beachfront sand in Malibu, California, and using it to build out a nearby private development.
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August 13, 2024
Anesthesia Co. Says FTC Lacks Authority To Bring 'Rollup' Suit
U.S. Anesthesia Partners has told the Fifth Circuit the Federal Trade Commission lacks authority to bring its case directly in federal court without also filing an administrative case accusing the group of monopolizing the Texas anesthesiology market.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
Tar Sands Firm Strikes SPAC Merger With Integrated Rail
Tar Sands Holdings II LLC, advised by Holland & Hart LLP, plans to go public following a merger with Winston & Strawn LLP-led special purpose acquisition company Integrated Rail and Resources Acquisition Corp., according to a Monday statement.
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August 13, 2024
FTC Makes 2nd Request In Review Of Medical Device Co. Deal
Medical device company Surmodics Inc. disclosed Monday that federal regulators are taking a closer look at its agreement to be acquired by private equity giant GTCR in a $627 million deal.
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August 13, 2024
Baker Botts-Led Drilling Firm Joins September's IPO Pipeline
Drilling equipment and services provider HMH Holding Inc. has filed for an initial public offering, represented by Baker Botts LLP and underwriters counsel Latham & Watkins LLP, joining a pipeline of potential post-Labor Day IPOs.
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August 13, 2024
Paul Weiss-Led CPP Injects $843M Into Tallgrass Energy
The Canada Pension Plan Investment Board, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Tuesday announced it had plugged roughly $843 million into private equity-owned energy infrastructure company Tallgrass Energy.
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August 13, 2024
Australia's Orora Rejects $2.2B Lone Star Buyout Bid
Australia's Orora Ltd. said Tuesday it has rejected a buyout offer from Dallas-based private equity firm Lone Star Funds, stating that the offer of more than $2.2 billion undervalues the packaging company.
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August 13, 2024
3 Firms Drive $3.8B Carlyle-Baxter Kidney Care Deal
Kirkland & Ellis LLP-led private equity firm Carlyle on Tuesday agreed to acquire the kidney care unit of Baxter International Inc., represented by Sullivan & Cromwell LLP and Baker McKenzie, for $3.8 billion, Baxter said in a statement Tuesday.
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August 12, 2024
PE Firms Aim To Escape RICO Suit Over Inadequate Claims
Investment firms Advantage Capital Holdings and 777 Partners separately have asked a federal judge in New York to toss a Racketeer Influenced and Corrupt Organizations suit whose allegations include fraud, saying the plaintiff failed to sufficiently plead its claims.
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August 12, 2024
Skadden Reps WSP In $1.8B Buy Of Power Engineers
Canadian consulting firm WSP Global Inc., represented by Skadden Arps Slate Meagher & Flom LLP, announced Monday that it is poised to acquire Katten Muchin Rosenman LLP-led U.S. firm Power Engineers Inc. for nearly $1.8 billion.
Expert Analysis
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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.
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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.