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Private Equity
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August 19, 2024
AI Platform AMC Corp. To Go Public Via $175M SPAC Merger
Blank check company AlphaVest Acquisition Corp., advised by Winston & Strawn LLP, on Monday unveiled plans to merge with and take public native computer-vision artificial intelligence platform AMC Corp., led by Graubard Miller, in a $175 million deal.
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August 19, 2024
Jadex Sells Temperature-Controlled Packaging Biz For $137M
Material sciences company Jadex Inc. is selling its temperature-controlled packaging products business Lifoam Industries LLC to Altor Solutions, led by Gibson Dunn & Crutcher LLP, in a $137 million cash deal, the parties announced in separate Monday statements.
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August 19, 2024
A&O Shearman Hires Ex-Morgan Stanley Exec In New York
A former executive director at Morgan Stanley has returned to private practice at Allen Overy Shearman Sterling in New York.
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August 19, 2024
Paul Weiss Adds A&O Shearman Derivatives Pro As Partner
A New York-based derivatives expert is the latest partner to exit the recently formed Allen Overy Shearman Sterling for another firm.
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August 19, 2024
7-Eleven Parent Confirms Canadian Takeover Offer
The parent company of 7-Eleven said Monday that it has received a preliminary takeover proposal from Canada-based Alimentation Couche-Tard, a revelation that comes a year after the business faced activist pressure.
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August 19, 2024
Icahn Settles With SEC Over Company-Betting Loan Claims
The U.S. Securities and Exchange Commission on Monday announced that hedge fund billionaire Carl Icahn and his publicly traded company have agreed to pay $2 million to end an enforcement action accusing them of failing to disclose the use of Icahn Enterprises LP shares as collateral on personal margin loans.
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August 16, 2024
Trump Media Sued In Del. After New Fla. Share-Sale Challenge
Citing "contemptuous disregard" for Delaware Court of Chancery orders, two co-founders of Trump Media & Technology Group have sought a temporary restraining order to block the social media venture from seeking a Florida court order to stop their sale of some 18 million shares.
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August 16, 2024
5th Circ. Tosses Appeal In FTC's Anesthesia Antitrust Case
The Fifth Circuit has agreed with the Federal Trade Commission and tossed an early appeal from U.S. Anesthesia Partners in the agency's case accusing the group of monopolizing the Texas anesthesiology market through a "roll-up" strategy.
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August 16, 2024
Avantor Sells Clinical Services Biz To PE Shop In $650M Deal
Life sciences tools company Avantor Inc., advised by Arnold & Porter Kaye Scholer LLP, on Friday announced plans to sell its clinical services business to Ropes & Gray LLP-advised Audax Private Equity for $650 million.
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August 16, 2024
EQT Buys PropertyGuru In $1.1B Deal Driven By 3 Firms
Private equity firm EQT said Friday that it has agreed to acquire Singapore-based online real estate search company PropertyGuru for $1.1 billion, in a transaction advised by Latham & Watkins LLP, Ropes & Gray LLP and Freshfields Bruckhaus Deringer LLP.
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August 16, 2024
PE Firm's SpaceX Suit Belongs In Delaware, HK Co. Says
A Hong Kong company that sued a California-based private equity firm for refusing to invest the company's $50 million into SpaceX says the firm has now sued the company's Chinese parent in California, creating "duplicative proceedings" that ought to be brought in Delaware's Chancery Court.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 16, 2024
HarbourVest Raises $18.5B Across 2 Secondary Funds
Boston-based private equity shop HarbourVest Partners on Friday announced that it racked up $18.5 billion in investor commitments across its two latest secondary markets-focused funds, Dover Street XI and Secondary Overflow Fund V.
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August 16, 2024
Connecticut Litigation Highlights Of 2024: A Midyear Report
Several high-stakes Connecticut cases came to a close in the first half of 2024, resulting in the resolution of Frontier Communications' $21.8 million feud with its ex-CEO and a $26.5 million deal for RTX Corp. subcontractors and employees who alleged that anticompetitive no-poach agreements prevented them from advancing their careers.
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August 15, 2024
FanDuel Co-Founders Add Scottish Claims To Suit Over Sale
Co-founders of FanDuel have fortified their lawsuit accusing late-stage institutional investors of cheating early and longtime investors out of their fair share of equity when the company was sold in 2018, adding several claims under Scottish law.
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August 15, 2024
2nd Circ. Won't Revive Platinum Investors' Ch. 7 Challenge
A New York bankruptcy court correctly refused to overturn the approval of a $2.5 million settlement in the bankruptcy of a founder of defunct hedge fund Platinum Partners, the Second Circuit ruled Thursday, finding that the approved deal was superior to an alternative offer.
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August 15, 2024
Conn. Couple, Cos. Clash In Waterfront Access Suit
A married couple and several companies are battling in Connecticut state court over the companies' motion to personally examine two related Bridgeport properties and other areas in the couple's waterfront access suit.
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August 15, 2024
Deals Rumor Mill: Paramount, Blackstone, Starbucks
The heir to Canadian liquor purveyor Seagram is preparing a bid for Paramount's parent company, Blackstone explores a potential $2.6 billion sale of Clarion Events, and activist investor Starboard sets sights on Starbucks. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 15, 2024
Cooley Steers $1.6B Sale Of PE-Backed Campus Tech Co.
Roper Technologies Inc. said Thursday it has agreed to purchase campus technology and payment solutions company Transact Campus Inc., which is majority-owned by Reverence Capital Partners, for $1.6 billion.
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August 15, 2024
Delaware Judge Sends Tracking Tech IP Dispute To California
A Delaware federal judge sent a patent infringement suit brought by a company that sells truck driver tracking software to California federal court, questioning in her opinion whether the company "ever fully intended" to pursue its claims in the First State in the first place.
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August 15, 2024
Lockheed Martin Buys Satellite Maker In $450M Deal
Global aerospace and defense company Lockheed Martin, advised by Hogan Lovells LLP, on Thursday unveiled plans to buy satellite maker Terran Orbital, led by Akin Gump Strauss Hauer & Feld LLP, in a deal that boasts an enterprise value of roughly $450 million.
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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.
Expert Analysis
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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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.