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Private Equity
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July 31, 2024
Mental Health Biz Hits $3.3B Valuation After Funding Round
Behavioral health solutions provider Spring Health announced Wednesday it reached a valuation of $3.3 billion following the closing of its Series E funding round, in which the company raised $100 million.
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July 31, 2024
Paramount Global Gets $43B Offer From Apex Capital
Apex Capital Trust disclosed Wednesday that it has offered to acquire Paramount Global for up to $43 billion, throwing the staggering all-cash offer into the mix after Paramount struck a long-awaited agreement to merge with Skydance Media earlier this month.
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July 31, 2024
Willkie-Led Silver Hill Secures $1.13B For 4th Fund
Energy-focused private equity shop Silver Hill Energy Partners, advised by Willkie Farr & Gallagher LLP, on Wednesday announced that it clinched its fourth fund after racking up $1.13 billion of total investor commitments.
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July 31, 2024
Veolia To Sell Sulfuric Acid Regeneration Biz For $620M
Veolia Environnement SA said Wednesday that a U.S. subsidiary has agreed to sell its acid purification business to American Industrial Partners, a mid-market private equity firm, for $620 million, as the French infrastructure manager refocuses its business.
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July 30, 2024
$8.5B Gores-Led Metal Packaging Co. SPAC Draws Del. Suit
A former shareholder of the blank-check company that took Ardagh Metal Packaging Group SA public has packaged up a Delaware Court of Chancery lawsuit seeking damages in the wake of the merged company's stock plunge after going public in an $8.5 billion cash-and-share deal.
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July 30, 2024
Mass. Says $30M Funding For Steward Will Fund Quick Sales
The Commonwealth of Massachusetts has told a Texas bankruptcy judge that its agreement to pay $30 million to debtor Steward Health Care is designed to help fund operations at the debtor's struggling hospitals while sales are pursued.
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July 30, 2024
Ropes & Gray Adds Partner To Int'l Tax Practice
Ropes & Gray LLP recently added a tax adviser with a wealth of experience navigating transactions, funds and investments for clients as a partner in its New York office, the firm said.
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Activist Investor Demands Against US Firms Spike 9%
The number of U.S. companies subject to shareholder activist demands in the first half of this year increased to 449 from 412 companies in the first half of last year, representing a 9% jump, according to a report published Tuesday by Diligent Market Intelligence.
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July 30, 2024
Kirkland Leads Hidden Harbor Capital To $800M Fund Close
Kirkland & Ellis LLP-advised Hidden Harbor Capital Partners on Tuesday announced that it has clinched its third fund after securing $800 million from investors.
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July 30, 2024
DC Startup DecoverAI Raises $2M For Litigation Tech
Legal tech startup DecoverAI said Tuesday that it raised $2 million in a seed funding round led by venture firm Leo Capital.
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July 30, 2024
Vista Delays Vote On CSG Deal To Review Alternative Paths
Vista Outdoor Inc. on Tuesday delayed its shareholder vote on the sale of its sporting products division, The Kinetic Group, to Czech defense company Czechoslovak Group AS to begin a review of strategic alternatives, which includes evaluating a competing bid from Dallas-based MNC Capital Partners LP.
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July 30, 2024
Milbank Guiding Chorus Aviation On $1.4B Sale Of Leasing Biz
Canada's Chorus Aviation Inc. said Tuesday it has agreed to sell its regional aircraft leasing business to investment funds managed by HPS Investment Partners for about CA$1.9 billion ($1.4 billion).
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July 30, 2024
Ackman's New Investment Fund Lowers IPO Target To $2B
Bill Ackman's new investment fund Pershing Square USA Ltd. set a $2 billion fundraising target for its initial public offering, down significantly from earlier estimates, according to a securities filing Tuesday, under guidance from Sullivan & Cromwell LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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July 30, 2024
Ex-Ch. 11 Trustee Can't Retroactively File Legal Fees
A bankruptcy trustee who is removed can't retroactively receive administrative expenses, the Fourth Circuit has ruled, saying a former bankruptcy trustee is not allowed to later file an application for professional fees.
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July 29, 2024
Truth Social SPAC, Sponsors Battle In Chancery Over Payout
Attorneys for a founding investor in the special purpose acquisition company that took former President Donald Trump's social media site public told a Delaware vice chancellor Monday the SPAC ignored its charter and withheld information about the deal in order to avoid paying tens of millions in anti-dilution protection.
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July 29, 2024
Virtu Pushes For SEC Crackdown On 'Penny Stock' Listings
Virtu Financial Inc. is pressing the U.S. Securities and Exchange Commission to force Nasdaq and other exchanges to crack down on so-called penny stocks, petitioning the agency to initiate rulemaking that would stop companies struggling to stay above $1 per share from continuing to trade on the exchanges.
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July 29, 2024
CIM Group Funds $2.1B Real Estate Investment Platform
Real estate and infrastructure owner CIM Group on Monday announced that it has provided financing for the formation of a $2.1 billion investment platform called Round Hill Capital Ventures, which has acquired contracts for the assets previously managed by Round Hill Capital.
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July 29, 2024
Skadden-Led Driverless Tech Startup WeRide Seeks US IPO
Autonomous driving technology developer WeRide Inc. has filed U.S. initial public offering plans, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP, potentially marking a rare U.S. listing from a Chinese company.
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July 29, 2024
Ackman's IPO For New Pershing Square Fund Faces Delay
Hedge-fund giant Bill Ackman is still proceeding with an estimated $2.5 billion to $4 billion initial public offering of his new closed-end investment fund, Pershing Square USA Ltd., though the date of pricing is undetermined, according to the new fund.
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July 29, 2024
Medical Co. Fights To Reboot Arbitration Bid At 9th Circ.
A private-equity owned medical product maker urged the Ninth Circuit on Monday to reverse a finding that a truck loader's proposed class wage claims are exempt from federal arbitration law, arguing that the court erred in finding that she engaged in interstate commerce based on "super flimsy evidence" and is exempt.
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July 29, 2024
Kirkland-Led Amulet Closes $1.2B Health-Focused Fund
Kirkland & Ellis LLP-advised private equity shop Amulet Capital Partners LP on Monday announced that it successfully closed its third healthcare-focused private equity fund with roughly $1.2 billion in tow.
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July 29, 2024
Davis Polk Adds Ex-Simpson Thacher Funds Partner In DC
Davis Polk & Wardwell LLP announced Monday that a former Simpson Thacher & Bartlett LLP funds attorney joined the firm's investment management practice as a partner in Washington, D.C.
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July 29, 2024
Catching Up With Delaware's Chancery Court
Litigation linked to Elon Musk sparked several filings in Delaware's Court of Chancery last week, including a call for sanctions and hand-wringing about a proposed multibillion-dollar attorney fee. Here, Law360 looks at this and other highlights from last week in Delaware's Chancery Court.
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July 29, 2024
Morgan Lewis Grows German Presence With 3 New Partners
Morgan Lewis & Bockius LLP announced Monday that it has hired three new partners to further strengthen its German offerings.
Expert Analysis
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FTC Focus: Private Equity Investments In Healthcare
As the Federal Trade Commission is tightening its scrutiny of private equity investment in healthcare, the agency is finding novel grounds to challenge key focus areas, including rollup acquisitions, the flip-and-strip approach and minority investments in rival providers, say attorneys at Proskauer.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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How 5 States' Deal Notification Laws Are Guiding Healthcare
Healthcare transaction notification laws at various stages of implementation in California, Illinois, Indiana, Oregon and Washington are shaping sector mergers and acquisitions, with significant transparency, continuity of care and compliance implications as providers tackle complex regulatory requirements, says Melesa Freerks at DLA Piper.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Behind The Delay Of Final HSR Premerger Filing Rules
Erin Toomey at Epiq discusses the wait for the final version of the revised Hart-Scott-Rodino premerger filing requirements that were first introduced in June 2023, the factors that might be behind the delay, and how to plan for the potential data-focused rule change
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Opinion
The FTC Needs To Challenge The Novo-Catalent Deal
Novo's acquisition of Catalent threatens to substantially lessen competition in the manufacturing and marketing of GLP-1 diabetes and obesity drugs, and the Federal Trade Commission should challenge it under a vertical theory of harm, as it aligns with last year's merger guidelines and the Fifth Circuit decision in Illumina, says attorney David Balto.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Today's Trends In Private Credit And Unitranche Financing
Excerpt from Practical Guidance
Proskauer’s Michelle Iodice analyzes recent patterns in private credit and unitranche financing transactions, including the rise of super-senior revolver loans as an alternative to traditional structure, and considers how they may shape the private credit and broadly syndicated loan markets through the remainder of 2024.
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The Good, The Bad And The Ugly Of Healthcare's PE Boom
While an influx of capital may provide access to new resources and innovative technologies, the private equity model's method of funding may be fundamentally at odds with patient-first healthcare, and in recent years that inherent tension has gotten ugly, say Eva Gunasekera and Jaclyn Tayabji at Tycko & Zavareei.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.