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Private Equity
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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.
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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.
Expert Analysis
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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A Look At M&A Conditions After FTC's Exxon-Pioneer Nod
The Federal Trade Commission's recent consent decree imposing several conditions on Exxon Mobil's acquisition of Pioneer Natural Resources helps illustrate key points about the current merger enforcement environment, including the probability of further investigations in the energy and pharmaceutical sectors, say Ryan Quillian and John Kendrick at Covington.
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FTC Theories Of Harm After Anesthesia Co. Ruling
As Federal Trade Commission litigation against U.S. Anesthesia Partners proceeds following a Texas federal court's recent decision to dismiss a private equity sponsor from the suit, the case attempts to incorporate and advance some of the commission's theories of competitive harm from the final 2023 Merger Guidelines, say attorneys at Mintz.
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Investors Can Aid In The Acceptance Of Psychedelic Medicine
Psychedelic medicine is ready to have its breakthrough moment, and although it still faces political, legal and communications challenges, private equity investors can play a significant role in changing the public perception on psychedelics from taboo to acceptance, say Kimberly Chew at Husch Blackwell, Charlie Panfil at the Daschle Group and Ethan Lutz at FTI Consulting.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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What Updated PLR Procedure May Mean For Stock Spin-Offs
A recently published Internal Revenue Service revenue procedure departs from commonly understood interpretations of the spinoff rules by imposing more stringent standards on companies seeking private letter rulings regarding tax-free stock spinoff and split-off transactions, and may presage regulatory changes that would have the force of law, say attorneys at Skadden.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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4 Arbitration Takeaways From High Court Coinbase Ruling
The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.