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Private Equity
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January 09, 2025
Kirkland Leads Project Liberty's Bid For TikTok As Ban Looms
Kirkland & Ellis-advised Project Liberty announced Thursday that it has offered to acquire TikTok's U.S. assets, just 10 days before the deadline for the social media platform to divest from its Chinese parent or face a nationwide ban.
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January 08, 2025
Oppenheimer Fights Claims Over Ex-Worker's Ponzi Scheme
Financial services giant Oppenheimer & Co. Inc. is seeking to avoid an arbitration fight brought by three North Carolina residents over a Ponzi scheme orchestrated by a former Oppenheimer employee, arguing in a new suit the individuals have never been customers of Oppenheimer and, therefore, have no standing to bring claims or arbitrate.
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January 08, 2025
Shoppers Say Kroger Merger Suit Still Alive After Nixed Deal
Consumers challenging the abandoned merger between Kroger Co. and Albertsons urged a California federal court not to toss their case despite two court injunctions against the deal, arguing that they have effectively prevailed on their antitrust claims and should get an injunction and attorney fees.
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January 08, 2025
Fried Frank-Led Bonaccord Clinches $1.6 Billion Fund II
Fried Frank Harris Shriver & Jacobson LLP-advised Bonaccord Capital Partners, a private equity business of private markets solutions provider P10 Inc., on Wednesday announced that it wrapped its second general partner stakes fund after securing $1.6 billion in total commitments.
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January 08, 2025
Jones Day, Ropes & Gray Build $795M Deal For Simple Mills
Packaged bakery food producer Flowers Foods Inc., advised by Jones Day, on Wednesday announced plans to acquire better-for-you snack brand Simple Mills, led by Ropes & Gray LLP, in a $795 million cash deal.
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January 08, 2025
Wilson Sonsini, Cooley Lead $621M Take-Private Of Accolade
Private equity-backed healthcare company Transcarent, advised by Wilson Sonsini Goodrich & Rosati PC, and personalized healthcare company Accolade, led by Cooley LLP, on Wednesday announced plans to merge in a $621 million deal that will result in Accolade becoming a private company.
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January 07, 2025
Oilfield Services Firm Flowco Set to Drill Down On $392M IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Tuesday launched plans for an estimated $392 million initial public offering, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the latest company to join the new year's IPO pipeline.
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January 07, 2025
Cooper Standard Says $11M Royalty Fight Can't Be Arbitrated
The former parent company of a group of international automotive product suppliers has asked a Michigan federal judge not to force arbitration of its lawsuit accusing them of stiffing it out of more than $11 million in royalties, saying the suppliers waived their right to arbitration.
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January 07, 2025
Carlyle Beats Chancery Challenge To $77.5M Authentix Sale
The Carlyle Group on Tuesday beat a more than four-year-old suit accusing the global investment giant and three directors of authentication provider Authentix Inc. of breaching their fiduciary duties in approving Authentix's $77.5 million sale to private equity firm Blue Water Energy LLP in 2017.
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January 07, 2025
Canada Needs Catalysts To Heat Up Cold IPO Market
Following another chilly year for initial public offerings in Canada, capital markets lawyers in the Great White North are approaching 2025 with caution, hoping that a few catalysts can break through and thaw an otherwise frozen market for public listings.
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January 07, 2025
Winston & Strawn Lands Sidley Transactions Ace In Miami
A former Sidley Austin LLP partner jumped to Winston & Strawn LLP's transactions department in Miami to continue his work advising multinational clients on cross-border transactions in the U.S. and Latin America, the firm announced Tuesday.
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January 07, 2025
Davis Polk, Kirkland Guide Paychex's $4.1B Paycor Buy
Human capital management company Paychex Inc., advised by Davis Polk & Wardwell LLP, on Tuesday unveiled plans to buy fellow human capital management, payroll and talent acquisition software company Paycor, led by Kirkland & Ellis LLP, in a deal with an enterprise value of $4.1 billion.
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January 07, 2025
6 Firms Guide $5.6B PE-Backed Deal For GFL Unit
Six law firms are guiding a deal disclosed Tuesday that will see funds managed by affiliates of Apollo and BC Partners purchase the environmental services business of GFL Environmental Inc. at an enterprise value of 8 billion Canadian dollars ($5.6 billion).
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January 07, 2025
London Software Co. Receives Two £315M Takeover Bids
Team Internet Group PLC said Tuesday that it has received two competing bids from investment managers TowerBrook and Verdane, which each value the internet services company at approximately £315 million ($394 million).
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January 07, 2025
PE Firm Lovell Minnick Invests In UK Consultancy Broadstone
Lovell Minnick said Tuesday that it has taken a stake in Broadstone, a British financial services consultancy, as the U.S. private equity firm eyes a slice of the growing advisory sector.
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January 06, 2025
Biden Signs DC Football Stadium Bill Into Law
President Joe Biden on Monday gave Washington, D.C., government control over a site that could become home to a new stadium for the NFL's Commanders.
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January 06, 2025
Proskauer Adds New Funds Partners In NY, DC
Proskauer Rose LLP announced Monday it has rung in the new year by adding two new partners to its private funds group, with the addition of a tax expert from Schulte Roth & Zabel LLP in New York and a regulatory specialist from the SEC in Washington, D.C.
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January 06, 2025
KKR Pushes Fuji Soft To Pursue Legal Action Against Bain
Private equity giant KKR called on the board of Fuji Soft on Monday to take legal action against Bain Capital amid a bidding war for the company between the two competing investors, arguing that Bain's unauthorized use of confidential information and breach of its nondisclosure agreement "significantly jeopardizes" the reputation of private equity funds in Japan.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
Olshan Frome, Ellenoff Grossman Guide Gun Biz SPAC Deal
Online firearm retailer GrabAGun, advised by Olshan Frome Wolosky LLP, announced plans on Monday to go public through a $150 million merger with special purpose acquisition company Colombier II, led by Ellenoff Grossman & Schole LLP.
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January 06, 2025
More Investment Firms Fight Saba's Plans To Oust Boards
Another two investment companies listed on the London Stock Exchange warned shareholders on Monday against voting for proposals by Saba Capital Management LP to infiltrate their boards with its own nominees, calling the U.S. hedge fund's plans "opportunistic" and "self-serving."
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January 03, 2025
Cancer Drug Co. Revives Bid To Go Public Via Direct Listing
Brain cancer-focused drug developer NeOnc Technologies Holdings Inc. filed plans on Friday to go public through a direct listing, represented by Manatt Phelps & Phillips LLP, as it pursues an alternative to an initial public offering after canceling a prior IPO attempt.
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January 03, 2025
PayPal's Minority Program Biased Against Asians, Suit Says
A lawsuit filed in New York federal court alleges that PayPal's $535 million investment program for Black- and minority-led businesses is racially biased against Asian Americans and violates federal civil rights laws.
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January 03, 2025
Food Delivery App Inks $80M Deal To End SPAC Merger Suit
Investors suing mobile food delivery and ride-hailing services operator Grab Holdings Ltd. have asked a New York federal judge to preliminarily approve an $80 million deal to settle claims that several sections of a proxy statement Grab filed with a special purpose acquisition company were false and misleading.
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January 03, 2025
Missed Deadline Bars Startup Investors' Conspiracy Claims
A three-year statute of limitations — missed by a little more than a month — dooms civil conspiracy claims in a lawsuit alleging that partners in a venture capital firm created "sham" independent contractor agreements with a firm controlled by one of its partners to charge "massive and inexplicable" fees, a Massachusetts judge has ruled.
Expert Analysis
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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.
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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.