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Private Equity
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July 12, 2024
Healthcare SPAC Launches $200M IPO To Pursue Acquisition
Launch One Acquisition Corp. began trading Friday after raising a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel King & Spalding LLP, joining an uptick in special-purpose acquisition companies targeting the healthcare sector.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
Ex-Greenberg Traurig Atty Joins Holland & Knight As Partner
A former Greenberg Traurig LLP shareholder recently joined Holland & Knight LLP's private wealth services group as a partner in its Chicago office, where he can use his experience as a certified public accountant to help navigate estate and trust administration matters.
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July 12, 2024
Former Investment Firm GCs Join Greenberg Traurig In NY
Greenberg Traurig LLP has bolstered its corporate, investment management, and financial regulatory and compliance practices with a pair of new shareholders in New York who both came aboard from in-house roles at major investment firms.
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July 12, 2024
MoFo-Guided SoftBank Buys UK Chipmaker Graphcore
SoftBank Group Corp. has acquired Graphcore, a British semiconductor chipmaker, as it eyes expansion into the artificial intelligence sector, the two companies said on Friday.
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July 11, 2024
2nd Circ. Backs Disbarred Atty's Prison Term For Fraud Plea
A disbarred California attorney can't reverse a Manhattan federal court's 5½-year prison sentence and $5.5 million restitution order that followed his guilty plea to wire fraud for a real estate and venture fraud scheme, the Second Circuit ruled Thursday.
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July 11, 2024
Only 1 Gold Mine Investor Has Class Claim, Chancery Says
Only one of three warrant holders who sued a Nevada gold and silver mine in Delaware's Court of Chancery may move forward with a proposed class action, a Chancery Court judge has ruled, but the other pro se plaintiffs may continue with their individual claims.
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July 11, 2024
South Korea Looks To Nix $32M Award To U.S. Hedge Fund
South Korea said Thursday that it will look to overturn an arbitral award ordering it to pay some $32 million to a U.S. hedge fund following a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
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July 11, 2024
Platinum Equity Taking Heroux-Devtek Private In $990M Deal
Platinum Equity Advisors has agreed to purchase Heroux-Devtek in a take-private deal that values the Quebec-based manufacturer of aerospace products at CA$1.35 billion ($990.1 million), Heroux-Devtek said in a statement Thursday.
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July 11, 2024
Chancery Orders Invictus Fund Sides To Provide Case Update
Pointing to hints of clarity in a distressed credit and special-situations fund's murky, 9-month-old battle for documents and cash held by its general partner and investment manager, a Delaware vice chancellor on Thursday ordered the two sides to produce a case update by Tuesday.
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July 11, 2024
Deals Rumor Mill: Saudi Aramco, Paramount Global, Carlyle
The Carlyle Group is considering acquiring Baxter International's kidney-care spinoff Vantive for about $4 billion, Aramco attracted more than $31 billion in orders for its $6 billion bond sale, and Paramount Global plans to cut more jobs before its merger with Skydance Media closes. Here, Law360 breaks down these and other notable deal rumors from the past week.
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July 11, 2024
Earned Wealth Secures $200M, Buys Peer Thomas Doll
DLA Piper-advised Earned Wealth announced on Thursday that it received a $200 million growth investment from growth equity investors while simultaneously unveiling its acquisition of fellow medical professional-focused financial services firm Thomas Doll.
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July 11, 2024
Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy
Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday.
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July 11, 2024
US PE Firm To Bid €1M For French Industrial Machinery Biz
French engineering company Gaussin SA said Thursday that a consortium led by U.S. private equity firm Coral Reef Capital has offered €1 million ($1.08 million) to buy its subsidiary Metalliance, a troubled industrial machinery manufacturer.
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July 10, 2024
Ellenoff-Led SPAC Raises $200M To Pursue Healthcare Merger
SIM Acquisition Corp. I, a special-purpose acquisition company formed to pursue a healthcare merger, began trading Wednesday after pricing a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel Kirkland & Ellis LLP.
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July 10, 2024
Thoma Bravo's Qualtrics Bid Fell Short, SAP Tells Chancery
Thoma Bravo LP may have offered $1.2 billion more than Silver Lake Management to buy Qualtrics International Inc. from software company SAP SE in 2023, but other aspects of the bid were less attractive than Silver Lake's $12.5 billion offer, an attorney for SAP directors told Delaware's Court of Chancery on Wednesday.
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July 10, 2024
Skydance, Paramount Unlikely To Hit Regulatory Roadblocks
After Skydance Media and Paramount Global finally inked a deal to merge, the parties will move through a 45-day go-shop period and a review from U.S. regulators, but experts told Law360 the deal is unlikely to hit any antitrust obstacles.
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July 10, 2024
McDermott-Led H.I.G. Secures $1.3B For 3rd Real Estate Fund
Private equity shop H.I.G. Capital, advised by McDermott Will & Emery LLP, on Wednesday announced that it closed its third European real estate-focused fund after raising roughly $1.3 billion of capital commitments.
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July 10, 2024
Intel Asks Del. Court To Affirm It Has License To VLSI Patents
Intel has launched a suit in Delaware federal court asking for an order that it already has a license to various VLSI patents, the latest in a sprawling legal fight between the two parties over microchips.
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July 10, 2024
SEC Probes NYSE's Bid To Extend SPAC Merger Deadlines
The U.S. Securities and Exchange Commision wants more time to investigate a New York Stock Exchange proposal that would lengthen deadlines to complete certain mergers involving special purpose acquisition companies to 42 months, saying NYSE's proposal departs from typical time limits intended to protect investors.
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July 10, 2024
Boston-Based Firm Clinches 2nd PE Fund With $810M In Tow
Boston-based Manulife Investment Management on Wednesday announced that it clinched its second private equity fund after securing $810 million in commitments.
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July 10, 2024
Kirkland Guides Canada Pension Plan on €550M Tech Stake
Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.
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July 10, 2024
PE Biz TowerBrook Bids £253M For Payments Platform Co.
Private equity shop TowerBrook Capital Partners LP has made an improved cash offer of £253 million ($325 million) for Equals Group PLC, the British financial technology company said Wednesday after it put itself up for sale.
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July 09, 2024
Private Funds Say 5th Circ. Ruling Sinks SEC's AI, Cyber Bids
Several trade groups for the private fund industry urged the U.S. Securities and Exchange Commission on Tuesday to withdraw rule proposals on artificial intelligence and investment adviser outsourcing and cybersecurity risk management, in light of a Fifth Circuit ruling that dealt a blow to the agency's private fund oversight.
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July 09, 2024
Healthcare Cases To Watch: A 2024 Midyear Report
Courts across the U.S. this year will oversee key cases to the healthcare industry, from multidistrict litigation over the Change Healthcare hack to a challenge of a state gender-affirming care ban at the Supreme Court. Here are the healthcare cases to watch in the second half of 2024.
Expert Analysis
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Understanding Advance Notice Bylaws Is Key For All Parties
Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.