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Private Equity
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August 07, 2024
Fund Seeks Forced Sale Of Long-Stalled Baltimore Project
A Boston-based investment fund that backs development projects in disadvantaged communities is seeking to recoup $13 million it poured into a stalled mixed-use project in Baltimore, including through a forced sale, according to a complaint filed in Massachusetts state court.
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August 07, 2024
Lender Says Mogul's Privacy Concerns Stymying Trial Prep
Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.
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August 07, 2024
Kirkland-Led SPAC Raises $350M To Pursue Energy Targets
Special purpose acquisition company EQV Ventures Acquisition Corp. began trading Wednesday after it priced a $350 million initial public offering, represented by Kirkland & Ellis LLP and underwriters' counsel Ellenoff Grossman & Schole LLP, in order to pursue an energy-related acquisition.
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August 07, 2024
Davis Polk, Cooley Lead $1.5B Sale Of PetIQ
Pet medication company PetIQ Inc., advised by Cooley LLP, on Wednesday announced plans to go private following its acquisition by private investment firm Bansk Group, led by Davis Polk & Wardwell LLP, in an all-cash deal valued at roughly $1.5 billion.
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August 07, 2024
Rising Star: Debevoise & Plimpton's Ryan T. Rafferty
Debevoise & Plimpton LLP partner Ryan T. Rafferty navigated $9 billion in debt financing for a private equity firm in the acquisition of Truist Insurance, and he steered Evergreen Coast Capital through a $16.5 billion take-private deal of a cloud computing company, earning him a spot among the private equity law practitioners under 40 honored by Law360 as Rising Stars.
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August 07, 2024
Emerging Company Duo Join Pillsbury In Austin, Houston
Pillsbury Winthrop Shaw Pittman LLP announced that a pair of experienced Texas-based attorneys focused on working with emerging growth companies joined the firm's Austin and Houston offices.
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August 07, 2024
PE Firm Gets Extension To Make £253M Bid For Payments Co.
Equals Group PLC said Wednesday that the U.K. authority on takeover and merger transactions has extended the deadline for private equity company TowerBrook and financial startup Railsr to officially confirm their proposed £253 million ($321 million) takeover offer, or walk away from it.
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August 07, 2024
KKR To Buy Majority Stake In Ad Group FGS In $775M Deal
Investment giant KKR & Co. Inc. said Wednesday that it has agreed to buy a majority stake in FGS Global, in an all-cash deal that values the global public relations firm at $1.7 billion.
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August 06, 2024
3 Firms Guide AI-Focused Semiconductor Maker's SPAC Deal
Special-purpose acquisition company byNordic Acquisition Corp. said Tuesday it plans to acquire and take public an artificial intelligence-focused subsidiary of Sivers Semiconductors AB through a deal advised by three law firms.
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August 06, 2024
6 Firms Lead Chinese AI Chipmaker's $133M Hong Kong IPO
Artificial intelligence chip designer Black Sesame International Holding Ltd. is preparing to debut on the Hong Kong stock exchange this week after reportedly pricing a $133 million initial public offering, guided by six firms, completing one of the Asia region's largest IPOs in 2024.
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August 06, 2024
Life Sciences Credit Firm Symbiotic Launches With $600M
A new credit firm led by veterans in the healthcare industry announced its launch Tuesday, with more than $600 million in capital earmarked for loans to life sciences companies.
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August 06, 2024
Funko Settles Derivative Litigation In Delaware, California
Pop culture lifestyle brand Funko Inc. has agreed to resolve derivative claims in multiple stockholder suits in California federal court and Delaware's Court of Chancery by implementing corporate governance reforms and paying up to $2.15 million to plaintiffs' attorneys, the company has announced.
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August 06, 2024
AI Security Biz Sets Sights On IPO After $5.1B Valuation
Artificial intelligence company Abnormal Security, advised by Cooley LLP, announced Tuesday that it has hit a $5.1 billion valuation after closing its Series D funding round with $250 million in tow.
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August 07, 2024
Simpson Thacher Pilots Stonepeak's $3B Opportunities Fund
Private equity firm Stonepeak, advised by Simpson Thacher & Bartlett LLP, raised $3.15 billion for a fund dedicated to opportunistic investing in the infrastructure sector, beating the fund's target by over $600 million, according to an Aug. 6 announcement.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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August 06, 2024
Ex-Barnes & Thornburg, Apollo Atty Joins Perkins Coie
A former Barnes & Thornburg LLP attorney and one-time Apollo Global Management counsel is the latest funds attorney to join Perkins Coie's New York office, the firm said Tuesday.
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August 06, 2024
Rising Star: Skadden's George Gray
Skadden Arps Slate Meagher & Flom LLP partner George Gray has used his expertise to navigate Markerstudy Group's $1.6 billion merger with an insurance brokering giant and to help private equity firm HgCapital LLP exit its investment in Argus Media, earning him a spot among private equity practitioners under age 40 honored by Law360 as Rising Stars.
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August 06, 2024
Gibson Dunn Guiding Veritas On $2.45B Cloud Banking Buy
Gibson Dunn is advising Veritas Capital on a deal to purchase the cloud-based digital banking business of NCR Voyix Corp., represented by King & Spalding, for $2.45 billion in cash plus a potential future payment of up to $100 million, NCR Voyix said in a statement Tuesday.
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August 06, 2024
Paul Hastings Gains Tax Pro In Dallas From McDermott
Paul Hastings announced Tuesday that its meteoric growth in Texas is continuing with the addition of a partner in Dallas who strengthens its global tax practice and came aboard from McDermott Will & Emery LLP.
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August 05, 2024
Inari Agriculture Can't Sink Patent Case Over Corn Seed
A legal fight between a DowDuPont spinoff and a Massachusetts plant breeding startup over the exporting of patent-protected corn seed will continue to grow in Delaware federal court, unimpeded by DuPont researchers' decision to publicly deposit their seeds.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
Freshfields, Wachtell Guide $925M CVC, Mallinckrodt Deal
Dublin-based pharmaceutical company Mallinckrodt has inked a deal to sell its immunotherapy business Therakos to Luxembourg-based private equity firm CVC Capital Partners for $925 million, Mallinckrodt said in a Monday statement.
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August 05, 2024
Rising Star: Dechert's Sam Whittaker
Sam Whittaker of Dechert's work helping Singaporean sovereign wealth fund GIC Pte. Ltd. coinvest in deals like the $17 billion acquisition of Athenahealth and the more than $15 billion take-private of media data giant Nielsen has kept a "cornerstone client" happy and made him one of the Law360 Rising Stars in private equity under age 40.
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August 05, 2024
AI Biz Hits $2.8B Valuation After Latest Funding Round
Artificial intelligence inference platform Groq on Monday announced that it reached a $2.8 billion valuation after successfully closing a $640 million Series D funding round.
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August 05, 2024
PE Firms Carlyle, Quantum Ink $3B Deal For US Power Co.
Houston-based Quantum Capital Group said Monday it has agreed to purchase Cogentrix Energy, a U.S. independent power producer, from Carlyle for about $3 billion.
Expert Analysis
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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8 Legal Issues Influencing Investors In The Creator Economy
The rapidly expanding digital creator economy — funding for which more than doubled in the U.S. in the first quarter — comes with its own set of unique legal issues investors must carefully consider before diving in, say Louis Lehot and Alan Pate at Foley & Lardner.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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PE In The Crosshairs Of Public And Private Antitrust Enforcers
A series of decisions from a California federal court in the recently settled Packaged Seafood Products Antitrust Litigation, as well as heightened scrutiny from federal agencies, serve as a reminder that private equity firms may be exposed to liability for alleged anti-competitive conduct by their portfolio companies, say attorneys at Axinn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Mid-2024 FCA Enforcement And Litigation Trends To Watch
Reviewing notable False Claims Act trends and enforcement efforts in the last year and a half reveals that healthcare is a key enforcement priority for the U.S. Department of Justice, and the road ahead may bring clarification on Anti-Kickback Statute causation and willfulness standards, along with increased focus on private equity, cybersecurity and self-disclosure, say attorneys at Epstein Becker.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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PE-Healthcare Mergers Should Prepare For Challenges
State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.