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Private Equity
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May 09, 2024
Skadden-Led Firm Nets $250M In May's Second SPAC Listing
GP-Act III Acquisition Corp., a Skadden-led special-purpose acquisition company backed by multiple private investment firms, began trading on Thursday after completing a $250 million initial public offering, marking the second SPAC listing this month in an otherwise battered market.
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May 09, 2024
Masimo Makes Offer To End Activist Politan's Proxy Contest
Medical technology company Masimo Corp. revealed Thursday that it is willing to appoint one of the director nominees put forth by activist investment firm Politan Capital Management LP in exchange for the company dropping its proxy fight, though Politan signaled distaste with the proposed deal.
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May 09, 2024
TPG Lands Nearly $8B Across 3 Asia-Focused Funds
Private equity giant TPG, advised by Cleary Gottlieb Steen & Hamilton LLP and Fried Frank Harris Shriver & Jacobson LLP, has closed three Asia-focused funds after securing a combined total of nearly $8 billion from investors.
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May 09, 2024
Bain Capital Plugs $250M Into Professional Services Firm
Technology-enabled professional services company Sikich LLC on Thursday announced that it has secured a $250 million minority growth investment from private equity giant Bain Capital in a transaction built by four firms.
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May 09, 2024
Brightstar Capital Scores Slot Machine Supplier In $1.1B Deal
Gaming supplier PlayAGS Inc., guided by Cooley LLP, on Thursday announced that it has agreed to be acquired by Kirkland & Ellis LLP-advised Brightstar Capital Partners in a $1.1 billion take-private transaction.
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May 09, 2024
Trump SPAC Investor Convicted Of Insider Trading
A Manhattan federal jury on Thursday convicted a Florida investment pro of securities fraud and conspiracy for allegedly exploiting confidential plans to take Donald Trump's media company Truth Social public in a $23 million insider trading case.
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May 09, 2024
PE Firm Sells Another £60.2M Of Shares Of Ads Biz
An investment company backed by private equity firm Apax Partners said Thursday that it has sold part of its stake in online classifieds group Baltic Classifieds Group PLC for £60.2 million ($75 million).
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May 09, 2024
Deals Rumor Mill: Paramount, Peloton, International Paper
Sony and Apollo plan to break up Paramount if their $26 billion bid prevails, private equity firms are eyeing a Peloton buyout, and International Paper gets a $15 billion bid from Brazil's Suzano. Here, Law360 breaks down the notable deal rumors from the past week.
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May 09, 2024
Concord Won't Increase 'Final' $1.5B Bid For Rival Hipgnosis
Concord Chorus Ltd. said Thursday that it has ruled out raising its "final" all-cash offer of $1.25 per share for rival music rights company Hipgnosis Songs, which leaves only an improved bid by private equity firm Blackstone in the running to buy it.
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May 08, 2024
ESOP Trustee Can't Ax Suit Claiming $60M Inflated Stock Deal
A Michigan federal judge left most of a suit intact Wednesday alleging the trustee of a steel company's employee stock ownership plan allowed it to buy $60 million in company stock at an inflated price, ruling that the worker behind the suit backed his claims with enough detail.
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May 08, 2024
Truth Social Backer's Insider Trading Alibi In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a Florida investor accused of fueling a $23 million insider trading scheme that exploited confidential plans to take Truth Social public, after the defense argued it was someone else who tipped speculators.
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May 08, 2024
Scooter Co.'s Mismanagement Cost ESOP Millions, Suit Says
A scooter company violated federal benefits law by putting too much of workers' retirement funds into investments that produced meager returns and causing its employee stock ownership plan to lose out on about $3.3 million since 2018, a proposed class action filed in Pennsylvania federal court said.
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May 08, 2024
Japanese Crypto Exchange Coincheck Eyes US Listing In '24
Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.
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May 08, 2024
Reed Smith Lands Kirkland Corporate Pro In Houston
A former Kirkland & Ellis partner has joined Reed Smith LLP's Houston office as a capital markets and corporate lawyer, the firm announced Wednesday.
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May 08, 2024
Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners
Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.
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May 08, 2024
HSF, Ashurst-Led Ardonagh Buys Insurer For $1.5B
U.K. insurance broker Ardonagh Group Ltd. said on Wednesday it has agreed to acquire Australia-based PSC Insurance Group Ltd. in a transaction worth $2.25 billion Australian dollars ($1.48 billion), to help it expand into new markets.
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May 08, 2024
Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles
Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.
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May 08, 2024
Kirkland Drives Vance Street To $775M Fund IV Closing
Los Angeles-based private equity shop Vance Street Capital, advised by Kirkland & Ellis LLP, on Wednesday announced it held the first and final close for its fourth fund with $775 million in tow.
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May 08, 2024
Norton Rose Adds Foley & Lardner Private Equity Pro In Texas
Norton Rose Fulbright has added a Dallas-based private equity lawyer with decades of experience to its corporate, mergers and acquisitions and securities practice who came aboard from Foley & Lardner LLP.
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May 08, 2024
Simpson Thacher-Led Silver Lake Lands $20.5B For 7th Fund
Technology-focused private equity shop Silver Lake, advised by Simpson Thacher & Bartlett LLP, announced Wednesday the closing of its seventh flagship fund after securing $20.5 billion from investors, beating out the amount raised in its predecessor fund by about half a billion dollars.
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May 07, 2024
Trump Media Co-Founders Seek Chancery Contempt Order
Two early investors in Trump Media & Technology Group have called for a Delaware Court of Chancery contempt ruling against Donald Trump's Truth Social media company, saying its attempt to claim their shares in a Florida lawsuit contradicted earlier representations in Delaware.
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May 07, 2024
Everton Investors Bemoan Soccer Team Sale Amid Fraud Suit
The Everton FC Shareholders Association wants to slam the brakes on the "farce" sale of its Premier League soccer team to private equity firm 777 Partners LLC, arguing they are not qualified owners, a demand that comes as the firm faces allegations of fraud.
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May 07, 2024
Ex-Tugboat CEO Can't Reinstate $75M Defamation Verdict
A Washington state appeals panel won't let the former CEO of boating company Harley Marine Services Inc. reinstate a $75 million defamation verdict against his former business partners, finding that the comments that formed the basis for the verdict are covered under the state's "absolute" litigation privilege.
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May 07, 2024
Steward Health Gets Ch. 11 Loan, Says It Plans Hospital Sales
A Texas bankruptcy judge Tuesday allowed Steward Health Care to take out $75 million in Chapter 11 financing to meet its next-day payroll after being told the hospital chain plans to sell facilities to pay down its $9 billion in debt.
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May 07, 2024
DOL Official Says Expect Pension De-Risking Report Soon
The U.S. Department of Labor's employee benefits chief said Tuesday the agency expects to submit a report to Congress shortly on so-called pension risk transfers, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
Expert Analysis
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How To Navigate The FTC's New Private Equity Frontier
The Federal Trade Commission's recent district court complaint against an anesthesia firm and its private equity partner tests key bounds of the agency's stand-alone authority, and defense strategies can include challenges to both the geographic and the service market fronts, say attorneys at Baker McKenzie.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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Series
ESG Around The World: Japan
Japan is witnessing rapid developments in environmental, social and corporate governance policies by making efforts to adopt a soft law approach, which has been effective in encouraging companies to embrace ESG practices and address the diversity of boards of directors, say Akira Karasawa and Landry Guesdon at Iwata Godo.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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The Impact Of Proposed HSR Form Changes On Agency Staff
The Federal Trade Commission's recent proposed changes to the Hart-Scott-Rodino Notification and Report Form will have the unintended effect of drastically increasing the burden on agency staff without an appreciable increase in their ability to detect potentially anti-competitive transactions, say Amanda Wait and Andrew Eklund at Norton Rose.
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FTC's Health Co. Suit Indicates Agency's Private Equity Focus
The Federal Trade Commission's latest lawsuit against an anesthesia company and its private equity investor highlights the agency's willingness to regulate the health care industry even when relevant acquisitions are relatively dated or when the controlling entity's economic interest is under 50%, say attorneys at Simpson Thacher.
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Top 4 Antitrust Enforcement Issues In Health Care Today
The Federal Trade Commission's recent lawsuit against U.S. Anesthesia Partners exemplifies antitrust enforcement authorities' efforts to aggressively reshape the health care industry, ranging from new proposed rules to withdrawals of previous guidance, say attorneys at Fried Frank.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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SEC Risk Alert Provides Helpful Info For Adviser Exam Prep
The U.S. Securities and Exchange Commission's recent risk alert makes clear that as the registered investment adviser population continues to grow in size and complexity, the Division of Examinations will keep pace by examining a significant number of advisers each year through its sophisticated and coordinated program, say attorneys at Simpson Thacher.
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Alleged $636M Deal Error Highlights Ethics Considerations
Adelman v. Proskauer, a malpractice suit that allegedly arose from a cut-and-paste error resulting in potential damages of $636 million, presents an intriguing juxtaposition of facts and legal issues — and practical ethical considerations for transactions attorneys, says Richard Leisner at Trenam Law.