Private Equity

  • February 22, 2024

    Latham, Davis Polk Rep As Reddit Files For IPO

    Social media platform Reddit on Thursday formally outlined its plans to go public with a long-rumored initial public offering that's being guided by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP.

  • February 22, 2024

    Instant Brands Ch. 11 Plan Gets OK After Win In Supplier Row

    A Texas bankruptcy judge on Thursday gave tentative approval to home-appliance maker Instant Brands' reorganization plan after finding that recent briefings from the company and a supplier supported his preliminary decision last week to preserve the debtor's indemnification rights.

  • February 22, 2024

    Asset Managers Plug Up To $450M In AITi Global

    Cadwalader Wickersham & Taft LLP-advised wealth and alternatives manager AlTi Global Inc. on Thursday revealed that asset managers Allianz X, advised by Sullivan & Cromwell LLP, and Constellation Wealth Capital, advised by Gibson Dunn & Crutcher LLP, have agreed to invest a combined up to $450 million in the company.

  • February 22, 2024

    Private Equity Group Of The Year: Simpson Thacher

    Simpson Thacher & Bartlett LLP has advised on more than 100 asset management M&A deals with a combined value of over $170 billion since Oct. 1, 2022, including Bridgepoint Group's acquisition of Energy Capital Partners to create a company with €57 billion ($61 billion) invested in global private markets, earning it a spot among Law360's 2023 Private Equity Groups of the Year.

  • February 22, 2024

    B. Riley Stands By Franchise Group Deal After Internal Review

    B. Riley Financial reaffirmed its commitment to the $2.6 billion take-private deal for Franchise Group Inc. despite the misconduct of former Franchise Group CEO Brian Kahn, saying on Thursday that its audit committee determined through a nine-week internal review that B. Riley had no knowledge of or involvement in the misconduct.

  • February 22, 2024

    Taft Stettinius Adds 6 Dinsmore Attys In Detroit, Chicago

    Taft Stettinius & Hollister LLP has hired six attorneys from Dinsmore & Shohl LLP who focus their practices on business law and litigation matters.

  • February 22, 2024

    Deals Rumor Mill: Occidental, Kroger-Albertsons, BuzzFeed

    Occidental explores a $20 billion sale of Western Midstream, the FTC and some states could sue to block the $24.6 billion Kroger-Albertsons deal, and The Independent is taking over BuzzFeed's U.K. and Irish operations. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 22, 2024

    Fieldfisher-Led Tech Co. Agrees £430M Unit Sale To PE Biz

    Marlowe PLC said Thursday that it has agreed to sell some of its risk management assets to private equity firm Inflexion for £430 million ($545 million), as the U.K. business services and software specialist looks to fully focus on its core compliance practice.

  • February 21, 2024

    FTC Says Twitter Staff Prevented Musk Violating Privacy Order

    The Federal Trade Commission told the House Judiciary Committee on Wednesday that were it not for Twitter employees disobeying Elon Musk's orders to grant some reporters "full access to everything ... no limits at all" to the social media platform's systems, the company may have violated a 2022 FTC consent decree.

  • February 21, 2024

    OCC's Hsu Floats Payments, PE 'Trip Wires' For FSOC Review

    The Office of the Comptroller of the Currency's acting chief sounded an alarm Wednesday about the growth of digital payments and private equity, saying federal regulators should consider setting numerical "trip wires" around those activities to stay ahead of potential financial stability risks.

  • February 21, 2024

    Cannabis CEOs Wasted Wealthy Russian's Money, Suit Claims

    Two California businessmen who were given $145 million by a now dead Russian billionaire to begin cannabis growing operations in the state are accused of gross mismanagement and squandering his investment, according to a lawsuit filed in Los Angeles County court.

  • February 21, 2024

    PE Firm Can't Shake Ex-CEO's Retaliation Suit In NC

    A North Carolina federal judge has maintained the bulk of a former executive's suit accusing a private equity firm of duping him into accepting a top role at a defense supply unit and firing him when he refused to hide the company's financial reality from a major defense contractor client, reasoning that he satisfied pleading standards.

  • February 21, 2024

    Calif. Bill Would Let AG Audit Private Equity Healthcare Deals

    California Attorney General Rob Bonta and Assembly Speaker Pro Tempore Jim Wood have filed legislation that will give the state's AG oversight of private equity and hedge fund acquisitions of healthcare facilities, saying that private equity is causing soaring consumer costs.

  • February 21, 2024

    Consumer Data Co. Gets OK For $50M Ch. 11 Sale

    A Delaware bankruptcy judge Wednesday approved the $50 million sale of Near Intelligence after being told that unsecured creditors' objections to the California-based consumer data gathering platform's Chapter 11 plan had been resolved.

  • February 21, 2024

    JPMorgan Got $400M Before Inovalon Sale, Del. Justices Hear

    Inovalon didn't properly disclose that investors that bought the healthcare data company in 2021 paid $400 million in fees to its financial adviser, a JPMorgan unit, before the transaction, a reason enough to revive a lawsuit challenging the $7.3 billion acquisition, counsel for stockholders told Delaware's Supreme Court Wednesday.

  • February 21, 2024

    Cheer Supply Antitrust Claims Axed Again For 'Court's Sanity'

    Plaintiffs in an antitrust suit against cheerleading supply company Varsity Brands will not be able to resurrect previously dismissed claims after a Tennessee federal judge again shot them down in order to preserve "the court's sanity."

  • February 21, 2024

    Simpson Thacher-Led CVC Clinches $6.8B Asia-Focused Fund

    Private equity giant CVC Capital Partners, led by Simpson Thacher & Bartlett LLP, on Wednesday announced it had closed its sixth Asia-focused fund after racking up $6.8 billion in commitments from investors.

  • February 21, 2024

    Messner Reeves Accused Of Losing Client's $700K Deposit

    Colorado-based Messner Reeves LLP is being sued in California state court by a Florida financing consultant that claims the firm failed to protect a $700,000 interest deposit it made as part of a client's business loan.

  • February 21, 2024

    MoFo Brings On Simpson Thacher Private Equity Ace In SF

    Morrison Foerster LLP is bolstering its finance team, announcing Wednesday it is bringing in a Simpson Thacher & Bartlett LLP private equity pro as a partner in its San Francisco office.

  • February 21, 2024

    Crown Castle Proxy Spat Pits Paul Weiss Against Cadwalader

    Crown Castle Inc.'s board has rejected four board nominees of one of its co-founders, Ted Miller, as a proxy fight pits the communications infrastructure company and its Paul Weiss counsel against Miller and Cadwalader Wickersham & Taft LLP.

  • February 21, 2024

    Private Equity Group Of The Year: Ropes & Gray

    Ropes & Gray LLP recently steered deals for clients such as New Mountain Capital, BPEA EQT and TPG Capital Inc., including TPG's sale of high-profile talent agency Creative Artists Agency and BPEA EQT's $6.5 billion merger of its Hong Kong-based business services firms Vistra and Tricor, earning the firm a spot among Law360's 2023 Private Equity Groups of the Year.

  • February 21, 2024

    SPAC To Delist After Failing To Close Merger With Food Biz

    Blank-check company Bite Acquisition Corp. on Wednesday revealed that it received a letter from the New York Stock Exchange saying that it has determined to begin proceedings to delist the company's common stock because it failed to complete a business merger within the specified time frame.

  • February 21, 2024

    Cruise Line Hornblower Hits Ch. 11 With Over $1B Debt

    Cruise line and ferry service Hornblower Group Inc. and affiliates on Wednesday filed for Chapter 11 bankruptcy protection in Texas with a plan to cut $720 million from its more than $1 billion of debt through a deal that will hand majority control to private equity firm Strategic Value Partners.

  • February 20, 2024

    Justices Won't Hear JPMorgan Syndicated Loan Dispute

    The U.S. Supreme Court decided on Tuesdsay that it will not hear a dispute accusing JPMorgan Chase and other banks of failing to warn noteholders about the risks of lending money to a soon-to-be bankrupt company, keeping the case's dismissal intact after the Second Circuit ruled that the syndicated loan at the center of the case was not subject to securities laws.

  • February 20, 2024

    Trivest Can Seek 6th Circ. Review Of RICO Jurisdiction Ruling

    A Michigan federal judge will allow a Florida-based private equity firm to appeal a decision denying its bid to escape a Racketeer Influenced and Corrupt Organizations Act lawsuit scrutinizing its funding of a solar company accused of scamming customers.

Expert Analysis

  • 9 Considerations For Divestitures, Carveouts And Spinouts

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    Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Planning For Stymied HSR Filings At FTC If Shutdown Occurs

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    If the government were to shut down in early March, the inability to submit Hart-Scott-Rodino filings with the Federal Trade Commission would grind transactions to a halt, and parties should consider numerous implications as they are negotiating or planning to close pending transactions, say attorneys at DLA Piper.

  • Challenges Remain In Financing Energy Transition Minerals

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    COP28, the latest U.N. climate conference, reached a consensus on a just and equitable transition from fossil fuels to renewable energy, but more action and funding will be needed to ensure that developed countries responsibly source the minerals that will be critical for this process, say attorneys at Watson Farley.

  • Loan Transparency Proposals May Bring Some Clarity

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    U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.

  • Texas Ruling Clarifies That Bankruptcy Shields LLC Rights

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    A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Navigating New Regulations In Healthcare And Other M&A

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    While notice requirements recently enacted in several states are focused on the healthcare industry for now, this trend could extend to other industries as these requirements are designed to allow regulators to be a step ahead and learn more about a transaction long before it occurs, say Kathleen Premo and Ashley Creech at Epstein Becker.

  • New CMS Rule Will Change Nursing Facility Disclosures

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    A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.

  • Opinion

    3rd-Party Financiers Have Power To Drive Mass Tort Cases

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    The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.

  • Del. Dispatch: Clarification On Fiduciary Duties Of Controllers

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    The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.

  • FTC AI Inquiry Signals Intensified Focus On Emerging Tech

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    The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

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