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Mergers & Acquisitions
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July 18, 2025
Chancery Tosses Twitter Investor's $1.9M Stock Drop Suit
A Washington state computer software engineer who sued Elon Musk and affiliated entities in Delaware's Court of Chancery hoping to recoup a $1.88 million loss on Twitter shares he sold when Musk briefly backed out of a deal for the social media company lost on all counts on Friday.
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July 18, 2025
EU Says Vivendi Controlled Lagardère During Deal Review
European enforcers have accused French media conglomerate Vivendi of exercising control over Lagardère's editorial operations and personnel decisions before and during a review of its acquisition.
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July 18, 2025
FTC Nixes Exxon-Pioneer, Chevron-Hess Board Ban Deals
The Biden-era Federal Trade Commission settlements clearing Exxon's purchase of Pioneer and Chevron's acquisition of Hess are no more, after the now Republican-controlled agency said there was no need to condition acquisition approvals on banning the CEOs of Pioneer and Hess from the boards of the combined companies.
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July 18, 2025
5 Firms Guide $3.5B Sale Of Power Plants In Pa. And Ohio
Power company Talen Energy Corp. will pay $3.5 billion for two power plants, one in Pennsylvania and the other in Ohio, in a deal with an estimated gross value of $3.8 billion adjusted for tax benefits, Talen has announced.
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July 18, 2025
Taxation With Representation: Wachtell, Slaughter And May
In this week's Taxation With Representation, Blackstone pours billions into data centers and related infrastructure, Waters Corp. and Becton Dickinson look to form a new life sciences powerhouse, Reckitt sells 70% of its Essential Home business to private equity firm Advent, and Chevron completes its acquisition of Hess following a favorable arbitral award.
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July 18, 2025
Norton Rose, Wachtell Guide $321.5M Texas Bank Deal
Wachtell Lipton-led Prosperity Bancshares Inc. said Friday it will acquire American Bank, advised by Norton Rose Fulbright, in an all-stock deal valued at roughly $321.5 million, expanding the Texas lender's footprint in key South and Central Texas markets.
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July 18, 2025
Sanofi Completes $9.5B Buy Of Blueprint
French multinational pharmaceutical company Sanofi, led by Weil Gotshal & Manges LLP, said Friday that it has completed the up to $9.5 billion acquisition of its U.S. rival Blueprint Medicines Corp., being guided by Goodwin Procter LLP.
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July 18, 2025
Sidley-Led Stonepeak Plugs $1.3B Into Latham-Led PDG
Asia Pacific data center operator Princeton Digital Group, advised by Latham & Watkins LLP, on Friday revealed that it received a $1.3 billion investment from Sidley Austin LLP-led alternative investment firm Stonepeak to help support its continued expansion.
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July 18, 2025
BP To Sell US Wind Biz To Greenberg Traurig-Led LS Power
Energy giant BP PLC said Friday that it has agreed to sell its onshore wind business in the U.S. to LS Power, which is being advised by Greenberg Traurig, as it presses ahead with a $20 billion asset disposal program to simplify its group structure.
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July 18, 2025
Chevron Beats Exxon Challenge, Completes $53B Hess Deal
Chevron said Friday that it has completed its $53 billion acquisition of Hess following a favorable arbitral award, resolving a dispute with rival oil majors over Hess' stake in a lucrative Guyana oil block that had threatened to derail the megadeal.
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July 18, 2025
PE Firm Advent To Buy Reckitt's Cleaning Biz In $4.8B Deal
Consumer goods giant Reckitt said Friday that it will sell 70% of its Essential Home business, which houses its Air Wick and Calgon brands, to U.S. private equity firm Advent in a $4.8 billion deal.
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July 17, 2025
Bitcoin Treasury Firm To Go Public Via $1.5B SPAC Deal
Bitcoin investment company BSTR Holdings Inc. announced on Thursday that special purpose acquisition company Cantor Equity Partners I Inc. will provide it with up to $1.5 billion in financing in a go-public deal, guided by Ellenoff Grossman & Schole LLP and Skadden Arps Slate Meagher & Flom LLP.
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July 17, 2025
Accolade Faces $4.8M Suit Over Pre-Merger Profit Claims
Personalized healthcare solutions company Accolade Inc. was hit with an investor suit Thursday accusing it and its CEO of making false statements about its profitability to prop up share prices before announcing its plan to go private via a merger with healthcare company Transcarent Inc.
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July 17, 2025
Justices' 'Tea Leaves' Don't OK Illegal FTC Firing, Court Says
A D.C. federal judge ordered the restoration of a fired Federal Trade Commission Democrat's job Thursday, setting up a D.C. Circuit clash that could go to the U.S. Supreme Court on her conclusion that President Donald Trump violated a law permitting the termination of FTC members only for cause.
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July 17, 2025
EU Approves Luxembourg Beverage Deal With Fix
European enforcers have approved beverage producer and distributor Brasserie Nationale's planned purchase of a Luxembourg-based wholesaler, after the companies agreed to unload a portion of the business that sells to hotels, restaurants and cafes in the country.
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July 17, 2025
Musk, SEC Seek More Time For Response In Twitter Case
Elon Musk and the U.S. Securities and Exchange Commission on Thursday jointly asked a D.C. federal court to allow the billionaire more time to respond to the agency's complaint that he failed to timely report his Twitter purchases before buying the platform and renaming it X.
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July 17, 2025
PE Firm Is Denied FDA Docs For Defense In Deal Challenge
An Illinois federal court on Wednesday denied a request from private equity firm GTCR BC Holdings LLC to force the U.S. Food and Drug Administration to produce more than a decade's worth of medical device approval applications as the firm fights a merger challenge from enforcers.
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July 17, 2025
Robotics Co. Investors Settle De-SPAC Suit For $7.5M In Del.
Investors in a special purpose acquisition company that took artificial intelligence company Berkshire Grey Inc. public for $2.25 billion in mid-2021 have reported a $7.5 million proposed settlement intended to end a breach of fiduciary duty suit in Delaware's Court of Chancery.
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July 17, 2025
Google Lands $2.4B Windsurf Tech Deal, And More Rumors
Google has agreed to pay $2.4 billion to license the technology of Windsurf, a private equity investment will value PCI Pharma Services at $10 billion, and KKR is mulling a potential buyout of Italian healthcare technology firm GPI SpA. Here, Law360 breaks down these and other deal rumors from the past week:
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July 17, 2025
Davis Polk Steers Verisk On $162.5M SuranceBay Acquisition
Davis Polk & Wardwell LLP is guiding data analytics and technology provider Verisk on an agreement announced Thursday for the $162.5 million all-cash acquisition of life and annuity industry service provider SuranceBay, which is represented by Wiggin and Dana LLP.
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July 17, 2025
Couche-Tard Pulls $47B Takeover Bid For 7-Eleven Parent
Alimentation Couche-Tard has withdrawn its nearly $47 billion bid to acquire Seven & i Holdings, the Japanese parent of 7-Eleven, citing "a persistent lack of good faith engagement" from Seven & i leadership.
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July 17, 2025
SES Finalizes Intelsat Merger, Expands Satellite Fleet
SES SA said Thursday its deal worth an estimated $3.1 billion to buy rival satellite operator Intelsat Holdings has completed, guided by four law firms.
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July 17, 2025
Sweden's Viaplay To Buy Remaining 50% In Allente For $113M
Swedish media group Viaplay said Thursday that it will buy a 50% stake in Allente from Norway's Telenor for 1.1 billion Swedish kronor ($113 million) to become the sole owner of the Scandinavian television provider.
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July 16, 2025
Sidley Guides Starwood Property Trust's $2.2B Net Lease Deal
Sidley Austin LLP and Latham & Watkins LLP are advising Starwood Property Trust Inc. 's $2.2 billion acquisition of net lease real estate operating platform Fundamental Income Properties LLC, according to an announcement made Wednesday.
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July 16, 2025
Meta Wanted To Shield Zuckerberg From FTC Suit, Chancery Told
A former Facebook director testified Wednesday that company directors resisted federal efforts to include CEO Mark Zuckerberg as a defendant in a privacy breach suit that settled for $5 billion in 2019, starting a Delaware trial on a derivative stockholder suit to recover the payout.
Expert Analysis
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Del. Supreme Court TripAdvisor Ruling May Limit 'MFW Creep'
The Delaware Supreme Court's recent Maffei v. Palkon ruling regarding TripAdvisor's proposed reincorporation to Nevada potentially signals a turning point in the trend of expanding the protections from Kahn v. M&F Worldwide to other types of transactions, says Andrew J. Haile at Elon University.
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Antitrust In Retail: Rude Awakening For FTC In Tempur Sealy
A Texas federal court's recent denial of a Federal Trade Commision order to stop a giant mattress merger because of lack of evidence on market segments shows that such definitions are only a viable path for regulating vertical mergers if antitrust agencies provide adequate documentation, says David Kully at Holland & Knight.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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Opinion
US Steel-Nippon Merger Should Not Have Been Blocked
The Biden administration's block of the U.S. Steel and Nippon Steel merger on national security grounds was unconstitutional overreach and needs to be overturned, with the harms remedied in federal court, says attorney Chuck Meyer.
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Biden-Era M&A Data Shows Continuity, Not Revolution
While the federal antitrust agencies under former President Joe Biden made broad claims about increasing merger enforcement activity, the data tells a different story, with key claims under Biden coming in at the lowest levels in decades, say attorneys at Covington.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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Exploring China's 1st Administrative Merger Control Ruling
As the first judicial ruling in China's merger control regime, the Beijing Intellectual Property Court's recent upholding of Simcere's acquisition of Tobishi helps to clarify how the Chinese antitrust authority and court assess remedies, say attorneys at Tian Yuan Law Firm.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Opinion
DOJ's Visa Suit Shows Pitfalls Of Regulating Innovative Tech
A policy of allowing free-market mechanisms to operate without undue interference remains the most effective way to foster innovation, and the U.S. Department of Justice's 2024 case against Visa illustrates the drawbacks of regulating innovative technology, says attorney Thomas Willcox.
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How New SBA Rule May Affect Small Government Contractors
By limiting competition from larger entities, the Small Business Administration's recently published final rule may help some small government contractors, but these restrictions on set-aside work following a merger, acquisition or sale may also deter small businesses' long-term growth, say attorneys at Akerman.
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Nippon Order Tests Gov't Control Over Foreign Investments
The U.S. government is primarily interested in restraining foreign transactions involving countries of concern, but former President Joe Biden’s January order blocking the merger of Nippon Steel and U.S. Steel shows that all foreign direct investments are under the federal government’s microscope, say attorneys at Blank Rome.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.
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In-House Counsel Pointers For Preserving Atty-Client Privilege
Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.
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Series
Collecting Rare Books Makes Me A Better Lawyer
My collection of rare books includes several written or owned by prominent lawyers from early U.S. history, and immersing myself in their stories helps me feel a deeper connection to my legal practice and its purpose, says Douglas Brown at Manatt Health.
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Rethinking How To Engage Shareholders, Activists Via Proxies
This proxy season, companies should consider visually driven proxy statements that highlight the board's strengths, the alignment between executive compensation and performance, and a commitment to sustainability and risk management to earn the support of investors and fend off hostile acquirers, say Craig Clay and Ron Schneider at DFIN.