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Mergers & Acquisitions
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December 23, 2025
Top North Carolina Cases Of 2025
A sweep of settlements in major lawsuits punctuated the second half of the year in North Carolina, from a record-breaking wrongful death deal to an eleventh-hour resolution in a lending fight over a biogas development project. Here are some of the top North Carolina case outcomes in the second half of 2025.
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December 23, 2025
Disney Wants ESPN Streaming Rates Suit Sent To Arbitration
Disney is seeking to force a proposed class of Fubo subscribers to arbitrate their claims that Disney unlawfully made streaming services pay inflated rates for ESPN and other sports channels, telling a California federal judge that the company can enforce Fubo's arbitration clause after its purchase of the streamer.
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December 23, 2025
Judge Says Ashley Stewart Ch. 11 Was Unauthorized
A New Jersey bankruptcy judge on Tuesday dismissed the Chapter 11 case of plus-size clothing retailer Ashley Stewart, saying it had been filed without proper authority by board members appointed in violation of a state court order.
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December 23, 2025
Top Delaware Chancery Cases Of 2025: A Year-End Report
The Delaware Chancery Court closed out 2025 amid a period of institutional uncertainty, as landmark cases addressing fiduciary duty, executive compensation, board oversight and the limits of equitable power unfolded against the backdrop of sweeping legislative changes to the Delaware General Corporation Law.
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December 23, 2025
Jones Day-Led VSE Seals $350M Aero 3 Acquisition
Aviation aftermarket distribution and repair services company VSE Corp., advised by Jones Day, on Tuesday revealed that it closed its $350 million acquisition of aircraft parts distribution and maintenance services provider Aero 3 Inc., led by Winston & Strawn LLP.
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December 23, 2025
Greenberg Traurig-Led Silicon Valley SPAC Raises $200M
Special purpose acquisition company Silicon Valley Acquisition Corp. began trading publicly on Tuesday after raising $200 million in its initial public offering, with plans to pursue an acquisition of a company undergoing "structural transformation."
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December 23, 2025
Freshfields-Led ServiceNow Buys Armis In $7.75B Cash Deal
Artificial intelligence control tower company ServiceNow, led by Freshfields LLP, on Tuesday announced plans to acquire cyber exposure management company Armis, advised by Willkie Farr & Gallagher LLP, in a $7.75 billion cash deal.
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December 23, 2025
Milbank-Led Metlen Energy Sells Chilean Portfolio For $865M
Metlen Energy & Metals said Tuesday that it has sold the majority of its energy business in Chile to power company Glenfarne for $865 million in a deal guided by Milbank LLP, Larrain y Asociados Ltda., Paul Hastings LLP, White & Case LLP and Claro & Cia.
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December 23, 2025
Edinburgh Worldwide Tells Investors To Reject Saba Bid
British investment company Edinburgh Worldwide urged its shareholders on Tuesday to vote against a renewed takeover effort by U.S. hedge fund Saba Capital Management, saying the activist investor's proposals threaten the trust's strategy and its stakeholders' long-term interests.
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December 23, 2025
Clifford Chance Helps Harman Buy Driver Tech Biz For €1.5B
U.S. automotive and audio giant Harman International said Tuesday that it will buy the in-car technologies business of ZF Group AG of Germany in a deal worth €1.5 billion ($1.8 billion) to improve its vehicle intelligence products.
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December 22, 2025
CACI To Boost Space Strategy With $2.6B ARKA Buy
CACI International announced Monday that it plans to acquire aerospace and defense company ARKA Group for $2.6 billion from Blackstone's opportunistic investment arm to boost its space strategy in a deal advised by Gibson Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP.
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December 22, 2025
Fidelity National Agrees To $210M WorldPay Merger Suit Deal
Fidelity National Information Services has agreed to a $210 million settlement that resolves a proposed class of investors' claims that the fintech misrepresented the success prospects of its multibillion-dollar acquisition of payment processor Worldpay, according to an unopposed motion seeking a Florida federal court's preliminary approval of the deal.
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December 22, 2025
Catching Up With Delaware's Chancery Court
Delaware's justices threw the Court of Chancery in reverse big time last week, rescinding a decision by the state's chancellor that last year effectively canceled tech tycoon Elon Musk's multi-year, then-$56 billion stock-based compensation package. It was a decision that lit up the court's relatively low-key, pre-holiday wind-up. It also highlighted the endless, 3D tug of war over Delaware-chartered companies and the interests of boards, officers, controllers, stockholders and the corporate bar.
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December 22, 2025
$14.8M Deal Proposed In Genius Sports SPAC Chancery Case
Stockholders and defendants in a Delaware Chancery Court lawsuit challenging the merger that took sports data company Genius Sports Ltd. public through a special purpose acquisition company have reached a proposed $14.8 million cash settlement, according to a release by plaintiffs' counsel Monday.
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December 22, 2025
Ashley Stewart's Board Seeks To Nix Ch. 11 As Bogus
The battle for plus size fashion retailer Ashley Stewart is continuing in a Delaware bankruptcy court, with one director seeking to dismiss the case while others are calling for a court-appointed trustee to investigate the company's November asset sale.
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December 22, 2025
Black & Decker Sells Aerospace Biz To Howmet For $1.8B
Howmet Aerospace Inc. will buy Stanley Black & Decker Inc.'s aerospace and defense manufacturing business group in an all-cash deal for $1.8 billion, the companies announced Monday.
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December 22, 2025
Trian, General Catalyst Snag Janus Henderson In $7.4B Deal
Asset manager Janus Henderson Group on Monday unveiled plans to be bought by an investor group led by Trian Fund Management and General Catalyst Group Management in an all-cash take-private deal with an equity value of $7.4 billion that was built by four law firms.
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December 22, 2025
Cleary, Orrick Guide Alphabet's $4.75B Data Center Biz Buy
Alphabet Inc. has agreed to pay $4.75 billion to buy Intersect Power, a data center infrastructure developer the Google owner has partnered with for about a year, in a deal advised by Cleary Gottlieb Steen & Hamilton LLP and Orrick Herrington & Sutcliffe LLP, the companies said Monday.
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December 22, 2025
5 Firms Build $8.4B Clearwater Analytics Take-Private
Investment management platform Clearwater Analytics has announced plans to go private after agreeing to be bought by a consortium of investors led by private equity giants Permira and Warburg Pincus in a deal valued at roughly $8.4 billion that was built by five law firms.
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December 22, 2025
Davis Polk-Led Cintas Lobs $5.2B Takeover Bid At UniFirst
Uniform maker Cintas Corp., led by Davis Polk & Wardwell LLP, on Monday revealed that it has submitted a takeover proposal to workwear company UniFirst's board of directors in a deal that would value it at roughly $5.2 billion.
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December 22, 2025
4 Firms Guide Champion Iron's $290M Bid For Rana Gruber
Australian mining company Champion Iron Ltd. said Monday that it will buy Norwegian rival Rana Gruber ASA for 2.93 billion Norwegian kroner ($290 million) to create a global, high-grade iron ore producer.
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December 22, 2025
Weil Helps UK Energy Biz Buy Gulf Coast Oil Co. For $3.2B
Harbour Energy PLC, a producer of oil and gas in the North Sea, said on Monday that it will buy LLOG Exploration for $3.2 billion in a move to give it access to the Gulf of Mexico's rich oil reserves.
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December 19, 2025
Iowa Appeals Schwab Antitrust Deal After Objections
Iowa's attorney general has appealed to the Fifth Circuit a Texas federal judge's final approval of a settlement ending an antitrust class action suit over The Charles Schwab Corp.'s merger with TD Ameritrade, following the Hawkeye State's previous objection claiming the deal offered class members insufficient relief.
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December 19, 2025
Rail Giants Pitch $85B Deal To Transportation Regulators
Union Pacific Corp. and Norfolk Southern Corp. submitted the required application for their planned $85 billion merger on Friday, telling regulators the rail networks have few overlaps and that a combined system will allow freight to move faster and more efficiently across the country.
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December 19, 2025
Hogan Lovells, Cadwalader's Divergent Paths Led To Deal
The blockbuster combination between Hogan Lovells and Cadwalader Wickersham & Taft LLP announced this past week involves two law firms that have charted very different paths in recent years. Here, a look at what events led up to the firms joining together at the deal table.
Expert Analysis
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Anticipating FTC's Shift On Unfair Competition Enforcement
As the Federal Trade Commission signals that it will continue to challenge unfair or deceptive acts and practices under Section 5 of the FTC Act, but with higher evidentiary standards, attorneys counseling healthcare, technology, energy or pharmaceuticals clients should note several practice tips, says Thomas Stratmann at George Mason University.
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Del. Dispatch: Chancery Expands On Caremark Red Flags
The Delaware Court of Chancery’s recent Brewer v. Turner decision, allowing a shareholder derivative suit against the board of Regions Bank to proceed, takes a more expansive view as to what constitutes red flags, bad faith and corporate trauma in Caremark claims, say attorneys at Fried Frank.
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Opinion
It's Time For The Judiciary To Fix Its Cybersecurity Problem
After recent reports that hackers have once again infiltrated federal courts’ electronic case management systems, the judiciary should strengthen its cybersecurity practices in line with executive branch standards, outlining clear roles and responsibilities for execution, says Ilona Cohen at HackerOne.
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Considering Judicial Treatment Of The 2023 Merger Guidelines
Courts have so far primarily cited the 2023 merger guidelines for propositions that do not differ significantly from prior versions of the guidelines, leaving it unclear whether the antitrust agencies will test the guidelines’ more aggressive theories, and how those theories will be treated by federal judges, say attorneys at Covington.
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Federal Debanking Scrutiny Prompts Compliance Questions
Recent U.S. Small Business Administration guidance sets forth requirements for preventing so-called politicized debanking and specific additional instructions for small lenders, but falls short on clarity for larger institutions, leaving lenders of all sizes with questions as they navigate this unique compliance challenge, say attorneys at Cooley.
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Series
Writing Novels Makes Me A Better Lawyer
Writing my debut novel taught me to appreciate the value of critique and to never give up, no matter how long or tedious the journey, providing me with valuable skills that I now emphasize in my practice, says Daniel Buzzetta at BakerHostetler.
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SEC's No-Action Relief Could Dramatically Alter Retail Voting
The U.S. Securities and Exchange Commission recently cleared the way for ExxonMobil to institute a novel change in retail shareholder voting that could greatly increase voter turnout, granting no-action relief that represents an effective and meaningful step toward modernizing the shareholder voting process and the much-needed democratization of retail investors, say attorneys at Cozen.
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SDNY OpenAI Order Clarifies Preservation Standards For AI
The Southern District of New York’s recent order in the OpenAI copyright infringement litigation, denying discovery of The New York Times' artificial intelligence technology use, clarifies that traditional preservation benchmarks apply to AI content, relieving organizations from using a “keep everything” approach, says Philip Favro at Favro Law.
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What's At Stake In Justices' Merits Hearing Of FTC Firing
In December, the U.S. Supreme Court will review President Donald Trump's firing of Democratic Federal Trade Commissioner Rebecca Slaughter, a decision that will implicate a 90-year-old precedent and, depending on its breadth, could have profound implications for presidential authority over independent agencies, say attorneys at Holland & Knight.
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6 Shifts In Trump Tax Law May Lend A Hand To M&A Strategy
Changes in the Trump administration's recent One Big Beautiful Bill Act stand to create a more favorable environment for mergers and acquisitions, including full bonus depreciation and an expanded code section, say attorneys at K&L Gates.
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Hermes Bags Antitrust Win That Clarifies Luxury Tying Claims
A California federal court recently found that absent actual harm to competition in the market for ancillary products, Hermes may make access to the Birkin bag contingent on other purchases, establishing that selective sales tactics and scarcity do not automatically violate U.S. antitrust law, say attorneys at Holland & Knight.
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Opinion
High Court, Not A Single Justice, Should Decide On Recusal
As public trust in the U.S. Supreme Court continues to decline, the court should adopt a collegial framework in which all justices decide questions of recusal together — a reform that respects both judicial independence and due process for litigants, say Michael Broyde at Emory University and Hayden Hall at the U.S. Bankruptcy Court for the District of Delaware.
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Series
Traveling Solo Makes Me A Better Lawyer
Traveling by myself has taught me to assess risk, understand tone and stay calm in high-pressure situations, which are not only useful life skills, but the foundation of how I support my clients, says Lacey Gutierrez at Group Five Legal.
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Series
Law School's Missed Lessons: Client Service
Law school teaches you how to interpret the law, but it doesn't teach you some of the key ways to keeping clients satisfied, lessons that I've learned in the most unexpected of places: a book on how to be a butler, says Gregory Ramos at Armstrong Teasdale.
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US-German M&A Hits Its Stride Despite Economic Headwinds
Against expectations, dealmakers in both the U.S. and Germany are actively seeking investment opportunities in each other's markets, with 2025 shaping up to be the strongest year in recent memory, say attorneys at White & Case.