Cravath, Kirkland Steer $15.3B ADT Take-Private Deal

By Al Barbarino

New York investment firm Thrive Holdings has agreed to acquire security company ADT in an all-cash transaction for approximately $7.6 billion in equity value and $15.3 billion in enterprise value, ADT announced Thursday.

Read full article » | Save to favorites »

Cooley-Led Kalshi Hits $40B Valuation With $1B Series G

By Jade Martinez-Pogue

Betting platform Kalshi, advised by Cooley LLP, on Thursday revealed that its valuation skyrocketed to $40 billion after it wrapped its latest fundraising round with $1 billion of investor commitments.

Read full article » | Save to favorites »

Delaware Chancery Keeps $8.9B R1 RCM Buyout Claim Alive

By Jarek Rutz

The Delaware Chancery Court has ruled that private equity firm TowerBrook Capital Partners LP and health system Ascension Health Alliance must face a stockholder claim challenging healthcare revenue management venture R1 RCM Inc.'s $8.9 billion take-private deal, finding that their joint investment vehicle qualified as a controlling stockholder despite owning less than one-third of the company's voting shares.

Opinion attached | Read full article » | Save to favorites »

Weil's Collapse Ends Firm's Long Run As Bankruptcy Leader

By Alex Wittenberg

Weil Gotshal & Manges LLP helped pioneer modern bankruptcy practice and earned hundreds of millions of dollars leading many of the biggest Chapter 11 cases in U.S. history. Its collapse this week marks a stunning end to that legacy and reflects major changes in how law firms function today, attorneys told Law360.

Read full article » | Save to favorites »

Deals Rumor Mill

BP Board Members Could Favor Biz Break-Up, More Rumors

By Jade Martinez-Pogue

Some board members of oil and gas company BP could be in favor of splitting up the energy giant, Marvell Technology is in "advanced discussions" to acquire laser maker Lumentum in a deal that could be valued at up to $83 billion, and private equity giant TPG considers acquiring British data center group Ark from Elliott Investment Management.

Read full article » | Save to favorites »

Serval Valued At $3B After $150M Series C Round

By Jade Martinez-Pogue

Enterprise service management and automation platform Serval revealed Thursday that it reached a $3 billion valuation after closing its latest funding round with $150 million in tow.

Read full article » | Save to favorites »

Telecom Shareholders Claim Arbitrator Was Biased

By Nadia Dreid

Majority shareholders of a Central and South American telecommunications tower business fighting a $300 million arbitration award they were ordered to pay to the minority shareholders of that business have told the Second Circuit that the arbitrator was biased against them.

Brief attached | Read full article » | Save to favorites »

Parsing The Lowest SEC Enforcement Stats In Over A Decade

Statistics show that the U.S. Securities and Exchange Commission brought a historically low number of enforcement actions during Paul Atkins' first full fiscal year as chairman, delivering on his promise to reduce enforcement in program areas focused on recordkeeping and other technical violations, say attorneys at Covington.

Read full article » | Save to favorites »

Weil's Demise Sparks Shock, Reflection In The Legal World

By Alison Knezevich and Andrea Keckley

The stunning collapse of Weil Gotshal & Manges LLP is the talk of BigLaw this week, as those in the industry grapple with how the powerhouse Wall Street firm could implode so quickly.

Read full article » | Save to favorites »

'Leadership Vacuum' Preceded Weil's Collapse

By Daniel Moritz-Rabson and Aebra Coe

A series of leadership failures and strategic missteps preceded the precipitous downfall of Weil Gotshal & Manges LLP, sources told Law360 Pulse.

Read full article » | Save to favorites »

Lessons From The Past For Weil's Final Curtain Call

By Rick Archer

Weil Gotshal & Manges LLP leaders may have every reason to agree to an out-of-court wind-down, but dissolving such a storied law firm, which announced Wednesday it intends to shut down following an exodus of attorneys, is not as simple as a handshake among partners, experts said in interviews with Law360 on Wednesday.

Read full article » | Save to favorites »

Troutman, Baker McKenzie Report Data Breaches

By Lynn LaRowe

Troutman Pepper Locke LLP and Baker McKenzie experienced data breaches last month as a result of social engineering attacks, according to notices submitted this week to the attorneys general offices in California and Texas.

2 documents attached | Read full article » | Save to favorites »

Morgan & Morgan Seeks To Block Celebrity Ad Ban In Florida

By Ryan Boysen

Personal injury giant Morgan & Morgan PA has asked a Florida federal court for a preliminary injunction to block a Sunshine State bar rule that forbids celebrity endorsements in attorney advertisements.

Motion attached | Read full article » | Save to favorites »