Private Equity

  • May 13, 2021

    Kirkland, Ellenoff Guide Biotech SPAC's $200M IPO

    A blank-check company seeking to combine with a health care business that has the capacity to develop new drug therapies and technologies told regulators Thursday it plans to raise $200 million in an initial public offering guided by Kirkland and Ellenoff Grossman.

  • May 13, 2021

    Life Sciences Real Estate Boom May Outlast Logistics Rush

    While the rapid growth of e-commerce has generated much buzz around a robust logistics property market as retailers gobble up distribution space, life sciences real estate is also booming, and experts say the sector has the potential to outlast logistics and remain attractive for some time. Here are three things to watch amid the life sciences boom.

  • May 13, 2021

    Deals Rumor Mill: Full Truck Alliance, A-Rod, Vice Media

    China’s Full Truck Alliance could be worth $20 billion after an IPO, Alex Rodriguez and an entrepreneur might pay $1.5 billion for two Minnesota basketball teams, and a proposed SPAC merger could value Vice Media at about $3 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 13, 2021

    Cooley, Fenwick Craft $425M Merger Of Health Care Fintechs

    Private equity-backed Cedar will pay $425 million to acquire fellow health care-focused fintech platform provider OODA Health, the companies said Thursday, in a deal stitched together with help from respective legal advisers Cooley LLP and Fenwick & West LLP.

  • May 13, 2021

    Life Sciences Software Biz Axtria Lands $150M In Funding

    Life sciences software and analytics business Axtria said Thursday it landed $150 million in funding from Bain Capital Tech Opportunities, which it will use to expand its software-as-a-service products.

  • May 12, 2021

    Feds Say Private Equity CEO Forged Docs To Get $95M Loan

    The CEO of a private equity fund lied about his investors and used bogus financial documents to obtain a $95 million loan from a California bank, according to an indictment handed up in Manhattan federal court Wednesday.

  • May 12, 2021

    Goodwin, Latham Rep Cybersecurity Biz's $90M Funding

    Goodwin-led cybersecurity business NetSPI said Wednesday it closed on $90 million in funding with help from Latham clients KKR and Ten Eleven Ventures.

  • May 12, 2021

    PureCycle Allegedly Misled Investors Ahead Of SPAC Tie-Up

    A proposed class of investors is accusing Florida plastic recycling company PureCycle of misleading them about its technology and financial projections, as well as its access to raw materials, as it went public through a merger with a blank-check company earlier this year.

  • May 12, 2021

    Del. Justices Warned Of 'Frankenstein' Risk In Appraisal Fight

    An attorney for stockholders fighting a Delaware Chancery Court finding that they signed away rights to a post-merger stock appraisal before an allegedly lowball sale told Delaware's Supreme Court on Wednesday that failure to reverse the decision could lead to the creation of "Frankenstein corporations."

  • May 12, 2021

    Cross-Border E-Commerce Firm Leads 3 IPOs Totaling $568M

    Cross-border e-commerce firm Global-e Online Ltd. led a trio of initial public offerings that debuted Wednesday after raising a combined $568 million under the guidance of seven law firms.

  • May 12, 2021

    5 Firms Guide CD&R's £2.6B Bet On UDG

    Private equity firm Clayton Dubilier & Rice LLC said Wednesday it was buying health care advisory and pharmaceutical services business UDG for £2.6 billion (about $3.7 billion) in a deal led by five law firms including Clifford Chance and Freshfields.

  • May 12, 2021

    Latham, V&E Steer SPAC Deal For $2.3B Electric Scooter Co.

    Electric scooter startup Bird will hit the public markets at an enterprise value of $2.3 billion by merging with a special purpose acquisition company, in a deal put together with assistance from respective legal advisers Latham and Vinson & Elkins, the companies said Wednesday.

  • May 12, 2021

    Hertz Ch. 11 Auction Ends With $6B Knighthead Winning Bid

    Bankrupt car rental giant Hertz Global Holdings announced Wednesday that an investment group led by Knighthead Capital Management and Certares Opportunities won a Chapter 11 auction to fund the debtor's reorganization, ending a weekslong competition among eager funding sources.

  • May 12, 2021

    Ex-TGP Exec Gets 3 Months For 'Varsity Blues' Exam Bribe

    A Massachusetts federal judge sentenced a former TGP Capital private equity executive to three months behind bars Wednesday for paying a $50,000 bribe in the "Varsity Blues" scandal to boost his son's standardized test scores.

  • May 11, 2021

    Elizabeth Holmes' Mystique Unlikely To Survive Looming Trial

    Before Theranos founder Elizabeth Holmes and her ex-boyfriend were charged with deceiving investors and patients about their blood-testing technology's efficacy, the pair exchanged voluminous text messages that now threaten to provide jurors at Holmes' criminal trial this summer a rare window into her psyche.

  • May 11, 2021

    Latham-Led Vegan Co. Oatly Launches Plans For $1.4B IPO

    Swedish plant-based food company Oatly Group AB on Tuesday set a price range on an initial public offering estimated to raise nearly $1.4 billion, represented by Latham & Watkins LLP and Weil Gotshal & Manges LLP.

  • May 11, 2021

    Privately Held Pot Co. Raises $55M In Deal Led By 2 Firms

    Privately held multistate cannabis company Holistic Industries raised $55 million through a convertible note in a transaction guided by Feuerstein Kulick LLP and Stroock & Stroock & Lavan LLP, it said Tuesday.

  • May 11, 2021

    Payment Tech Biz Touts Largest Series B For A Brazilian Co.

    Payment technology business CloudWalk said Tuesday it raised $190 million from investors in what it called the largest Series B financing for a Brazil-based company.

  • May 11, 2021

    Ga. Judge Denies Doctor's Bid To Enforce Buy-Sell Offer

    A Georgia state court judge on Tuesday denied an Atlanta doctor's bid for a declaration that he properly invoked a buy-sell provision of a shareholder agreement, saving another doctor from having to sell his equity interests in a surgical practice.

  • May 11, 2021

    'By Chloe' Chef Says PE Firms Tried To 'Milk' Her IP For Profit

    Celebrity chef Chloe Coscarelli is suing private equity giants including Bain Capital in New York federal court for allegedly infringing and profiting off her trademarks, the latest in a long-running fight over control of her now-bankrupt "By Chloe" vegan restaurant chain.

  • May 11, 2021

    Block.one Preps New Crypto Exchange With $10B Backing

    Blockchain software company Block.one said Tuesday it has raised over $10 billion in cash and digital assets to launch a new cryptocurrency exchange.

  • May 11, 2021

    3 Firms Steer Mortgage Tech Co.'s $7.7B SPAC Deal

    Mortgage and real estate startup Better said Tuesday that it plans to hit the markets at a post-money equity value of about $7.7 billion through a merger with a special purpose acquisition vehicle steered by Sullivan & Cromwell, Baker McKenzie and Ropes & Gray.

  • May 11, 2021

    Kirkland, Simpson Thacher Rep $2.1B Coating Biz Buy

    Private equity-backed Prince International said Tuesday it's buying materials coating business Ferro for $2.1 billion in cash before pursuing a three-way tie-up with a fellow American Securities portfolio company, in a deal guided by Kirkland and Simpson Thacher.

  • May 11, 2021

    Ginkgo Bioworks Valued At $15B In SPAC Deal Led By 3 Firms

    Ginkgo Bioworks will hit the public markets at a pre-money valuation of $15 billion by merging with a special purpose acquisition vehicle backed by former Metro-Goldwyn-Mayer Studios and CBS executives, the companies said Tuesday, in a deal built by Latham, Wachtell and White & Case.

  • May 10, 2021

    Cooley-Led Construction Software, Biotech Firms Prep IPOs

    A venture-backed construction software provider and a biotechnology firm developing therapies for immunological diseases, both advised by Cooley LLP, set price ranges on Monday for initial public offerings estimated to raise $654 million combined, keeping May's IPO pipeline humming.

Expert Analysis

  • What UK's New Merger Controls Mean For Private Equity

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    Expansive notification and approval requirements under the U.K.’s new merger control regime — the National Security and Investment Act — along with a lack of clarity about when they go into effect, pose unique challenges for private equity sponsors, as well as their investors and portfolio companies, say attorneys at Kirkland.

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Virus-Related Chancery Rulings Show High Bar For M&A Exits

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    Two recent Delaware Chancery Court decisions concerning attempts to cancel acquisitions amid COVID-19 show the importance of deal language in the pandemic era, particularly where material adverse effect and ordinary course covenants are concerned, say attorneys at Fried Frank.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • How SPACs Can Avoid Failed China Reverse Mergers 2.0

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    As red-hot special purpose acquisition companies hungry for de-SPAC transactions set their sites on Asia, practitioners can look to the failed Chinese reverse mergers of the early 2000s for lessons about regulation, due diligence and misrepresentation, say attorneys at Baker McKenzie.

  • The Pandemic's Bright Spots For Lawyers Who Are Parents

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    The COVID-19 crisis has allowed lawyers to hone remote advocacy strategies and effectively represent clients with minimal travel — abilities that have benefited working parents and should be utilized long after the pandemic is over, says Chelsea Loughran at Wolf Greenfield.

  • Opinion

    Revise Mansfield Diversity Mandates To Also Benefit Veterans

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    The well-intentioned efforts and salutary purposes of the legal industry's Mansfield Rule diversity metric are tainted by the Diversity Lab initiative's omission of veterans, who are underrepresented at large law firms and entitled to advantageous treatment based on more than 200 years of public policy, says Robert Redmond at McGuireWoods.

  • Key Considerations For Build-To-Rent Developers

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    As real estate developers and investors flock to the build-to-rent asset class, they should pay attention to some key issues, such as potential conflicts with local land development codes, says Jim McNeil at Akerman.

  • Tips For Managing Cybersecurity And Privacy Risks In M&A

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    Cybersecurity and privacy issues in M&A transactions should no longer be an afterthought and should be treated on equal footing as other parts of the due diligence process, like tax, real estate and intellectual property, say David Kessler and Anna Rudawski at Norton Rose.

  • Bankruptcy Litigation Could See More Third-Party Funding

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    The next few years could be an opportune time for bankruptcy litigants to capitalize on the advantages of third-party financing as the obstacles to its use — including attorney ethics issues and prohibitions against champerty — seem to be clearing at a slow but steady pace, say Daniel Simon and Natalie Rowles at McDermott.

  • Asset Management Takeaways From SEC Risk Alert On ESG

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    Kelley Howes and Kaela Colwell at MoFo highlight key asset management industry considerations following the U.S. Securities and Exchange Commission’s recent risk alert on environmental, social and governance investing — the latest of several developments demonstrating the SEC’s increasing focus on investor protection in this area.

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