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Private Equity
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March 14, 2024
Deals Rumor Mill: Trump-Musk, Icahn-Illumina, Paramount
Donald Trump asked Elon Musk to buy Truth Social, Carl Icahn drops latest Illumina board Challenge but presses on with lawsuit, and PE firm Apollo is still eyeing Paramount. Here, Law360 breaks down the notable deal rumors from the past week.
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March 14, 2024
KKR Lobs €2.8B Takeover Bid At German Energy Biz
Private equity giant KKR on Thursday lobbed a €2.8 billion ($3.05 billion) takeover bid at German renewable energy platform and independent power producer Encavis AG in a deal built by at least five firms that is aimed at strengthening Germany's energy future and supports the renewable energy transition in Europe.
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March 14, 2024
Jones Day, Cooley Steer AstraZeneca's $1B Bid For Amolyt
AstraZeneca said Thursday that it has agreed to acquire Amolyt Pharma, a clinical stage biotechnology company, in a deal worth up to $1.05 billion to expand its late-stage rare disease pipeline in an acquisition guided by Jones Day and Cooley LLP.
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March 14, 2024
UK Law Change Threatens PE Firm's Newspaper Group Bid
The government has set out rule changes that would prevent foreign states from owning British newspapers and other print media, a move that could block the takeover of The Daily Telegraph newspaper and The Spectator news magazine by RedBird IMI, an Abu Dhabi-backed private equity firm.
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March 13, 2024
Ex-SEC Economists Urge 5th Circ. To Fix Short-Selling Rules
A group of former chief economists at the U.S. Securities and Exchange Commission are supporting a request that the Fifth Circuit intervene and "correct" a pair of recent agency rules intended to bring transparency to the short-selling market, arguing that contradictions in the rules threaten to undermine public confidence in the regulator.
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March 13, 2024
Juul Investor Tells Chancery: 'We Were Trying To Help'
A director of Juul Labs Inc. denied on Wednesday that he kept the company out of bankruptcy in 2022 to profit from his own investments, telling Delaware's Chancery Court that he helped Juul refinance and backstopped millions worth of settlements because he wanted the e-cigarette company to succeed.
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March 13, 2024
4 Firms Steer PE-Backed Galderma's Plans For $2.3B IPO
Private equity-backed skincare firm Galderma S.A. on Wednesday set a price range on an estimated $2.3 billion initial public offering on the Swiss Stock Exchange, guided by four law firms, marking the latest sign of rebound for European IPOs.
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March 13, 2024
KKR Leads $500M HarbourView Music-Backed Financing
HarbourView Equity Partners said Wednesday it has secured about $500 million in debt financing through a music asset-backed securitization led by KKR, which will be used to further expand HarbourView's music investment capabilities.
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March 13, 2024
Simpson Thacher Steers Close Of $2B Travel-Focused Fund
Simpson Thacher & Bartlett LLP-advised KSL Capital Partners LLC on Wednesday said that it clinched its latest travel and leisure-centered private equity fund after amassing roughly $2 billion in capital commitments.
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March 13, 2024
Kirkland-Led Wind Point Closes Its Largest Ever Fund At $2.3B
Chicago-based private equity shop Wind Point Partners, advised by Kirkland & Ellis LLP, on Wednesday said that it closed its latest fund after securing $2.3 billion in commitments, marking the firm's largest fund raised to date.
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March 13, 2024
40-Nation Noncompete Must Be Nixed, Conn. Trader Says
A Connecticut trader who quit his job at Rowayton-based Graham Capital Management LP is seeking a quick win on arguments that his two-year noncompete agreement, which he says bans him from working in more than 40 nations worldwide, is too broad to be enforced under Nutmeg State law.
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March 13, 2024
North American Deal-Makers Bearish On 2024 M&A
A minority of deal-makers in North America expected increases in mergers and acquisitions activity moving into 2024, though their counterparts in Asia and the EMEA region were significantly more optimistic, a new report from software company SS&C Intralinks shows.
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March 13, 2024
Split 2nd Circ. Frees Ex-Apollo Exec From SEC Fraud Fine
A split Second Circuit panel on Wednesday released a former Apollo Management senior partner from a $240,000 civil penalty in a U.S. Securities and Exchange Commission suit alleging he used phony expense reports to fund a lavish lifestyle, saying there was no way for him to know that his customers would ultimately be charged.
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March 13, 2024
Blackstone Closes $600M Credit Deal For Utah Data Center
Blackstone Credit & Insurance has provided a $600 million senior secured credit facility for Aligned Data Centers' data center development project in West Jordan, Utah, the companies have announced.
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March 13, 2024
Orsted Sells Stake In 4 Onshore US Wind Farms For $300M
Danish energy giant Orsted said Wednesday that it will sell a stake in a portfolio of four U.S. onshore wind farms to investment firm Stonepeak for $300 million.
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March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
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March 12, 2024
Bolt Financial's Chairman Is Controlling Board, Suit Says
Stockholders of Bolt Financial Inc. on Monday updated their derivative complaint against the company's board of directors, alleging chairman, controlling shareholder and former CEO Ryan Breslow purposely defaulted on a $30 million loan that was secured by Bolt and that he has repeatedly appointed and removed directors for his personal interests.
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March 12, 2024
SEC Says Ex-Tallgrass Director Tipped Pals To $3.5B Takeover
The U.S. Securities and Exchange Commission on Tuesday fined a former director of Tallgrass Energy LP accused of committing insider trading by tipping off friends about the then-upcoming $3.5 billion sale of the corporation to private equity giant Blackstone.
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March 12, 2024
Auto Software Biz Valued At $6B After $250M Series E Round
Vehicle software supplier Applied Intuition Inc., advised by Goodwin Procter LLP, on Tuesday celebrated hitting a $6 billion valuation following the close of its $250 million Series E funding round.
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March 12, 2024
Clean Fuels Provider XCF To Go Public Via $1.84B SPAC Deal
Sustainable aviation fuel company XCF Global Capital Inc., advised by Stradley Ronon Stevens & Young LLP, announced on Tuesday that it will go public through a merger with Kirkland & Ellis LLP-advised special purpose acquisition company Focus Impact BH3 Acquisition Co. in a deal that will give the combined business a pro forma enterprise value of $1.84 billion.
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March 12, 2024
AT&T Offloaded Pensions In Risky Annuity Deal, Suit Says
AT&T shirked its fiduciary duty and put 96,000 workers' retirement savings in jeopardy by transferring pension obligations to a "risky" annuity provider, according to a proposed class action filed in Massachusetts federal court.
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March 12, 2024
Sheppard Mullin Adds Ex-Latham & Watkins Atty In Chicago
Sheppard Mullin Richter & Hampton LLP has hired as a partner in its Chicago office an attorney who formerly worked for accounting firm KPMG and also spent 18 years at Latham & Watkins LLP.
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March 12, 2024
Scholastic Buys Children's Content Co. 9 Story In $186M Deal
Children's publishing giant Scholastic on Tuesday announced that it will acquire all the economic interest and minority voting rights in 9 Story Media Group, an independent creator, producer and distributor of children's content, for roughly $186 million.
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March 12, 2024
CMS Guides UK Cash Savings Platform On £108M Investment
Flagstone has secured a £108 million ($138 million) investment from U.S. private equity firm Estancia Capital Partners to help it "capitalize on the opportunities ahead" in Britain's savings market.
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March 11, 2024
Hertz Tells Chancery To Reject $4B Buyback 'Hindsight' Suit
Hertz directors weren't certain when they authorized $4 billion in stock buybacks that it would transfer control of the company to a private equity-backed shareholder, an attorney for Hertz told Delaware's Court of Chancery on Monday, urging the court to toss a shareholder's lawsuit over the buybacks.
Expert Analysis
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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9 Considerations For Divestitures, Carveouts And Spinouts
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.
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A Post-Mortem Analysis Of Stroock's Demise
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.
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Predicting DeFi Regulations At Home And Abroad In 2024
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.
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Planning For Stymied HSR Filings At FTC If Shutdown Occurs
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.
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Challenges Remain In Financing Energy Transition Minerals
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.
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Loan Transparency Proposals May Bring Some Clarity
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.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
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.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
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.
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SG's Office Is Case Study To Help Close Legal Gender Gap
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.
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Navigating New Regulations In Healthcare And Other M&A
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.
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New CMS Rule Will Change Nursing Facility Disclosures
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.
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Opinion
3rd-Party Financiers Have Power To Drive Mass Tort Cases
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.