Private Equity

  • March 02, 2021

    3 Firms Lead Publisher Beacon Street's $3B Go-Public Deal

    Financial software and publications owner Beacon Street said Tuesday it's going public through a tie-up with blank-check company Ascendant in a deal valuing the new business at about $3 billion and led by Latham, White & Case and Ropes & Gray.

  • March 01, 2021

    PQ Group Offloads Performance Chemicals For $1.1B

    Chemicals company PQ Group Holdings has agreed to sell Performance Chemicals to a Koch Industries subsidiary and private equity firm Cerberus Capital Management LP for $1.1 billion, the company announced Monday.

  • March 01, 2021

    6 Topics To Watch As Gensler Interviews For Top SEC Job

    Gary Gensler, the former Goldman Sachs executive-turned-financial regulatory hawk, will undoubtedly face questions on the recent GameStop trading frenzy, climate disclosures and other hot-button issues Tuesday when he defends his nomination to lead the U.S. Securities and Exchange Commission.

  • March 01, 2021

    Former Directors Sued Over Failed Real Estate Investment Site

    Four former directors of bankrupt crowdfunded real estate investment platform RealtyShares were hit with a proposed securities class action in Massachusetts federal court that contends investors were misled about the robustness of due diligence conducted on a key developer. 

  • March 01, 2021

    SPACs Power Another Record-Breaking Month For IPOs

    The boom in special purpose acquisition companies along with nearly three dozen debuts for operating businesses powered another record-breaking month in February for initial public offerings, setting up a likely busy March for capital markets lawyers.

  • March 01, 2021

    Otterbourg Adds New York Deals Pro From Akerman

    Otterbourg PC has snapped up a corporate attorney from Akerman LLP with expertise in representing life sciences and financial technology clients in the deals space.

  • March 01, 2021

    SoftBank-Backed Blank-Check Co. Drops IPO Goal To $280M

    SoftBank-backed blank-check company SVF Investment Corp. 3 is downsizing its initial public offering to $280 million and changing the kind of securities it plans to offer, according to an updated registration statement disclosed Monday.

  • March 01, 2021

    Cura Partners Seeks Early Win In Consulting Fee Fight

    Cannabis company Cura Partners has asked a federal judge for summary judgment in a suit brought by investing consultant Arcadian Capital LLC over Curaleaf's $950 million acquisition of Cura Partners, arguing that the consulting agreement is unlawful and unenforceable.

  • March 01, 2021

    3 Firms Direct $1.55B Sale Of Perrigo Unit To PE Firm

    Health care-focused private equity firm Altaris Capital Partners LLC, advised by Schiff Hardin and Cleary, has agreed to buy the generic dermatology products business of Wachtell-represented Perrigo Co. PLC for $1.55 billion, the companies said Monday.

  • March 01, 2021

    Klarna Raises $1B To Remain Europe's Top Private Fintech

    Swedish banking and payments company Klarna said Monday it raised $1 billion at a $31 billion valuation, cementing its spot as the highest-valued private financial technology company in Europe.

  • March 01, 2021

    Rocket Lab To Go Public At $4.1B Value In Blank-Check Union

    Rocket Lab said Monday that it's planning to take off on the stock exchange through a merger with a blank-check company that values the satellite launcher at $4.1 billion, including debt, in a deal directed by Goodwin Procter and Kirkland & Ellis.

  • March 01, 2021

    CoStar's $7.3B CoreLogic Bid Aims To KO Competing Buyers

    CoStar Group has raised its takeover offer for fellow real estate analytics company CoreLogic to around $7.3 billion, saying Monday that the updated bid is superior to the target's previously announced agreement with Stone Point Capital and Insight Partners.

  • February 26, 2021

    Fidelity Nabs Bench Trial Win Over $100M Stock Sale

    A philanthropist couple did "not come close" to proving that a Fidelity-affiliated donor-advised fund sponsor violated a standard of care in the liquidation of their $100 million stock donation, a California federal magistrate judge ruled Friday, roughly four months after presiding over a liability bench trial on the matter.

  • February 26, 2021

    SoftBank Settles WeWork Suits Over Failed $3B Tender Offer

    SoftBank Group has reached a confidential agreement with WeWork's board of directors and its founder Adam Neumann that will resolve a dispute in Delaware state court over last year's failed $3 billion tender offer, the Japanese investment giant announced Friday.

  • February 26, 2021

    MultiPlan Investor Says Co. Lied About Revenue Drop

    Health cost management business MultiPlan and the blank-check company it merged with allegedly violated securities laws by hiding MultiPlan's "significant financial decline" from investors, according to a proposed class action filed in New York federal court.

  • February 26, 2021

    Don't Miss It: Weil, Skadden Guide Week's Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Weil Gotshal & Manges LLP and Skadden Arps Slate Meagher & Flom LLP. Here, Law360 recaps the ones you may have missed.

  • February 26, 2021

    Cravath, Kirkland Craft $115M Equity Injection Into Evergy

    Midwestern energy utility Evergy will receive $115 million from Bluescape Energy Partners as part of an agreement with the private equity shop and activist investor Elliott Investment Management LP, the companies said Friday, in a deal built by Cravath and Kirkland.

  • February 26, 2021

    Weil-Led Blank-Check Co. Nabs $1.2B To Target Fintechs

    Trading in units for Bill Foley's latest blank-check company kicked off Friday as it snatched up $1.2 billion in an upsized initial public offering steered by Weil Gotshal, Maples and Calder and underwriter's counsel Davis Polk.

  • February 26, 2021

    Kirkland Aids Starwood's Offer Valuing UK REIT At $653M

    A Starwood Capital Group entity, with counsel from Kirkland, has offered to buy the units of RDI REIT that Starwood doesn't already own in a deal valuing the U.K. real estate investment trust at roughly £467.9 ($652.6 million), according to an announcement on Friday.

  • February 26, 2021

    Taxation With Representation: Ropes, Cahill, Davis Polk

    In this week's Taxation With Representation, AT&T spins off DirecTV for $16 billion, pharmaceutical company ICON PLC pays $12 billion for a clinical researcher, and electric car company Lucid Motors goes public in a $11.75 billion deal.

  • February 26, 2021

    IPOs Still A Hot Ticket As Post-Pandemic 'Normalcy' Beckons

    Businesses that have prospered from stay-at-home mandates are flocking toward initial public offerings hoping their stories still resonate, joined by companies from battered industries that are eyeing recovery in a post-pandemic world, indicating no rest for the hot IPO market.

  • February 25, 2021

    3 Firms Steer AT&T's $16.25B PE-Backed DirecTV Spin Off

    AT&T plans to spin off DirecTV and two streaming services in a $16.25 billion transaction with private equity firm TPG Capital that was built by law firms Sullivan & Cromwell, Ropes & Gray, and Cleary Gottlieb, the companies said Thursday.

  • February 25, 2021

    GPB Capital Sues Bank To Get Back Virus Relief, Loan Money

    Embattled private equity firm GPB Capital Holdings sued its lender Signature Bank on Thursday for the return of more than $2 million in coronavirus relief funds and other loan money that the bank allegedly "wrongfully" took back after the firm and its founder were accused of taking part in a $1.8 billion fraud scheme.

  • February 25, 2021

    Fenwick-Led Crypto Exchange Coinbase Files Direct Listing

    Cryptocurrency trading platform Coinbase filed plans on Thursday to publicly list its shares, setting up a much anticipated debut for a company that bills itself as a crypto-economy pioneer, guided by Fenwick & West LLP and financial advisers' counsel Latham & Watkins LLP.

  • February 25, 2021

    'Reverse' Veil Piercing Floated In Chancery Appraisal Suit

    A first-of-its kind suit filed by stockholders still unpaid after winning a nearly $58 million stock appraisal judgment against an outsourcing venture broke more ground Thursday with arguments for Chancery Court consideration of both regular and "reverse" corporate veil piercing to secure the cash.

Expert Analysis

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • What Biden's Ethics Pledge Means For Gov't Revolving Door

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    Attorneys at Nossaman look at how President Joe Biden’s ethics pledge goes beyond those of his predecessors by imposing post-employment shadow lobbying and golden parachute restrictions on his administration’s appointees — and how a House bill proposing expansion of federal ethics law could affect enforcement.

  • Opinion

    Punishing Bar Exam Policies On Menstrual Products Must Go

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    Law graduates across the states are sitting for the grueling two-day bar exam this week despite menstruation-related barriers, such as inadequate menstrual product and bathroom access, which could be eradicated with simple policy tweaks, say law professors Elizabeth Cooper, Margaret Johnson and Marcy Karin.

  • Tax Takeaways From India's Proposed Budget

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    Consultants at Deloitte discuss the tax implications of India's latest budget proposals, including the potential benefits for foreign portfolio investors and offshore funds migrating to India's new international financial services center, and the possible rise of M&A costs.

  • Transaction Toolkit For A More Litigious M&A Environment

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    As transaction disputes rise amid evolving market conditions, certain strategies can help companies mitigate risk while remaining live to M&A opportunities, say attorneys at Freshfields.

  • It's Time For Law Firms To Start Loving And Leveraging Data

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    The volume and diversity of data managed by law firms today — from client files to internal financial records — may seem daunting, but when properly organized, good data can help practitioners stay competitive by providing sharper insight into firm resources and cost of work, say Jaron Luttich and Barry Wiggins at Element Standard.

  • A Tough Road Ahead for Democrats' Ambitious Policy Agenda

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    While Democrats in Congress are well on their way to enacting an initial COVID-19 relief bill, they will face challenges when pivoting to President Joe Biden's Build Back Better goals for job creation and economic revitalization, say Russell Sullivan and Radha Mohan at Brownstein Hyatt.

  • Keys To Protecting Clients During Law Firm Dissolution

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    Whether a law firm dissolution is amicable or adversarial, departing attorneys should take steps to maintain their legal and ethical responsibilities toward clients, and beware client confidentiality pitfalls when joining new firms, say John Schmidt and Colin Fitzgerald at Phillips Lytle.

  • Infrastructure Privatization Can Still Be A Useful Model

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    While infrastructure privatizations have fallen out of favor and publicly funded projects are now in the spotlight, budget shortfalls at the state and local level mean that privatization can provide needed capital — but deals should be conducted transparently and with lessons learned from past missteps, says Adam Giuliano at Kaplan Kirsch.

  • When Domestic Securities Fall Outside Scope Of Federal Law

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    The Second Circuit’s recent opinion in Cavello Bay Reinsurance v. Stein, which held a private securities sale was extraterritorial despite several ties to New York, underscores that how transaction agreements are structured could affect whether a deal may be subject to federal securities laws — especially in an increasingly remote world, say attorneys at Cleary.

  • What CFTC Reporting Changes Mean For Pool Operators

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    Jeanette Turner at SEI analyzes how the U.S. Commodity Futures Trading Commission's recent pivot away from pool-specific reporting requirements it implemented after the 2008 financial crisis will change commodity pool operators' disclosure obligations in the coming months.

  • How Case Management Orders Can Support New Attorneys

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    Courts are leading the way in ensuring oral argument opportunities for newer attorneys by incorporating innovative language in a variety of orders, and private parties can and should follow suit by incorporating similar language into case management orders, say Megan Jones and Halli Spraggins at Hausfeld.

  • An In-House Counsel's Guide To Better Work Management

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    Amid economic uncertainty and increasing pressure on corporate legal departments to do more with less, work management processes should be aimed at tracking legal teams' every contribution, including routine matters that can be reallocated to nonlegal staff, says Aaron Pierce at LexisNexis CounselLink.

  • The Best Ways To Respond To Enforcement From SEC, CFTC

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    Steven Peikin and James McDonald at Sullivan & Cromwell draw on their experience leading the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission Enforcement Divisions to share effective strategies for responding to enforcement investigations amid expectations the Biden administration will increase regulatory scrutiny.

  • A Look Under The Hood Of Independent Sponsorship In M&A

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    As independent sponsors raise their profile in low- to middle-market M&A transactions, it's important to note the economics of these down-market deals, which offer greater potential returns that many institutional investors cannot — or do not seek to — source on their own, say attorneys at Moore & Van Allen.

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