Private Equity

  • December 06, 2019

    SEC Rejects NYSE's Plan To Expand Direct Listings

    The New York Stock Exchange said Friday that the U.S. Securities and Exchange Commission has rejected a proposal that would have allowed companies to raise fresh capital through a direct listing, an increasingly popular alternative to a traditional initial public offering.

  • December 06, 2019

    Don't Miss It: Fried Frank, Hogan 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 Fried Frank and Hogan Lovells. Here, Law360 recaps the ones you might have missed.

  • December 06, 2019

    UK Watchdog Says £1.3B Pub Deal Could Hurt Locals

    The U.K.’s competition watchdog said Stonegate Pub Company’s £1.27 billion ($1.42 billion) buy of rival pub operator Ei Group could be bad news for consumers in about 50 local areas, giving the companies a week to find a solution.

  • December 06, 2019

    Online Used Car Seller Vroom Gets $254M In Funding Round

    Used car retailer Vroom announced Friday it has swept up $254 million in a funding round led by investment firm Durable Capital Partners LP.

  • December 06, 2019

    11 Firms To Steer IPOs Raising $2.7B, Led By Brazilian Fintech

    Eleven law firms are slated to guide six initial public offerings that could raise a combined $2.7 billion during the week of Dec. 9 as the IPO market enters the final stretch of 2019, led by a sizable offering from a Brazilian digital broker.

  • December 06, 2019

    Fintech-Focused Apis Clinches 2nd Fund With $563M In Tow

    Apis Partners LLP, a London-based private equity firm focused on financial services investments in growth markets of Africa and Asia, said Friday that it has wrapped up its second fund with a total of $563 million in capital commitments.

  • December 06, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week in London has seen a boutique law firm take a spat with Barclays into court, a Hong Kong real estate group lodge a commercial fraud claim against HSBC and insurer Aviva file suit against a prominent U.K. construction manager. Here, Law360 looks at those and other new claims in the U.K.

  • December 05, 2019

    House Passes 1st Explicit Ban On Insider Trading

    The U.S. House of Representatives on Thursday overwhelmingly approved a bill that would explicitly prohibit insider trading, empowering enforcement authorities and clarifying a murky area of securities law.

  • December 05, 2019

    NY AG Claims Fund Manager Engaged In $13M Fraud

    New York Attorney General Letitia James sued a Connecticut-based private equity fund manager and several of his entities Wednesday, saying he misappropriated $13 million of investor funds in order to prop up his struggling broker-dealer and to enrich himself.

  • December 05, 2019

    Deals Rumor Mill: Kering, Aston Martin, Thai Beverage

    The French owner of Gucci is interested in buying multibillion-dollar apparel maker Moncerl, a Canadian billionaire is leading a group that hopes to buy a major stake in Aston Martin, and Thai Beverage aims to raise $3 billion through an IPO of some regional beer assets. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • December 05, 2019

    MVP: Paul Weiss' Taurie Zeitzer

    Taurie Zeitzer of Paul Weiss Rifkind Wharton & Garrison LLP has spent the last year shepherding transactions across industries, including guiding multiple deals for private equity giant Apollo Global, earning her a spot as one of Law360's 2019 Private Equity MVPs.

  • December 05, 2019

    Kirkland Steers $510M Buy Of Fiserv Investment Service Stake

    Private equity firm Motive Partners and investor Cannae Holdings will take on a majority stake in Fiserv’s investment services arm in a deal steered by Kirkland & Ellis LLP, Motive Partners said Thursday.

  • December 05, 2019

    2 Firms Aid As Revelstoke Raises $1.4B And Inks Health Deal

    Revelstoke Capital Partners, a Denver-based private equity firm focused on health care, said Thursday that it has clinched two investment vehicles totaling almost $1.4 billion and inked the acquisition of Upstream Rehabilitation, with help from Simpson Thacher and Winston & Strawn.

  • December 04, 2019

    Goodwin Adds Ex-Gibson Tax Partner To NY Tax Practice

    Goodwin Procter LLP has brought on an ex-Gibson Dunn & Crutcher LLP partner as a partner in the firm’s tax practice, touting her experience as crucial in helping grow the firm’s transactional practice.

  • December 04, 2019

    Roan Investor Seeks Docs On $1B Sale To Citizen Energy

    A Roan Resources Inc. investor filed a suit Wednesday in Delaware Chancery Court seeking records to investigate potential wrongdoing in connection with the oil and gas company's $1 billion pending sale to the private equity-backed Citizen Energy Operating LLC.

  • December 04, 2019

    Lowenstein Steers $193.5M Insurance Software Co. Sale

    Private equity firm NexPhase Capital LP, working with Lowenstein Sandler LLP, has agreed to sell life insurance and annuity software maker Flexible Architecture & Simplified Technology LLC to Verisk Analytics Inc. for $193.5 million, the companies said Wednesday.

  • December 04, 2019

    PE Firm, Execs Can't Exit SEC Suit Over $17.8M Stock Scheme

    A Chicago private equity firm and its executives accused of acting as unregistered brokers and dealers must face the U.S. Securities Exchange Commission's lawsuit seeking to hold them liable over an alleged $17.8 million stock scheme, an Illinois federal judge said Wednesday.

  • December 04, 2019

    MVP: Simpson Thacher's Robert Langdon

    Robert Langdon, a partner in Simpson Thacher & Bartlett LLP's Silicon Valley office, ushered a plethora of major private equity transactions across the finish line over the past year, including a complicated $14.3 billion acquisition of communications infrastructure company Zayo by EQT and Digital Colony, earning him a spot on Law360's list of 2019 Private Equity MVPs.

  • December 04, 2019

    Duolingo Scores $1.5B Valuation With Latest Funding Round

    Language-learning company Duolingo said Wednesday it reached so-called unicorn status with a $1.5 billion valuation after raising $30 million in its latest funding round.

  • December 04, 2019

    Cooley, Kirkland Drive $2B Deal For Education Software Co.

    Technology-focused private equity firm Thoma Bravo LLC has agreed to buy education software company Instructure for roughly $2 billion, the companies said Wednesday, in a deal put together with help from Cooley and Kirkland & Ellis.

  • December 03, 2019

    Investor Says Hemp Co. Lied About Business Plans

    A Florida-based company working to construct buildings out of hemp-based materials solicited investments while secretly planning to deregister its publicly traded shares, a private investment bank claimed in a lawsuit filed Monday in New York federal court.

  • December 03, 2019

    1 Firm Led Pack In November Dominated By Blank Check IPOs

    Aided by a strong flow of initial public offerings by blank check companies, one firm edged ahead of its peers in IPO activity in November during an otherwise quiet month that saw few operating companies go public.

  • December 03, 2019

    DURA's Ch. 11 Employee Bonuses OK'd In Delaware

    A Delaware bankruptcy judge on Tuesday approved up to roughly $2 million in employee bonuses as part of the Lynn Tilton-helmed automotive parts maker DURA Automotive Systems' Chapter 11 despite the federal bankruptcy watchdog's concern that certain employees should not be eligible for the pay.

  • December 03, 2019

    Data Co. Raises $65M For Customer Relationship Platform

    Customer data and insights company Gong said Tuesday it raised $65 million in a funding round led by Sequoia Capital, bringing its total capital raised to $134 million.

  • December 03, 2019

    MVP: Gibson Dunn's Richard Birns

    Richard Birns of Gibson Dunn & Crutcher LLP helped steer a consortium of businesses and investors in the $3.5 billion acquisition of a majority stake in the YES Network as well as two take-private deals for Evergreen Coast Capital, earning him a spot as one of Law360's 2019 Private Equity MVPs.

Expert Analysis

  • Impacts Of Tax Reform On M&A Deal Activity

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    M&A activity has adjusted slightly in response to the 2017 tax overhaul's elimination of net operating loss deductions, new tax rules for foreign earnings, and future allocation of interest expense deductions, but fallout has been smaller than expected, say Alexander Lee and Eric Schwartzman in this brief video.

  • What Is A 'Reasonably Useful Form' For Production Of ESI?

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    While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

  • 4 Ways Tribal Nations Can Leverage Opportunity Zones

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    The ecosystem of both capital and support services rapidly developing around opportunity zone investment provides tribal nations with an unparalleled opportunity to attract new investors by recasting and rebranding private economic development opportunities, says Bo Kemp at FaegreBD.

  • Opinion

    Investors Must Halt Erosion Of PE Most-Favored-Nation Rights

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    Private equity investors should not tolerate the attempts of general partners to impose most-favored-nation clauses in limited partnership agreements that inhibit investors from enjoying the economic benefits afforded similarly situated investors, or that preclude MFN rights altogether, says Marc Lieberman at Kutak Rock.

  • IPO Benefits And Challenges For Early-Stage Biotech Cos.

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    While initial public offerings can provide early-stage biotech companies with market exposure and access to significant capital, they warrant careful consideration because they can also drain valuable time and resources, say Faith Charles and Paige Connelly of Thompson Hine.

  • Patent Decision Highlights Cross-Appeal Considerations

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    The Federal Circuit's recent decision in IPR Licensing overruled precedent to hold that the cross-appeal rule is not jurisdictional, demonstrating the complexity of this seemingly simple rule and its various applications within the circuit courts, says Michael Soyfer at Quinn Emanuel.

  • How Sustainable Lending Is Financing A Greener Future

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    As concerns about climate change lead businesses in Asia, Europe and North America to pivot toward a more sustainable development path, climate financing is emerging as a leading opportunity for the increased involvement of credit market participants, say attorneys at King & Spalding.

  • Tracking 3 Enforcement Trends In Health Care

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    Now is a good time to consider the issues that received enforcement attention in the health care industry this year and how they may shape developments in 2020, says Jaime Jones at Sidley.

  • Perspectives

    Book Review: Who's To Blame For The Broken Legal System?

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    The provocative new book by Alec Karakatsanis, "Usual Cruelty: The Complicity of Lawyers in the Criminal Injustice System," shines a searing light on the anachronism that is the American criminal justice system, says Sixth Circuit Judge Bernice Donald.

  • Considerations For Structuring Sustainability-Linked Loans

    Excerpt from Lexis Practice Advisor
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    Proper structuring of economic incentives in sustainability-linked loans can have a material impact on both the borrower’s and its creditor’s environmental, social and governance objectives, say Amara Gossin at Barclays and Bob Lewis at Sidley.

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • 7 Steps For Managing Private Equity Whistleblower Risk

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    In light of the U.S. Securities and Exchange Commission's report last week that whistleblower payouts have declined, private equity firms — which face unique risks — should shore up policies to encourage internal reporting and discourage retaliation, say attorneys at Kirkland.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.