Mergers & Acquisitions

November 29, 2023
Kirkland, Cleary Guide Software Biz's $2.23B Bid For AMC Co.

Rocket Software said Wednesday that it will buy the U.K. application, modernization and connectivity business of OpenText Corp. for $2.275 billion in cash and new debt, to ramp up profits from helping large companies innovate their information technology systems.
November 29, 2023
Australian Fintech Co. Buys Majority Stake In Payments Biz

GSTechnologies said Wednesday that it has agreed to acquire a 60% stake in cross-border payments company EasySend Ltd. from its founders to help the Australian financial technology firm's existing money activities and to access new tech.
November 29, 2023
Ferrovial Sells £2.4B Stake In Heathrow To Ardian, Saudi Fund

Infrastructure giant Ferrovial has announced a deal to sell its entire 25% stake in the parent company of London's Heathrow Airport for £2.4 billion ($3 billion) to French private equity investor Ardian and Saudi Arabia's sovereign wealth fund.
November 28, 2023
Carter Carburetor Hiked Prices, Walbro Blamed, Court Hears

First Brands Group upped prices and canceled orders as soon as its subsidiary Carter Carburetor closed the deal for Walbro LLC's engine management division, then left executives at Walbro to mollify irate customers without letting them reveal who bought the company, the executives told Delaware's Court of Chancery on Tuesday.
November 28, 2023
Orbital OK'd For Ch. 11 Liquidation After Creditors Accept Plan

A Texas bankruptcy judge on Tuesday approved energy services company Orbital Infrastructure Group's bid to liquidate its business in Chapter 11 after unsecured creditors overwhelmingly voted to accept the plan.
November 28, 2023
Software Firm Veea To Go Public In $281M SPAC Merger

"Edge computing" software firm Veea Inc. and special-purpose acquisition company Plum Acquisition Corp. I on Tuesday unveiled a merger agreement that would take Veea public at an estimated $281 million value, guided by Ellenoff Grossman & Schole and Hogan Lovells.
November 28, 2023
Proterra Gets OK For $210M Battery Biz Sale To Volvo

A Delaware bankruptcy judge Tuesday gave electric-bus maker Proterra Inc. the go-ahead to sell its battery business to Volvo for $210 million after being told the bid was the best offer on the table.
November 28, 2023
Fajr Capital-Led Consortium Paying $1B For Aster's Gulf Biz

An Allen & Overy-advised consortium led by Dubai-based Fajr Capital has agreed to acquire 65% of hospital chain Aster DM Healthcare's Gulf Cooperation Council business for $1 billion, Fajr said Tuesday.
November 28, 2023
UK Antitrust Agency Vet Rejoins As Merger Chief

The U.K.'s Competition and Markets Authority announced Tuesday that a former senior mergers official will be rejoining the agency to lead that division after nearly two years with strategic regulatory advisory firm Fingleton.
November 28, 2023
Sens. Question Anesthesia Co.'s 'Monopolistic' Model

Sens. Elizabeth Warren and Richard Blumenthal have asked the CEO of U.S. Anesthesia Partners to rethink its "monopolistic business model" and its use of noncompete agreements among doctors.
November 28, 2023
United To 'Aggressively' Push For Low-Cost Fliers, Exec Says

A United Airlines executive testified Tuesday in the government's challenge to JetBlue's $3.8 billion purchase of Spirit Airlines that his airline intends to "aggressively" compete for the most price-sensitive customers as it expands its fleet with bigger aircraft capable of offering more seats for its bare-bones, basic economy offering.
November 28, 2023
Law Firm Leaders Cautiously Optimistic Heading Into 2024

Major U.S. law firms are steadfast in their commitment to the pursuit of further growth despite ongoing economic uncertainty. Here’s what the leaders of four Leaderboard firms have to say about how the legal industry is preparing for next year.
November 28, 2023
The 2023 Law360 Pulse Leaderboard

Check out the Law360 Pulse Leaderboard to see which first-in-class firms made the list this year.
November 28, 2023
Bristol Myers Strikes Up To $2.3B Avidity Cardio Partnership

Bristol Myers Squibb has struck a research partnership with Avidity Biosciences Inc. that could see the biopharmaceutical giant funnel up to $2.3 billion into the discovery, development and commercialization of certain treatments for cardiovascular disease, Avidity said Tuesday.
November 28, 2023
UK Says Adobe's $20B Figma Deal Could Harm Digital Design

The Competition and Markets Authority said Tuesday that Adobe's proposed $20 billion deal for design collaboration company Figma Inc. could harm innovation in software used by digital designers in the U.K.
November 27, 2023
Firm Bows Out Of Pursuing UFC Fighters For Wage Claims

Sparacino PLLC has agreed to stop contacting UFC contenders who are potential members of a proposed class in a Nevada federal lawsuit that accuses the organization of repressing wages and is already represented by a group of lawyers from several firms.
November 27, 2023
EU Says Amazon's IRobot Deal Could Hurt Competition

European enforcers said Monday that a review of Amazon's planned $1.7 billion purchase of iRobot shows the deal could allow the e-commerce giant to block rival robotic vacuum cleaner makers by limiting their access to its marketplace.
November 27, 2023
Elliott Slams Crown Castle For 'Profound Lack Of Oversight'

Activist investor Elliott Investment Management LP on Monday took a jab at telecommunications company Crown Castle Inc., saying the company suffers from a "profound lack of oversight" and a "breathtaking magnitude" of underperformance, and calling for an executive shake-up if the company does not make significant changes.
November 27, 2023
Robinhood User Says Platform Withheld Info From Investors

Robinhood and four companies whose shares were available for purchase through the platform are being accused of failing to alert an investor to significant developments, including a reverse stock split and two acquisitions, in a pair of lawsuits filed in Massachusetts state court.
November 27, 2023
Holdouts In Alexion Insider Trading Case Get May Trial Date

A Manhattan federal judge set a May 2024 trial date Monday for the last two defendants to deny their participation in an alleged five-man insider trading ring revolving around Alexion Pharmaceuticals Inc.'s $1.4 billion purchase of another biotech firm.
November 27, 2023
Proterra Pauses Bus Biz Sale After Customer Objections

Electric bus company Proterra told a Delaware bankruptcy court it is delaying a hearing on the sale of its bus-building business in the wake of complaints that its chosen buyer doesn't have the ability to fulfill its customer contracts.
November 27, 2023
Goodwin Procter Gets Ex-SEC Atty From Morrison Foerster

Goodwin Procter LLP has hired the former chief counsel of the U.S. Securities and Exchange Commission's division of corporation finance and the past co-chair of one of Morrison Foerster LLP's practice groups to lead its public company advisory practice.
November 27, 2023
Catching Up With Delaware's Chancery Court

Delaware's Chancery Court stuffed a lot into a shortened Thanksgiving week, with new cases involving wrestling promoter Vince McMahon, billionaire Howard Lutnick and activist investor Carl Icahn.
November 27, 2023
Sullivan & Cromwell Guides $800M L3Harris Aviation Unit Sale

Sullivan & Cromwell-advised L3Harris Technologies said Monday it has agreed to sell its commercial aviation business to New York-based private equity firm TJC LP for $800 million.
November 27, 2023
Beard Energy Transition SPAC Axes Tie-Up With Solar Biz

Blank-check company Beard Energy Transition Acquisition Corp. and solar and home energy solutions company Suntuity Renewables jointly announced Monday they have called off their planned merger that would have taken Suntuity public at a pro forma enterprise value of $249 million.

Editor's Picks

UK Enforcers Say Cargo Equipment Deal Raises Concerns

The planned merger of Finnish cargo handling equipment outfits Cargotec Corp. and Konecranes PLC faces increasing scrutiny across the globe, as U.K. enforcers raised concerns about competition for a number of different products for port services.

Expert Analysis

The Case For Post-Bar Clerk Training Programs At Law Firms

In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
Attorneys Have An Ethical Duty To Protect The Judiciary

The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
Cross-Market Implications In FTC's Anesthesia Complaint

The Federal Trade Commission's recent complaint against a private equity firm's acquisition of anesthesiology practices highlights the controversial issue of cross-market harm in health care provider mergers, and could provide important insights into how a court may view such theories of harm, say Christopher Lau and Dina Older Aguilar at Cornerstone Research.
AI Can Help Lawyers Overcome The Programming Barrier

Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
Inside Bank Regulators' Community Lending Law Overhaul

The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.
Preparing Law Students For A New, AI-Assisted Legal World

As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
Sellers Seeking Best Deal Should Focus On Terms And Price

Rising interest rates and a decline in the automotive mergers and acquisitions market mean that a failed deal carries greater stakes, and sellers therefore should pursue not only the optimum price but also the optimum terms to safeguard their agreement, says Joseph Aboyoun at Fox Rothschild.
General Counsel Need Data Literacy To Keep Up With AI

With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
Competition Considerations From Biden's AI Executive Order

In light of President Joe Biden's recent executive order on artificial intelligence and the antitrust agencies' expansive enforcement posture, businesses in the technology and related industries should expect scrutiny, and avoid interactions that could be perceived as unlawful collaborations or exchange of competitively sensitive information, say attorneys at Hogan Lovells.
Tips For Avoiding Disputes From M&A Earnout Provisions

Attorneys at Freshfields review key Delaware cases to outline several important considerations that may reduce the risk of an earnout dispute arising from a merger agreement and help the parties navigate disputes when they do occur.
A Look At Successful Bid Protests In FY 2023

Attorneys at Sheppard Mullin look beyond the statistics in the U.S. Government Accountability Office’s recent annual report on bid protests, sharing their insights about nine categories of sustained protests, gained from reading every fiscal year 2023 decision in which the protester had a positive result.
Del. Dispatch: Refining M&A Terms After Twitter Investor Suit

The Delaware Court of Chancery's recent decision in Crispo v. Musk — invalidating a merger agreement provision that has been commonly used to disincentivize buyers from wrongful merger termination — should cause target companies to consider new approaches to ensure the payment of lost premium damages, say attorneys at Fried Frank.
Navigating Discovery Of Generative AI Information

As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
Finding Focus: Strategies For Attorneys With ADHD

Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
How 'Safe Harbor' Policy Will Modify M&A Processes

Legal practitioners should be aware that the Justice Department's "safe harbor" immunity will change the typical M&A process significantly as acquirers start embedding fraud detection into their due diligence, including a broader scope of examinations and interviews, says Jesse Silvertown at The Ledge.