The Wall Street sign in the Financial District of Lower Manhattan in New York City. Credit: Tada Images/Adobe Stock Deal Watch: Deals Abound, Debt Offerings Soar and Private Equity Firms Start Exercising
Deal work continues its up and to the right trajectory, while work constructing and litigating liability management exercises grows.
August 19, 2024 at 05:44 PM
11 minute read
Mergers and Acquisitions
What You Need to Know
- Deal flow remains strong with eight deals over $1 billion as well as a $35.6 billion snack deal last week.
- But companies are still looking to find the cheapest debt and many companies owned by PE firms are utilizing liability management exercises to help that process.
All indicators point to continuing growth in deal flow through 2024, a welcome occurrence after years of uncertainty and lower-than-normal workloads. Last week saw one of the largest deals of the year, guided by a bevy of Big Law firms and strong showings in deal count of over $1 billion (eight) and debt offerings over $500 million (15).
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Law Firms Mentioned
- Skadden, Arps, Slate, Meagher & Flom LLP
- Stikeman Elliott
- Akin Gump Strauss Hauer & Feld
- Hunton Andrews Kurth
- Baker McKenzie
- Baker Botts
- Cleary Gottlieb Steen & Hamilton
- Davis Polk & Wardwell
- Cravath, Swaine & Moore
- Gibson, Dunn & Crutcher
- Gibbons PC
- Kirkland & Ellis
- Paul, Weiss, Rifkind, Warton & Garrison
- Paul Hastings
- Sheppard, Mullin, Richter & Hampton
- Simpson Thacher & Bartlett
- Willkie Farr & Gallagher
- Drinker Biddle & Reath LLP
- Jones Day
- Katten Muchin Rosenman
- Latham & Watkins
- Linklaters
- Norton Rose Fulbright
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Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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