Deal Watch: Mega M&A Bounces Back, as NY Law Firms Lead Recent Big Deals
The Wall Street firms had a good week, while the reemergence of the 'megadeal' this year has buttressed deal work.
September 10, 2024 at 02:46 PM
8 minute read
Mergers and Acquisitions
Two recent transactions highlight the return of megadeals in 2024, which are continuing to push up demand for top M&A law firms.
Just in the last week, Verizon announced a $20 billion buy of Frontier Communications, while funds managed by Blackstone, together with the Canadian Pension Plan Investment Board, agreed to a $16.1 billion purchase of AirTruck. New York firms such as Debevoise & Plimpton; Paul, Weiss, Rifkind, Wharton & Garrison; Cravath Swaine & Moore; Skadden, Arps, Slate, Meagher & Flom; and Simpson Thacher & Bartlett, among others, helped lead those deals.
According to data from the London Stock Exchange Group, megadeals (those over $10 billion) are up 70% year-over-year, with 20 deals in the first half of 2024 accounting for $363.4 billion. That is the strongest first-half opening since 2022. On the flip side of that, deals under $500 million are down 13% by value and 28% by volume.
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Law Firms Mentioned
- Reed Smith
- Simmons Perrine Moyer
- Skadden, Arps, Slate, Meagher & Flom LLP
- Hunton Andrews Kurth
- Baker McKenzie
- Carlile Patchen
- Cleary Gottlieb Steen & Hamilton
- Cooley
- Davis Polk & Wardwell
- Cravath, Swaine & Moore
- Gibson, Dunn & Crutcher
- Kirkland & Ellis
- Lewis Brisbois Bisgaard & Smith
- Milbank LLP
- Paul, Weiss, Rifkind, Warton & Garrison
- Simpson Thacher & Bartlett
- K&L Gates
- Jones Day
- Latham & Watkins
- Perkins Coie
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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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