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In its first application of the policy on voluntary self-disclosures (“VSDs”) in connection with mergers and acquisitions (“M&A”), on June 16, 2025, the US Department of Justice’s (“DOJ”) National Security Division (“NSD”) announced that it had declined to prosecute a US privateequity firm after it voluntarily disclosed criminal violations of (..)
The DOJ declined to prosecute a privateequity firm for its portfolio company’s pre-acquisition sanctions and export violations, marking the first application of the National Security Division’s M&A Policy.
privateequity market. Read our latest insights into the U.S. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. The drop in March deal count pushed Q1 deal count to the lowest quarterly level since the onset of the pandemic in Q2 2020.
The US Department of Justice (DOJ) announced that it has formally declined to prosecute privateequity firm White Deer Management LLC (White Deer) and certain of its affiliates in connection with criminal violations of US sanctions and export laws committed by Unicat Catalyst Technologies LLC (Unicat), a company White Deer acquired in 2021.
Last fall, privateequity and hedge fund investors were given a reprieve from the prospect of increased oversight of healthcare transactions when California Governor Gavin Newsom unexpectedly vetoed Assembly Bill 3129 (AB 3129). By: Husch Blackwell LLP
California legislative activity focused upon privateequity group and hedge fund health care transactions continues notwithstanding California Governor Gavin Newsoms veto last fall of California Assembly Bill 3129 (AB-3129).
In this episode of "Counsel That Cares," Arjan Peters from Capstone moderates a conversation with his colleague Grace Totman, Holland & Knight healthcare attorney John Saran and Association for Responsible Healthcare Investment CEO Regan Parker about the evolving landscape of privateequity investments in healthcare.
As of mid-2025, privateequity (PE) investors remain intensely interested in health care services and technology companies despite higher borrowing costs, heightened regulatory scrutiny, and an increasingly complex state review landscape. By: ArentFox Schiff
This report draws insights from Troutman Pepper Locke attorneys and leading industry specialists to highlight the privateequity investment trends currently reshaping the sector. Top five privateequity investment trends in U.S. energy: 1.
Attorney’s Office for the Southern District of Texas, announced that they would not prosecute White Deer Management LLC (“White Deer”), a Texas‑based privateequity firm, in connection with sanctions and export control violations committed by Unicat Catalyst Technologies LLC (“Unicat”), a portfolio company it had acquired in 2020.
SB 951 significantly limits the ability of management services organizations (“MSOs”) and professional medical entities to engage in the traditional structures of privateequity transactions. On June 9, 2025, Oregon enacted Senate Bill (“SB 951”). By: Benesch
The regulators allege that the merger is anticompetitive, violating Section 7 of the Clayton Act and Section 5 of the FTC Act. Illinois Attorney General (AG) Kwame Raoul and Minnesota AG Keith Ellison have joined the Federal Trade Commission (FTC) in a lawsuit to block the acquisition of Surmodics Inc. By: Troutman Pepper Locke
For privateequity and other similar investors, change is critical to value creation strategy. In all companies, positive change creates enterprise value. For these investors, change is also measured by the speed to benefit realization. By accelerating change, investors improve their Internal Rate of Return (IRR).
antitrust regulators, particularly the Federal Trade Commission, have been stepping up scrutiny of privateequity investments in healthcare. On March 5, the FTC, along with the U.S. Department of Justice and the U.S.
the minority unitholders of CityMD brought claims against Warburg Pincus, the privateequity majority owner of CityMD, and other defendants, alleging, among other claims, breach of good faith and fair dealing in connection with the negotiation and consummation of. In Kahn, et al. Warburg Pincus, et al.,
All indications appear to point toward a robust market for health care mergers and acquisitions (M&A) in the coming year. Inflation finally appears to be easing. With that, we may continue to see interest rate cuts from the Federal Reserve.
The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of privateequity financing and the banking sector’s exposure to the privateequity industry.
Despite initial expectations for a strong rebound in M&A activity driven by pent-up demand, privateequity managers saw a slower recovery in 2024 than initially expected, with improvement in the latter half of the year. By: Akin Gump Strauss Hauer & Feld LLP
privateequity market. Growth: Growth equity has emerged as a bright spot within the PE deal market in 2025, with deal count and value both up over 50% YTD. Read our latest insights into the U.S. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. Deal activity: The U.S.
In the fast-paced world of mergers, acquisitions, asset sales, and privateequity transactions, the excitement of growth can overshadow critical compliance details. However, unaddressed I-9 compliance issues in any M&A deal may lead to civil penalties, government inquiries, and workforce disruptions.
Ann Chen, deputy chair of the firm’s Capital Markets & Corporate department, provides an insider perspective on the crossroads of corporate law and entertainment, particularly in the music catalog space. By: Loeb & Loeb LLP
State governments are increasingly introducing new laws regulating healthcare transactions in an effort to thwart the level of influence that privateequity firms and other corporate investors have on healthcare providers.
USAP”), and the privateequity firm Welsh, Carson, Anderson & Stowe (“Welsh Carson”), which created USAP, executed a multi-year anticompetitive scheme to consolidate anesthesiology practices in Texas, drive up the price of anesthesia services provided to Texas patients and boost their own profits. Anesthesia Partners, Inc.
These include the likelihood of a more merger friendly regulatory environment in the United States for cross-border transactions, lower inflation, stabilized interest rates, a continued surplus of institutional capital and the necessity of privateequity groups to effect exits.
After a subdued 2023 during which it was challenging for privateequity (PE) to raise debt financing as a result of elevated interest rates and a difficult syndicated lending market, 2024 featured a material shift in the global credit landscape. By: Akin Gump Strauss Hauer & Feld LLP
The Strategic Imperative of Early Exit Planning - In the high-stakes world of privateequity, the difference between a good and great multiple on invested capital (MOIC) often hinges on meticulous preparation long before a formal exit process begins. By: Ankura
The McGuireWoods Healthcare PrivateEquity and Finance Conference brings together leading investors, operators and advisers to explore trends shaping the healthcare dealmaking landscape. By: McGuireWoods LLP
California’s Senate Appropriations Committee will hold a hearing on California’s privateequity bill, AB 3129, on August 15, 2024. This proposed legislation would expand existing California Attorney General authority to include review and approval authority over most healthcare privateequity transactions.
The company's spyware, dubbed Graphite, is capable of hacking phones and stealing private communications. 2024 TechCrunch. All rights reserved. For personal use only.
While on-cycle PE recruiting keeps moving up, to the point where you must attend a target elementary school, middle school, and high school to be competitive, off-cycle privateequity recruiting remains a viable option for everyone else. Off-Cycle PrivateEquity Recruiting, Part 1: Who Should Care? Europe and the U.K.
California is looking to take the lead on regulating privateequity deals in the health care space by introducing bill AB 3129, which requires privateequity groups or hedge funds to receive the state attorney general’s approval before purchasing a health care entity.
USAP”) and its privateequity sponsor, Welsh, Carson, Anderson & Stowe (“Welsh Carson”) alleging an anticompetitive scheme to consolidate anesthesiology practices in Texas through a series of systematic roll-ups; price setting arrangements; and a market allocation agreement to dominate the anesthesia market in Texas.
Technology continued to be an industry of particular focus for privateequity (PE) through 2024. Blackstones $16 billion acquisition of data center platform Airtrunk was the largest deal of Q3 2024, according to Ernst & Young data, and tech deals accounted for 40% of all privateequity deployment by value in the third quarter.
privateequity market. Read our latest insights into the U.S. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. PE dealmaking had a slower start in 2025. YTD deal numbers through February were below those for the same period in the past five years. By: Ropes & Gray LLP
As we begin 2024, we have highlighted the issues and trends that privateequity (PE) investors should consider when evaluating transactions in the healthcare sector. W ith various headwinds resulting in down volume in 2023, buyers and sellers alike find themselves asking whether 2024 will see a rebound in deal activity.
In June 2025, the US Department of Justice (DOJ) announced that it declined to prosecute a privateequity firm and its affiliates following the firm’s voluntary self-disclosure of criminal violations of US sanctions and export laws committed by a company it acquired. By: McDermott Will & Emery
The year 2023 will be remembered as a challenging one for privateequity (PE), with complexities to navigate on many fronts. Although overall transaction volume was significantly down, privateequity funds still found. By: Akin Gump Strauss Hauer & Feld LLP
Traditionally, privateequity firms were seen as benign investors from an antitrust perspective. This is changing. In the past 12 months, PE-funded acquisitions have faced progressively more rigorous scrutiny by antitrust authorities. By: Allen & Overy LLP
In recent years, the landscape of mergers and acquisitions (M&A) financing in privateequity (PE) has experienced significant changes. Rising costs of debt and fluctuating availability have compelled PE firms to reassess their financing strategies. By: Bennett Jones LLP
Department of Justice’s (DOJ’s or Department’s) National Security Division (NSD or Division) announced they had declined to prosecute the privateequity firm White Deer Management LLC for violations of U.S. This marks the first declination by the DOJ since the Department released its Merger and Acquisitions Policy in March 2024.
A recent wave of state legislation is changing the course of healthcare transactions, and organizations (particularly privateequity-backed organizations) that engage in mergers and acquisitions in the healthcare industry should prepare for increased scrutiny. By: BakerHostetler
The US Small Business Administration (SBA) recently issued a proposed rule impacting the ability of small business government contractors to continue performance of set-aside awards following a merger or acquisition. By: McDermott Will & Emery
International transactions, such as privateequity deals, mergers and acquisitions, and financing arrangements, frequently leverage Luxembourg entities as holding companies or joint ventures.
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