The Week at Ropes & Gray: Ropes & Gray Notches Win for LabMD in Landmark Privacy Case; Financial Times “Innovative Lawyers” Recognition; Blockbuster Transactions; Donations to Patient Assistance Charities; Webinar on Credit Funds; Director Summit on ESG; Closing the Gender Gap
Weekly highlights of what’s happening at Ropes & Gray:
- In an influential appellate win for our client LabMD, the U.S. Court of Appeals for the Eleventh Circuit vacated the Federal Trade Commission’s order against LabMD, which arose from the first-ever FTC adjudication that a company’s data security practices are “unfair” under the FTC Act. The decision will have significant implications for data security regulatory enforcement and litigation.
- The Financial Times ranked Ropes & Gray as a top firm for innovation in its “Asia-Pacific Innovative Lawyers Awards 2018” held in Hong Kong on June 7. Ropes & Gray received the FT’s highest honor – standout recognition – for its success guiding Asia’s largest-ever leveraged buyout: the $18 billion acquisition of Toshiba’s semiconductor business by a consortium led by long-term client Bain Capital. In addition to recognizing our work for Bain Capital, the FT “commended” Ropes & Gray for its new risk management services and for advising NetEase, a strategic minority shareholder, on the antitrust and business cooperation aspects of bringing Pokemon Go to China.
- Our clients have announced or closed more than $20 billion in private equity transactions on four continents in the past two weeks. The milestones demonstrate Ropes & Gray’s exceptional international reach on significant transactions, including across Asia, Latin America and Europe. The list of transactions includes:
- Bain Capital completed its acquisition of Toshiba Corp.’s semiconductor business for two trillion yen (approximately $18 billion). It is the largest leveraged buyout and private equity deal ever in Asia, and also among the most complex M&A transactions globally in 2017 and 2018. Ropes & Gray led the legal aspects of the transaction, including the acquisition negotiations, structuring, financing, antitrust and litigation analysis and settlement.
- Advent International has agreed to acquire a majority stake in Walmart Brazil, the retailer’s Brazilian business. Under the terms of the agreement, Advent will hold 80 percent of Walmart Brazil, and Walmart Inc. will retain the remaining 20 percent upon the completion of the transaction. Ropes & Gray advised Advent International in the acquisition.
- Alibaba Group Holding Ltd. is leading an investor group in the purchase of 10 percent equity stake in Chinese delivery service ZTO Express for $1.38 billion. Ropes & Gray represents Alibaba in the transaction.
- Intermediate Capital Group announced its £1.3 billion joint partnership investment – alongside HG Saturn Fund – into IRIS, a leading provider of business-critical software and services in the UK. The deal is the largest UK and third-largest European private equity software buyout ever. Ropes & Gray advised ICG on the investment.
- In addition to the PE deals above, we’ve also assisted clients with the following significant transactions:
- Hamilton Lane announced its final close of Hamilton Lane Strategic Opportunities Fund IV with approximately $900 million in commitments. Ropes & Gray advised Hamilton Lane on the fund.
- Gryphon Investors will acquire Shermco Industries. Ropes & Gray advised Gryphon investors in the acquisition.
- Kohlberg & Company announced its acquisition of Sara Lee Frozen Bakery and Van’s businesses from Tyson Foods, Inc. Ropes & Gray advised Kohlberg & Company in the acquisition.
- Cathelco, a UK-based global manufacturer, announced its sale to Evac. Ropes & Gray advised the founders of Cathelco on the sale.
- As health care and prescription drug prices reach new heights, regulators have shifted greater attention to donations from drug manufacturers to charities that offer patients assistance with meeting those high costs. In this new trending video, Ropes & Gray litigation & enforcement partner Laura Hoey, examines the increased enforcement of donations from drug manufacturers to patient assistance charities.
- Couldn’t attend the Ropes & Gray Credit Fund Forum? Join our webinar on Tuesday, June 12 for a recap highlighting some of the key issues and topics discussed at the New York event. The webinar will examine how credit funds may address challenges and take advantage of opportunities in private credit, with a focus on tax, structuring, regulatory and transactional trends. And please download our new special report, produced with Debtwire, which captures insights from a survey of 100 credit fund managers in the U.S. and U.K.
- A critical component of business today is aligning investments with socially conscious Environmental, Social and Governance (ESG) standards. Our mergers & acquisitions group is hosting a program on June 14, as part of its Director Summit roundtable series, which will explore the current ESG outlook. More details are available here.
- While many law firms struggle to close the gender gap, Ropes & Gray has continued to distinguish itself for its commitment to diversity and inclusion. Ropes & Gray has been named to Law360’s top ten list of “Best Law Firms for Female Attorneys” and top ten “Ceiling Smashers,” a list of law firms with the highest percentage of women equity partners. The firm was also featured in the publication’s 2018 Glass Ceiling Report.
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