On December 22, 2023, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released the much anticipated proposed regulations regarding section 45V (clean hydrogen production tax credit) and section 48(a)(15) (clean hydrogen production facility energy credit) of the Internal Revenue Code (Code), as enacted by the Inflation Reduction Act of 2022 (IRA). […] The post Treasury and IRS release proposed guidance on production of clean hydrogen appeared first on Global Private Equity Watch ..read more

As we head into the winter months, one trend that has the potential to “chill” activity in the market is the broader and more aggressive approach to antitrust enforcement taken by the Federal Trade Commission and the Antitrust Division of the Department of Justice. This heightened regulatory scrutiny has resulted in lengthier deal timelines – […] The post Heightened Antitrust Scrutiny and its Impact on Debt Financing Costs and Commitments appeared first on Global Private Equity Watch ..read more

In what appears to be the last decision related to the Twitter/Musk saga, Crispo v. Musk, 2023 WL 7154477 (Del. Ch. Oct. 31, 2023), Chancellor McCormick cast significant doubt upon the ability of a target company to recover damages measured by the “lost stockholder premium” that was bargained for as part of the merger agreement. […] The post Surprise: Target Company May Not Be Entitled to Expectancy Damages Based Upon the Lost Premium for an Acquirer’s Wrongful Failure to Close a Merger appeared first on Global Private Equity Watch ..read more

The Inflation Reduction Act of 2022 (the “IRA”) includes two new monetization opportunities – (i) the ability to receive cash payments from the government in lieu of claiming certain tax credits (“Direct Pay”) and (ii) the ability to sell certain tax credits to third parties for cash (“Transferability”). These provisions were intended to increase the […] The post Inflation Reduction Act: New Monetization Techniques Are Helpful, But May Be Limited For Partnerships with Tax-Exempt Investors appeared first on Global Private Equity Watch ..read more

Many private company acquisition agreements contain provisions providing a mechanism for resolving disputes over post-closing purchase price adjustments, without resort to litigation. In most cases, this involves contractually referring the dispute to an independent accountant with limited authority to resolve the parties’ disagreements regarding accounting methodology and calculations. It is rare that contracting parties actually […] The post Purchase Price Adjustments: Arbitrations, Expert Determinations, Stuff in Between, and the Spector of a “Malicious” Adjustment Claim appeared first ..read more

On October 13, 2023, the U.S. Department of Energy (“DOE”) selected seven regional clean hydrogen hubs (“H2Hubs”) for award negotiations to receive up to $7 billion in federal funding in accordance with the Infrastructure Investment and Jobs Act (IIJA), also known as the “Bipartisan Infrastructure Law”. The goal of H2Hubs is to accelerate the development of […] The post DOE Selects Seven H2Hubs Across the U.S. – What’s Next? appeared first on Global Private Equity Watch ..read more

On October 16, 2023, the SEC’s Division of Examinations (“Division” or “EXAMS”) issued its examination priorities for 2024.[1] The publication details the key examination topics and risks that the Division intends to prioritize in the next year. The Division highlighted the following areas of examination focus relevant to investment advisers: Duty of Care and Loyalty: […] The post SEC’s Division of Examinations Announces 2024 Examination Priorities for Private Fund Sponsors appeared first on Global Private Equity Watch ..read more

Weil is advising private equity firm PAI Partners (PAI) on its acquisition of Alphia, Inc., one of the largest pet food co-manufacturers in North America, from J.H. Whitney Capital Partners. Headquartered in Denver, Alphia is a leading national manufacturer of pet food in the U.S., manufacturing more than one billion pounds of dry pet food […] The post Weil Advises PAI Partners on Acquisition of Pet Food Manufacturer Alphia, Inc. appeared first on Global Private Equity Watch ..read more

Weil is advising Advent International in its portfolio company Sovos Brands, Inc.’s acquisition by Campbell Soup Company. Campbell will acquire Sovos Brands for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. The strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & […] The post Weil Advises Advent International in Campbell’s $2.7B Acquisition of Sovos Brands appeared first on Global Private Equity Watch ..read more

Weil advised Blackstone and its portfolio company Sustana Group, a leading manufacturer of premium, sustainable recycled fiber, paper and packaging products, in Sustana’s combination with Hanna Paper, one of the largest high-grade paper recycling companies in North America. The transaction closed on August 1, 2023. “Today marks an exciting milestone for Sustana and the long-term […] The post Weil Advised Blackstone Sustana in Combination with Hanna Paper appeared first on Global Private Equity Watch ..read more