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JD Supra: Mergers
AUGUST 2, 2024
antitrust regulators, particularly the Federal Trade Commission, have been stepping up scrutiny of private equity investments in healthcare. On March 5, the FTC, along with the U.S. Department of Justice and the U.S.
292 
JD Supra: Mergers
SEPTEMBER 25, 2023
Yesterday, the Federal Trade Commission (“FTC”) filed suit in federal district court alleging that U.S. Anesthesia Partners, Inc.
288
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JD Supra: Mergers
OCTOBER 17, 2023
In an unprecedented move, the Federal Trade Commission (the “FTC”) sued U.S. Anesthesia Providers, Inc.
276 
JD Supra: Mergers
JUNE 4, 2024
Private equity sponsors can exhale: A federal court recently stopped the Federal Trade Commission's (FTC) antitrust action that targeted private equity sponsor Welsh, Carson, Anderson & Stowe for the healthcare "roll-up" strategy of its anesthesia practice management portfolio company. Anesthesia Partners, Inc.
188 
JD Supra: Mergers
MARCH 8, 2024
Private equity is squarely in the cross hairs of regulators; the Department of Justice Antitrust Division, the Federal Trade Commission, and the U.S. Department of Health and Human Services recently announced the launch of a joint inquiry into private equity ownership in the health care field.
192 
JD Supra: Mergers
MAY 17, 2024
In Federal Trade Commission v. Anesthesia Partners, Inc.
177 
JD Supra: Mergers
MAY 30, 2024
The Federal Trade Commission’s (FTC) push against private equity roll-ups has hit a snag. Judge Hoyt found that the FTC had not adequately alleged that Welsh Carson “is violating” or “is about to violate” antitrust laws, as required under.
188 
JD Supra: Mergers
SEPTEMBER 25, 2023
Federal Trade Commission (“FTC”) antitrust lawsuit against a private-equity owner of a large anesthesiology practice in Texas demonstrates that the FTC has begun to implement its more aggressive focus on the perceived competitive harms caused by certain “roll-up” acquisition strategies. A recent U.S.
171 
JD Supra: Mergers
MARCH 8, 2024
On March 5, the Federal Trade Commission (FTC) hosted a public workshop titled “Private Capital, Public Impact: An FTC Workshop on Private Equity in Health Care.” The event is part of the agency’s effort to publicize and encourage enforcement targeting private equity investments in health care.
188 
JD Supra: Mergers
MAY 24, 2024
By now you have probably heard of the Federal Trade Commission (FTC)’s rule to ban most post-employment non-compete agreements.
188 
TechCrunch: M&A
OCTOBER 17, 2024
Zuora, a company selling software to help businesses manage their subscription-based services, has agreed to be acquired by private equity firms GIC and Silver Lake for $1.7 It’ll take Zuora, which is currently publicly traded, private. Tien […] © 2024 TechCrunch. All rights reserved.
320 
JD Supra: Mergers
JUNE 12, 2024
On June 6, 2024, California Attorney General Rob Bonta announced that he led a multistate coalition of eleven (11) state attorneys general in in submitting a comment letter (the “Comment Letter”) in response to the Federal Trade Commission, the U.S. Department of Justice, and the U.S. By: Sheppard Mullin Richter & Hampton LLP
171 
JD Supra: Mergers
MAY 29, 2024
In a decision with significant implications for private equity firms and minority investors, on May 13, 2024, the US District Court for the Southern District of Texas dismissed the Federal Trade Commission’s (FTC) suit against a fund of private equity firm Welsh, Carson, Anderson & Stowe (Welsh Carson) that is a minority investor in US Anesthesia (..)
171 
JD Supra: Mergers
MARCH 8, 2024
A recent government initiative announced on March 5, 2024 signals that more antitrust scrutiny for private equity firms and asset managers is on the horizon. By: Paul Hastings LLP
165 
JD Supra: Mergers
MAY 21, 2024
On May 13, a federal district court in Texas dismissed private equity firm Welsh, Carson, Anderson & Stowe (Welsh Carson) from an antitrust lawsuit filed by the Federal Trade Commission (FTC). The lawsuit, which was originally filed in 2023, alleged that Welsh Carson and co-defendant U.S. Anesthesia Partners, Inc.
171 
JD Supra: Mergers
MAY 22, 2024
On 13 May, a federal district court judge dismissed the Federal Trade Commission’s (FTC) antitrust case against private equity firm Welsh, Carson, Anderson & Stowe and affiliated entities (Welsh Carson). The FTC’s case alleged that Welsh Carson, along with its portfolio company, US Anesthesia Partners, Inc.
165 
JD Supra: Mergers
SEPTEMBER 27, 2023
The Federal Trade Commission (FTC) on Sept. 21, 2023, sued a private equity firm in the U.S. District Court for the Southern District of Texas over an alleged decade-long "roll-up" strategy to consolidate anesthesiology practices in Texas. By: Holland & Knight LLP
171 
JD Supra: Mergers
MAY 17, 2024
The Federal Trade Commission’s suit alleging U.S. Anesthesia Partners (USAP) and Welsh Carson, a private equity fund that owns 23 percent of USAP and controls two of 14 board seats, engaged in an anticompetitive scheme to acquire and consolidate anesthesia practices in Texas partially survived motions to dismiss by the two defendants.
171 
TechCrunch: M&A
OCTOBER 17, 2024
Website builder Squarespace is no longer a publicly traded company, after private equity firm Permira procured all remaining common stock in the firm. Permira first revealed plans to acquire Squarespace back in May, offering shareholders in the NYSE-traded company $44 per share — this equated to an equity valuation of $6.6
315 
JD Supra: Mergers
OCTOBER 9, 2023
At the end of September, the Federal Trade Commission sued a private equity firm, Welsh, Carson, Anderson & Stowe, and U.S. Anesthesia Partners, Inc. By: Venable LLP
165 
JD Supra: Mergers
MARCH 12, 2024
On March 6, the Federal Trade Commission (“FTC”), the Department of Justice’s Antitrust Division (“DOJ”), and the Department of Health and Human Services (“HHS”) (the “Agencies”) announced that they were “launching a cross-government public inquiry into private equity and other corporations’ increasing control over health care.”.
183 
JD Supra: Mergers
MARCH 13, 2024
Private equity investment in the health care sector continues to be a significant area of focus for the U.S. On March 5, 2024, the Federal Trade Commission (FTC) hosted a public workshop to “examine the role of private equity investment in health care markets” (the FTC workshop). antitrust agencies.
159 
JD Supra: Mergers
MAY 8, 2024
The recent Request for Information by the Federal Trade Commission (FTC), Department of Justice (DOJ) and Department of Health and Human Services (HHS) seeking input on the effects of private equity (PE) investment in the healthcare sector underscores the importance of an effective compliance program.
177 
JD Supra: Mergers
SEPTEMBER 26, 2023
The Federal Trade Commission (FTC), under the leadership of Chairperson Lina Khan, has for the past several years signaled its intent to ramp up enforcement of the antitrust laws in the health care and private equity spaces. Last week, the FTC gave teeth to these policy proclamations and sued both U.S. Anesthesia Partners, Inc.
159 
OfficeHours
AUGUST 9, 2023
To know if the buyside is right for you, let’s start with a textbook understanding of “What is private equity?” Private equity involves investing capital directly into private businesses that are not publicly traded on stock exchanges (that would be a hedge fund). Strategic thinking skills are essential.
130 
OfficeHours
JULY 18, 2023
In the pursuit of attractive equity returns, private equity firms have developed numerous innovative strategies beyond typical leveraged buyouts and take-private transactions. As it happens, this is an industry that has experienced a significant amount of private equity-backed roll-up activity.
130 
JD Supra: Mergers
MARCH 13, 2025
On March 6, 2025, the Federal Trade Commission (FTC) filed a lawsuit in federal court challenging GTCR BC Holdings, LLC's (GTCR) proposed acquisition of Surmodics, Inc. Surmodics).
197 
JD Supra: Mergers
AUGUST 22, 2023
The Federal Trade Commission (“FTC”), the Department of Justice Antitrust Division (“DOJ”), and the new proposed merger guidelines have all called out private equity transactions for particular scrutiny.
130 
OfficeHours
AUGUST 25, 2023
In recent years, private credit has emerged as an important financing source for corporations of all kinds, especially for private equity-owned businesses with high financial leverage. The growth of private credit can be traced back to the Great Financial Crisis of 2008-2009. What impact has this had on private equity?
130 
JD Supra: Mergers
MAY 21, 2024
The FTC’s recent campaign against private equity roll-ups hit a stumbling block on May 13 as the United States District Court for the Southern District of Texas tossed out the Federal Trade Commission’s antitrust claims against private equity firm Welsh Carson Anderson & Stowe. By: Womble Bond Dickinson
171 
JD Supra: Mergers
JULY 19, 2023
As described in our Client Alert of July 6, 2023, the Federal Trade Commission (FTC) and the Department of Justice (DOJ) proposed on June 27, 2023, a massive overhaul of the Hart-Scott-Rodino Act (HSR) pre-merger notification form. We focus here on antitrust risk and burden implications for private equity transactions specifically.
130 
JD Supra: Mergers
JUNE 12, 2024
A Texas federal court dismissed the Federal Trade Commission’s (FTC) lawsuit against private equity (PE) owner, Welsh, Carson, Anderson & Stowe (Welsh Carson), while allowing to proceed the agency’s challenge against U.S. Anesthesia Partners’ (USAP) series of acquisitions. By: Troutman Pepper
183 
JD Supra: Mergers
DECEMBER 22, 2023
Earlier this week, the Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) released the long-awaited 2023 Merger Guidelines. The final guidelines are the result of nearly two years of behind-the-scenes drafting, numerous public listening sessions and workshops, and the receipt of some 35,000 public comments. By: Polsinelli
197 
JD Supra: Mergers
MARCH 12, 2024
On March 5, the Federal Trade Commission (FTC), U.S. Department of Justice’s Antitrust Division (DOJ), and Department of Health and Human Services (HHS) jointly issued a Request for Information on Consolidation in Health Care Markets (the RFI), with a particular focus on private equity (PE) buyouts. By: Lowenstein Sandler LLP
183 
JD Supra: Mergers
APRIL 15, 2024
In Part I of this two-part update, we discussed recent lawsuits involving private equity firms, lawsuits filed by the Federal Trade Commission (“FTC”) and those filed by healthcare system competitors and purchasers of healthcare services. In this Part II, we discuss the launch by the FTC, along with the U.S.
192 
JD Supra: Mergers
MARCH 12, 2024
After much rhetoric and a setback in challenging state Certificate of Public Advantage (COPA) laws, the Federal Trade Commission (FTC) brought its first challenge to a private equity “roll-up” scheme and successfully blocked two mergers late in 2023. By: Goodwin
192 
Deal Lawyers
SEPTEMBER 13, 2023
In early September, six trade associations jointly filed a lawsuit in federal court challenging the validity of the SEC’s recently adopted Private Fund Adviser Rules. We’ve previously blogged about the content of the new rules and criticisms by two SEC Commissioners.
124 
JD Supra: Mergers
NOVEMBER 30, 2023
As reported in a prior blog post, the Federal Trade Commission (“FTC”) filed suit in federal district court in September alleging that U.S. Anesthesia Partners, Inc.
192 
JD Supra: Mergers
MAY 29, 2024
In a prior post, we discussed the Federal Trade Commission’s (“FTC”) lawsuit against U.S. Anesthesia Partners (“USAP”) and the private equity firm Welsh, Carson, Anderson & Stowe (“Welsh Carson”). Most recently, the U.S.
171 
The New York Times: Mergers, Acquisitions and Dive
SEPTEMBER 21, 2023
The federal agency claims the company’s practices amount to antitrust activity, a new salvo in the government’s scrutiny of health care consolidation that has led to higher prices.
127 
JD Supra: Mergers
MAY 24, 2024
The health care industry has been a particular focus of antitrust concern in recent years, including recent policy initiatives, private equity warnings, and enforcement actions from both the Department of Justice (DOJ) and Federal Trade Commission (FTC).
165 
JD Supra: Mergers
SEPTEMBER 27, 2023
21, 2023, the Federal Trade Commission (FTC) brought a lawsuit in the U.S. District Court for the Southern District of Texas against US Anesthesia Partners (USAP), a large healthcare provider platform, and private equity firm Welsh, Carson, Anderson and Stowe (WC), which has been a principal investor in USAP for many years.
171 
JD Supra: Mergers
SEPTEMBER 26, 2023
The Federal Trade Commission (FTC) and the US Department of Justice (DOJ) Antitrust Division (the Division) have concurrent authority to enforce Section 8 of the Clayton Act. Last year, we previewed the Division’s investigation of private equity (PE) sponsors in connection with potential interlocking directorates.
177 
JD Supra: Mergers
APRIL 11, 2024
Over the past several months, antitrust enforcement activity in the healthcare provider sector has continued to steadily increase.
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