CLEAR LAW: CLAIMS AND DEALS

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Hi guys! Here we are to debunk some of the court claims and deals that law firms have been involved in. Hopefully, it is beneficial for your learning.

“Deals and Disputes”

IN TODAYS DEBUNKING NEWSLETTER, WE WILL BE LOOKING AT:

• Biden signs law to give TikTok 270 days to divest or face ban; and

• Kirkland and Latham advises Thoma Bravo to buy UK-listed Darktrace for £4.3bn

US Senate Passes TikTok divestment-or-ban bill, Biden set to make it a law

What did each party argue? 

• TikTok argues: that it has not shared and would not share U.S. user data with the Chinese government. They have told their employees that they will immediately go to court to block the legislation. “This is the beginning, not the end of this long process”, TikTok told staff.

• U.S. Senate voted by a wide margin late Tuesday in favour of legislation that would ban TikTok in the US if its owner, the Chinese tech firm ByteDance, fails to divest the popular short video app over the next nine months to a year. They worry that China could access Americans’ data or surveil them with the app, the bill passed by the U.S. House of Representatives on Saturday and U.S. President Joe Biden has said he will sign it into law on Wednesday.

Impact and Key Points: Conclusion

The four-year battle over TikTok, which is used by 170 million people in the United States, is just one front in a war over the internet and technology between Washington and Beijing.

The bill would also give the White House new tools to ban or force the sale of other foreign-owned apps it deems to be security threats.

Kirkland and Latham advise Thoma Bravo to buy UK-listed Darktrace

Picture? Deal

What is the deal about? 

Kirkland and Ellis

Kirkland and Ellis is advising Luke Bidco Limited, a newly formed company indirectly wholly-owned by funds managed and/or advised by Thoma Bravo, L.P. on the recommended all-cash acquisition of the entire issued, and to be issued, ordinary share capital of Darktrace. The acquisition values Darktrace’s entire issued, and to be issued, ordinary share capital at approximately £5,315 million on a fully diluted basis and implies an enterprise value of approximately $4,992 million.

Latham and Watkins

Latham and Watkins have advised Darktrace plc (LSE: DARK), a global leader in cybersecurity AI, on its recommended takeover offer by Thoma Bravo. The acquisition values Darktrace’s entire issued, and to be issued, ordinary share capital at approximately US$5.3bn. It is intended that the acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under English law.

EDITORS THOUGHTS... 

Thank you for reading. Will be back soon with other interesting deals and claims 😃