The private equity group of Proskauer Rose is amongst the most active in the US. In each of the past three years, the firms has negotiated and closed over 100 buyouts, portfolio company divestitures, investments and other private equity transactions....
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The private equity group of Proskauer Rose is amongst the most active in the US. In each of the past three years, the firms has negotiated and closed over 100 buyouts, portfolio company divestitures, investments and other private equity transactions. Peers say that Proskauer’s strength is in representing mid-market buyout firms. “They have a very good fund formation group, but the majority of their lawyers would be in transactions,” says one competitor.
In a deal closing in May 2010 and involving $24.6 billion of refinanced debt, the firm represented private equity fund Ares Corporate Opportunities Fund III in connection with the restructuring of chemical company LyondellBasell and its emergence from Chapter 11 bankruptcy proceedings. The transaction involved the backstop of a rights offering. LyondellBasell was able to list on the NYSE within six months of exiting bankruptcy.
The firm also represented Lexington Partners negotiating the purchase of $1 billion of secondary assets and the transfer of the investment management business of Citigroup Private Equity. The matter involved the sale of over $10 billion of assets under management, to Lexington and StepStone Group, and was one of the largest secondary transactions of direct and indirect private equity holdings to date. It closed in September 2010.
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