March 20, 2012 3:58 PM
Simpson Thacher, Wilson Sonsini Advise on Law360’s Sale to LexisNexis
Posted by Brian Baxter
In another understanding that accelerates a converging of a authorised news and information business, authorised investigate use LexisNexis announced Tuesday that is will acquire Portfolio Media, a primogenitor association of newswire Law360.
In a press recover released Tuesday morning, LexisNexisâ€”a auxiliary of London-based edition hulk Reed Elsevier Groupâ€”stated that Law360 would continue to be run by cofounders Marius Meland and Magnus Hoglund as a standalone business within a LexisNexis family post-acquisition.
“Breaking authorised news and investigate are vicious for authorised professionals as they drive success for their businesses and clients,” Bob Romeo, CEO of research and lawsuit solutions during LexisNexis, pronounced in a matter announcing a deal. “Law360 is a pivotal component of our growth plan since it adds authorised news and analysis, a essential partial of an attorney’s workflow and a pivotal entrance indicate to authorised research.”
Terms of a understanding were not disclosed, and a LexisNexis mouthpiece pronounced a Dayton-based association was not commenting on a financial sum of a acquisition. Simpson Thacher Bartlett senior corporate partner D. Rhett Brandon in New York is advising LexisNexis on a Law360 acquisition, whose potential impact on readers had a legal blogosphere abuzz early Tuesday. (Law Technology News, a kin publication, has some-more on a sale of Law360.)
Reed Elsevier allocated Henry “Hank” Udow as a chief authorised officer and company secretary final year following a retirement of predecessor Stephen Cowden. Udow, who was named one of a 20 many successful ubiquitous warn by kin publication The National Law Journal in 2009, previously served as conduct of a in-house legal department for British confectioner Cadbury before to a $19.7 billion acquisition by Kraft Foods in early 2010.
Udow and Sam Snider, lead merger warn during LexisNexis, took a lead in-house advising on a company’s squeeze of Law360. Henry Horbaczewski serves as ubiquitous warn for Reed Elsevier’s principal U.S. subsidiary, that is formed in New York. Kenneth Thompson II serves as tellurian chief legal officer for Reed Elsevier’s LexisNexis unit.
Wilson Sonsini Goodrich Rosati MA partner Warren de Wied and taxation partner Michael Faber, the former chair of a taxation dialect during now-defunct Heller Ehrman, are representing Law360 on a sale to LexisNexis. Robert Polsky serves as general warn for Law360 primogenitor Portfolio Media, which Meland and Hoglund founded in a New York Starbucks behind in 2004.
Law360 has gradually expanded, opening bureaus in Chicago and Los Angeles final year. The association charges between $1,000 and $100,000 for subscriptions, depending on either a patron is a solo practitioner or a vast firm, according to a CNNMoney story on Hoglund and Meland.
LexisNexis’s merger of Law360 comes about a year after a Reed Elsevier section and ALM Media LLCâ€”the primogenitor association of The Am Law Daily and The American Lawyerâ€”reached an agreement underneath that the latter exclusively licenses some of its content to a former. It is also a latest in a array of maneuvers undertaken by heading providers of authorised news and information penetrating on gaining an corner in a fiercely rival sector.
Thomson Reuters, that owns LexisNexis’s authorised investigate archrival Westlaw, launched a possess daily authorised newswire final year and acquired Asian Legal Business to boosts a participation in a Pacific Region. (This month Thomson Reuters also relaunched The Brief, a monthly authorised repository in a Middle East, according to internal news reports.)
Thomson Reuters also bought Indian authorised routine outsourcer Pangea3 in November 2010, divested itself 7 months after of a Hildebrandt Baker Robbins consulting arm, and final Sep sole a trade and risk-management software business to San Franciscoâ€“based private equity organisation Vista Equity Partners for roughly $500 million, according to a prior reports.
Reed Elsevier, meanwhile, defended Morgan, Lewis Bockius late final year for a $530 million acquisition of Skokie, Illinoisâ€“based authorised and financial information provider Accuity Holdings, that a edition hulk has joined with a LexisNexis Risk Solutions and Bankersâ€™ Almanac units.
The largest transaction final year in a authorised news and investigate space saw Willkie Farr Gallagher and Skadden, Arps, Slate, Meagher Flom squeeze lead advisory roles as Bloomberg LP bested LexisNexis and Westlaw with its $990 million merger of The Bureau of National Affairs (BNA), a private and independently owned provider of legal, open policy, and regulatory information to clients in academia, business, and government.
Bloomberg’s authorised multiplication subsequently sealed on to turn a exclusive sponsor of SCOTUSblog, a Web site founded by appellate litigator Thomas Goldstein that dedicates itself to coverage of a U.S. Supreme Court, according to The NLJ.
Daily U.S. authorised news providers that sojourn eccentric embody Courthouse News Service, California’s Daily Journal publications, Main Justice in Washington, D.C., a Amerian Bar Associations’s ABA Journal, and several internal and state authorised publications throughout a country.
Am Law Daily primogenitor ALM, along with a publications and other businesses, were sole by former profession and private equity owners Bruce Wasserstein in 2007 for $630 million to London-based Incisive Media. Two years later, Incisive defaulted on a debt used to account a deal, and a lenders, led by private equity organisation Apax Partners and a Royal Bank of Scotland, took control of ALM.
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