Firm News
Schulte Advises Albertsons Companies Inc. in Preferred Equity Investment Led by Apollo Global Management Inc.
May 2020
Schulte advised Albertsons Companies Inc., one of the nation’s largest food and drug retailers operating stores in 34 states and the District of Columbia, in the issuance and sale of $1.75 billion in convertible preferred equity of Albertsons Companies to a group of investors led by Apollo Global Management Inc. Albertsons Companies is backed by an investment consortium led by Cerberus Capital Management LP, which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners LP and Schottenstein Stores Corporation. The transaction was announced in May 2020 and closed in June 2020.
The Schulte team was led by M&A and Securities partner Stuart Freedman. The team also included employment & employee benefits partners Ian Levin and Ronald Richman, special counsel Scott Gold and associate Adam Gartner; litigation partner Michael Swartz; tax partner Alan Waldenberg; M&A and Securities special counsel Gregory Kinzelman, and associate Evan Berger; and former Schulte lawyers Antonio Diaz-Albertini, Travis Gantt, Matthew Gruenberg, Adam El-Sahn, Evelyn Liristis, David Passey and Jaclyn Malmed.
Related Insights
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]