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Kirkland & Ellis has resigned as legal counsel to Optimum Communications, the telecoms operator formerly known as Altice USA, after pressure from some of the firm's most lucrative sponsor relationships.

Kirkland's retreat ends a conflict that had been building since November, when Optimum filed an antitrust lawsuit alleging that its creditors, which include Apollo Global Management, Ares Management, and BlackRock, had formed an "illegal cartel" during debt refinancing negotiations.

The lawsuit, which Optimum filed through Kellogg Hansen, a Washington DC boutique, alleged that a cooperation agreement signed by more than 90 percent of the company's creditors violated federal and New York state antitrust law by preventing any signatory from agreeing to a bond exchange without approval from the broader group.

Kirkland's name appeared nowhere on the complaint, and the firm issued a statement in November: "Kirkland does not sue clients and did not here."

The creditors were unconvinced.

They believed Kirkland had been the strategic architect behind the litigation, a suspicion reinforced by years of public commentary from Kirkland lawyers about the potential vulnerability of cooperation agreements to antitrust challenge.

Many of the plaintiffs in the suit (Optimum's creditors) are long-standing Kirkland clients and pay the firm tens of millions of dollars annually.

In recent weeks, Kirkland's leadership held a series of meetings with sponsor executives to stem the backlash. In those meetings, reports the Financial Times, sponsors' primary demand was that Kirkland halt its work with Optimum entirely.

The firm complied.

"Firms like Kirkland can't be in a position where they are perceived to be suing their own clients," a person close to the firm's top management told the FT. "The more aggressive strategies are becoming increasingly difficult for law firms with large private equity practices, precisely because those same firms now also have significant private credit arms."

The decision leaves the status of David Nemecek, a star restructuring partner at K&E, in limbo. Nemecek had become the focus of creditor backlash after previously discussing the merits of challenging cooperation agreements at industry gatherings.

Though not formally involved in the Optimum lawsuit, he was representing the company in its debt negotiations and was perceived by creditors as the driving force behind the confrontational strategy.

Those close to Nemecek and Kirkland said he would continue working at the firm and that any departure would be his decision.

But, as part of its damage control, Kirkland has assured its private capital clients that it will avoid the most aggressive liability management transactions going forward — exactly the type of work that made Nemecek a coveted specialist in the first place.

That could provide an opening for rival firms to give Nemecek a new home and to take on future LME business when Kirkland is conflicted.

Either way, the current litigation continues in the background, as Optimum tests the novel theory that creditor cooperation agreements constitute antitrust violations, which no court has previously ruled on.

• Fifth Third Bancorp (Nasdaq: FITB) acquired Comerica (NYSE: CMA), a regional bank, for $10.9 billion.

• Global Infrastructure Partners and EQT have partnered to bid for AES Corp. (NYSE: AES), a U.S. power generation company with a market cap of around $10.5 billion, per Bloomberg.

• Zurich Insurance (SIX: ZURN) agreed to acquire Beazley (LSE: BEZG), a UK specialty insurer, for £8 billion.

• Texas Instruments (Nasdaq: TXN) agreed to acquire Silicon Laboratories (Nasdaq: SLAB), an Austin-based chipmaker focused on IoT, for $7.5 billion in cash.

• Marvell Technology (NASDAQ: MRVL) acquired Celestial AI, a developer of optical interconnect technology for data center infrastructure, for $3.25 billion.

• Henkel agreed to acquire Stahl, a Dutch provider of specialty coatings for flexible materials, for €2.1 billion from Wendel, BASF, and Clariant.

• Apollo Global Management agreed to acquire a minority stake in The GoodLife Group, Canada's largest fitness club operator, valuing the company at around C$2 billion, per Bloomberg.

• Conga, a portfolio company of Thoma Bravo, acquired the B2B business of PROS Holdings (NYSE: PRO), a provider of AI-powered commercial software solutions.

• EQT has hired Arma Partners to explore the sale of a majority stake in Thinkproject, a German SaaS provider, which could be valued at €1.5 billion, per Bloomberg.

• Arax Investment Partners, backed by RedBird Capital Partners, acquired GFP Private Wealth, a Cleveland-based RIA with $1.5 billion in assets under management.

• Copenhagen Infrastructure Partners agreed to acquire Ørsted's European onshore business, comprising wind, solar, and battery storage assets, for €1.44 billion.

• RoundTable Healthcare Partners acquired Colorescience, a Carlsbad, California-based provider of mineral-based skincare and sun protection products, from 1315 Capital and Montreux Equity Partners.

• Brookfield Asset Management (NYSE: BAM) agreed to acquire Peakstone Realty Trust (NYSE: PKST), an industrial REIT, for $1.2 billion in cash.

• Skyline Investors acquired Buddy's Home Furnishings, a rent-to-own franchisor of furniture, electronics, and appliances with over 220 stores.

• Rocket Software, a portfolio company of Bain Capital, agreed to acquire Vertica, an analytics database platform, from OpenText (NASDAQ: OTEX) for $150 million.

• Littlejohn & Co. acquired 80/20, a Columbia City, Indiana-based provider of modular framing solutions for industrial automation, from MPE Partners.

• Alignment Growth led a $63 million funding round for Kings League, a creator-led seven-a-side soccer competition founded by Gerard Piqué.

• AEA Investors acquired a majority stake in Magna5, a Pittsburgh-based managed IT and cybersecurity provider, from NewSpring Capital.

• Veritiv, a portfolio company of Clayton, Dubilier & Rice, acquired Pack4, a Boston-based distributor and fabricator of custom protective packaging.

• Red Nucleus, a portfolio company of THL Partners, acquired Bridge Medical Consulting, a London-based health economics and outcomes research firm.

• TA Associates invested in The Forge Companies, an Atlanta-based financial services platform for the personal injury industry.

• Precision Door Tri-State, backed by Monogram Capital Partners, acquired Foris Solutions, a Plymouth, Michigan-based Precision Door Service franchisee.

• Auria Space, a portfolio company of Enlightenment Capital, acquired BCubed Engineering Corporation, a Roanoke, Virginia-based provider of satellite communications software and engineering solutions.

• Triple JJJ Lube acquired Team Car Care, an Irving, Texas-based operator and the largest Jiffy Lube franchisee, from Wynnchurch Capital.

• Vivo Capital agreed to acquire Dutscher Group, a European distributor of R&D laboratory consumables and equipment, from LBO France.

• Trive Capital acquired PavCon, a provider of predictive analytics and decision-support solutions for the U.S. Department of Defense.

• Bridgepoint and Polaris acquired a majority stake in PDSVISION, a Stockholm-based digital engineering software and services provider, from CapMan Buyout.

• Edgehill Management, ECP Growth, Patriot Capital, and Providence Investment Partners invested in ILS Gummies, a McKinney, Texas-based manufacturer of gummy supplement products.

• Antin Infrastructure Partners agreed to acquire Vigor Marine Group, a Portland, Oregon-based provider of marine maintenance, repair, and overhaul services, from Lone Star Funds.

• Arcesium acquired Limina, a Stockholm-based provider of portfolio and order management systems.

• New Eagle, a portfolio company of MiddleGround Capital, acquired Pi Innovo, a developer of open platform electronic control systems and control software, from Dana Incorporated (NYSE: DAN).

• Palomar Holdings (NASDAQ: PLMR) acquired The Gray Casualty & Surety Company, a national surety carrier, from Bernhard Capital Partners.

• Avril acquired Champlor Renewables, a French rapeseed business, from Valtris, a portfolio company of SK Capital Partners.

• Abrigo, an Accel-KKR-backed provider of growth and risk management software, acquired Journey Technology Solutions, a Sioux Falls, South Dakota-based banking data and analytics firm.

• Rhône Group acquired a majority stake in Invacare Holdings and Direct Healthcare Group, combining them to form DHCare, a post-acute care medical device platform, with ARCHIMED retaining a minority stake.

• Bridgepoint sold The Flexitallic Group, a Houston-based provider of industrial sealing and joint integrity solutions, to Michelin (Paris: ML).

• IMMEC, a portfolio company of CORE Industrial Partners, acquired Helton Electrical Services, a Georgia-based provider of electrical, utility, and HVAC services.

• Superior Health, a portfolio company of Renovus Capital Partners, acquired Pulse Home Health and Hospice, a Louisiana-based provider of home health and hospice services.

Tech, Vertical SaaS, & Misc. Enterprise

• Positron, an AI inference hardware and memory chip developer, raised $230 million in Series B funding at a post-money valuation of over $1 billion co-led by Arena Private Wealth, Jump Trading, and Unless, with participation from Arm Holdings and the Qatar Investment Authority.

• SynthBee, an enterprise productivity platform for regulated industries, raised $100 million in new funding led by Crosspoint Capital Partners.

• GenLogs, an Arlington, Va.-based freight intelligence startup, raised $60 million in Series B funding led by Battery Ventures, with participation from IVP, Cathay Innovation, 9Yards, Venrock, Steel Atlas, HOF Capital, TitletownTech, and Autotech Ventures.

• RapidFort, a software supply chain security company, raised $42 million in Series A funding co-led by Blue Cloud Ventures and Forgepoint Capital, with participation from Felicis Ventures, Alumni Ventures, Boulder Ventures, Brave Capital, Evolution Ventures, Florida Funders, Gaingels, and Mana Ventures.

• Orion Security, an Israeli AI data security platform, raised $32 million in Series A funding led by Norwest Venture Partners, with participation from IBM, PICO Venture Partners, and Lama Partners.

• RADICL, a cybersecurity provider for defense and critical infrastructure SMBs, raised $31 million in Series A funding led by Paladin Capital Group, with participation from Access Venture Partners, Denver Ventures, and Cervin Ventures.

• Veremark, a background screening platform, raised $26 million in Series B funding led by Gresham House Ventures, with participation from Samaipata, ACF Investors, Stage 2 Capital, and Salica Partners.

• Pasito, an AI-powered employee benefits platform, raised $21 million in Series A funding led by Insight Partners, with participation from Y Combinator and MTech Capital.

• Day AI, an autonomous AI CRM platform, raised $20 million in Series A funding led by Sequoia Capital, with participation from Sound Ventures, Permanent Capital, Conviction, and Greenoaks.

• Kasada, a bot mitigation and AI-driven abuse defense company, raised $20 million in Series E funding at a $300 million valuation led by EQT, with participation from Ten Eleven Ventures, Main Sequence Ventures, Reinventure, Our Innovation Fund, StepStone Group, and Turnbull & Partners.

• Linq, a Birmingham, Alabama-based developer of an AI agent communication layer for messaging apps, raised $20 million in Series A funding led by TQ Ventures, with participation from Mucker Capital.

Fintech

• GoCab, an African mobility fintech providing "drive-to-own" vehicle financing for gig workers, raised $45 million in seed funding, including $15 million in equity co-led by E3 Capital and Janngo Capital and $30 million in debt, with participation from KawiSafi Ventures and Cur8 Capital.

• Sixfold, an AI underwriting platform, raised $30 million in Series B funding led by Brewer Lane, with participation from Guidewire, Bessemer Venture Partners, and Salesforce Ventures.

Consumer & Media

• Kindred, a home-swapping platform, raised $125 million in Series B and Series C funding at a $602.86 million valuation co-led by Index Ventures and NEA.

• Ares Interactive, an Austin-based cross-platform game developer, raised $70 million in Series A funding led by General Catalyst.

• GrubMarket, an AI-powered food supply chain platform, raised $50 million in Series H funding at a $4.5 billion pre-money valuation from Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, and MY Securities.

• Ditto, an AI-powered iMessage dating platform for college students, raised $9.2 million in seed funding led by Peak XV Partners, with participation from Gradient, Scribble Ventures, Alumni Ventures, and Llama Venture.

Healthcare

• Alaffia Health, an AI platform for health plan claims operations, raised $55 million in Series B funding led by Transformation Capital, with participation from FirstMark Capital, Tau Ventures, and Twine Ventures.

• Lotus Health AI, an AI-powered primary care platform providing 24/7 medical consultations, raised $35 million in Series A funding co-led by CRV and Kleiner Perkins, with participation from Azuro Capital and Black Jays.

• Synthpop, an AI healthcare workflow automation platform, raised $15 million in Series A funding led by Ansa Capital, with participation from Defy.vc, Peterson Ventures, and Storm Ventures.

• Phylo, an AI-powered biomedical research lab, raised $13.5 million in seed funding co-led by Andreessen Horowitz and Menlo Ventures' Anthology Fund, with participation from Zetta, Conviction, and SV Angel.

Industrials, Greentech, & Other

• Skyryse, an El Segundo-based aviation automation company, raised over $300 million in Series C funding at a post-money valuation of $1.15 billion, co-led by Autopilot Ventures and Fidelity, with participation from ArrowMark Partners, Atreides Management, BAM Elevate, Baron Capital, Durable Capital, Positive Sum, Qatar Investment Authority, and RCM Private Markets.

• Bedrock Robotics, an autonomous construction technology developer, raised $270 million in Series B funding at a $1.75 billion valuation, co-led by CapitalG and Valor Atreides AI Fund, with participation from Xora, 8VC, Eclipse, Emergence Capital, Perry Creek Capital, NVentures, Tishman Speyer, Massachusetts Institute of Technology, Georgian, Incharge Capital, and C4 Ventures.

• Lunar Energy, a home battery and virtual power plant software developer, raised $232 million in Series C and Series D funding co-led by B Capital, Prelude Ventures, and Activate Capital.

• Machina Labs, an AI-powered robotics developer for advanced metal manufacturing, raised $124 million in Series C funding from Woven Capital, Lockheed Martin Ventures, Balerion Space Ventures, and Strategic Development Fund.

• Avalanche Energy, a Seattle-based compact fusion energy developer, raised $29 million in new funding led by RA Capital Management, with participation from 8090 Industries, Overlay Capital, Congruent Ventures, Founders Fund, Lowercarbon Capital, and Toyota Ventures.

• Mitra EV, a Los Angeles-based fleet electrification platform, raised $27 million in equity and debt funding led by Ultra Capital, with participation from S2G Investments.

• Additive Drives, a German 3D-printed electric motor manufacturer, raised €25 million in new funding led by Nordic Alpha Partners, with participation from AM Ventures.

• XFuel, a developer of low-carbon drop-in shipping fuels, raised $20 million in Series A funding from NYK Line, Stolt Ventures, Wagner Carbon, Audacy, Future Planet Capital, Light Ray Ventures, and Overlap Holdings.

• Eterna Growth Partners completed its spinout from Charlesbank Capital Partners, rebranding the firm's Technology Opportunities strategy as an independent middle-market technology private equity firm managing $2.3 billion.

• Hamilton Lane raised $1.9 billion for its second infrastructure fund and related vehicles, focused on middle market direct co-investments and secondaries.

• HighVista Strategies raised $800 million for its 11th fund focused on small-cap private equity.

• BayHawk Capital raised $616 million for its debut fund focused on founder-owned technology and essential services businesses.

• Project Level, a professional women's sports investment platform formed by Ariel Investments, held a $250 million first close.

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