H.I.G. Gets Partial Win In Audax Suit Over $915 Million Deal (2)

Delaware’s Chancery Court trimmed a suit from an Audax Group LP subsidiary claiming an H.I.G. Capital LLC affiliate “destroyed” the firms’ shared telecom business after H.I.G. bought a majority stake in it for $915 million.

Vice Chancellor Meghan A. Adams on Thursday tossed AG Mobile Holding’s breach of the implied covenant of good faith and fair dealing and tortious interference claims. But the judge allowed AG Mobile, the Audax subsidiary, to proceed with a breach of contract claim against H.I.G. directors.

The lawsuit stems from Audax’s sale of its controlling interest in Mobileum Inc. to private equity rival H.I.G. Audax, ...