Sullivan & Cromwell and Arnold & Porter are advising acquiring firm AT&T, reliving a partnership when the two BigLaws also advised in AT&T’s US$48.5bn (about $59.5bn) acquisition of DirecTV in 2014.
Sullivan & Cromwell’s team is led by M&A managing partner Joseph Frumkin and corporate partners Eric Krautheimer and Melissa Sawyer. Andrew Mason advised on tax matters; Matthew Friestedt advised on executive compensation and benefits matters; Nader Mousavi advised on intellectual property matters; Neal McKnight and Ari Blaut advised on financing matters; and Steven Peikin, Adam Paris and William Monahan advised on litigation matters.
Cravath Swaine & Moore is advising long-time client Time Warner in the deal with a total transaction value of $108.7 billion (about $147.2 billion), including Time Warner’s net debt.
The Cravath team is led by partners Faiza J. Saeed and Eric L. Schiele and includes associates Evgenia Hochenberg, G.J. Ligelis Jr., Claudia J. Ricciardi and Jason Jones on M&A matters; partners Christine A. Varney and Peter T. Barbur and associate Margaret Segall D’Amico on antitrust matters; partner Jennifer S. Conway, practice area attorney David B. Teigman and associate Matthew J. Bobby on executive compensation and benefits matters; partner Lauren Angelilli and associates Richard Bohm and Cecily Xi on tax matters; partner Michael S. Goldman on financing matters; and partner Joseph D. Zavaglia and associate Jennifer Uren on securities matters.
Meanwhile, Simpson Thacher & Bartlett is representing JPMorgan Chase Bank NA and Merrill Lynch, Pierce, Fenner & Smith Incorporated who are the joint lead arrangers and joint bookrunners of the deal. The two financial firms are involved in the $40 billion (about $52 billion) bridge term loan facility for AT&T.
The Simpson Thacher & Bartlett team includes William Sheehan, Stephanie Rotter and Alexander Lebow (Banking & Credit); Edward Chung (M&A); Jodi Schneider (Tax); and Paul Koppel and Alina Grinman (Executive Compensation and Employee Benefits).
Weil Gotshal & Manges is advising J.P. Morgan Chase & Co. and Perella Weinberg Partners LP as AT&T Inc.’s financial advisors.
The Weil team advising J.P. Morgan and Perella Weinberg is led by Corporate Chairman Michael Aiello and includes M&A partner Matthew Gilroy; Banking & Finance partner Morgan Bale; M&A associates Eoghan Keenan and Kevin Kitson; and Banking & Finance associate Justin Lee.
The transaction is expected to close before year-end 2017 and is subject to customary closing conditions and antitrust approval.
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Sullivan & Cromwell, Cravath Swaine & Moore, Arnold & Porter, Simpson Thacher & Bartlett and Weil Gotshal & Manges have landed roles in AT&T’s proposed US$85.4 billion (about $111 billion) acquisition of Time Warner.