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Prática de Private Equity
O Cleary Gottlieb tem sido líder, por décadas, na área de private equity e sua expertise inclui todos os aspectos de private equity, em uma ampla gama de indústrias e em todas as regiões do mundo. Apesar da atual situação do mercado, nós continuamos a assessorar alguns dos assuntos em maior destaque e nossos clientes apreciam o rigor da nossa compreensiva análise na proteção e avanço de seus interesses comerciais. Com advogados sediados nos Estados Unidos, Europa e Ásia, o escritório é amplamente respeitado pela sua coesão internacional. Nós servimos como advogados em três das quatro maiores operações concluídas de compra financiada no mundo (Thomson) e frequêntemente aconselhamos nossos clientes em operações nunca antes realizadas. Nós somos reconhecidos dentre os melhores escritórios na estruturação de fundos de private equity por ambas Chambers USA e Chambers Global todos os anos desde o início de suas publicações.
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Jan 09, 2009
Cleary Gottlieb represented TPG Capital and GS Capital Partners in connection with the sale of Alltel Corporation to Verizon Wireless. Verizon Wireless paid approximately $5.9 billion for the equity of Alltel and assumed approximately $22.2 billion of Alltel’s debt, net of cash. The transaction was announced on June 5, 2008, and closed on January 9. The U.S. Department of Justice approved the transaction in October 2008, the Federal Trade Commission approved it in early November 2008 and the Federal Communications Commission in early December 2008.
Verizon Wireless is the joint venture of Verizon Communications and Vodafone. The sale of Alltel increased the number of Verizon Wireless customers to more than 83.7 million, making it the largest wireless carrier in the country. Approximately 2.1 million of those customers are in markets that will be divested by Verizon Wireless in the coming months, as required by the DOJ and the FCC as a condition of the merger approval. The sale took place just over a year after TPG Capital and GS Capital Partners acquired Alltel.
TPG Capital is a leading private investment firm with more than $50 billion of capital under management. GS Capital Partners is The Goldman Sachs Group, Inc.’s private equity vehicle and a global leader in corporate equity investing.
Aug 06, 2008
Cleary Gottlieb acted as U.S. counsel for Istithmar World in its acquisition, in partnership with Nakheel, of a 20% stake in Quebec-based Cirque du Soleil. Under the terms of the agreement, which was announced August 6, the remainder of the business will continue to be owned by Cirque du Soleil's founder, Guy Laliberté, and his team.
Cirque du Soleil has annual sales of more than $700 million and attracts nearly ten million visitors a year, making it one of the world's largest entertainment businesses.
Istithmar is a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates. Established in 2003, it is 100% owned by Dubai World, which is wholly owned by the Government of Dubai. Since its inception, Istithmar has invested in over 30 companies in three sectors: consumer, industrial and financial services.
Nakheel, a Dubai World company, is one of the world's largest and most innovative real estate developers
Oct 02, 2008
Cleary Gottlieb is representing Highstar Capital in its acquisition of a 25% interest in London City Airport from Global Infrastructure Partners for an undisclosed price.
The deal will make Highstar Capital a minority owner in London City Airport while Global Infrastructure Partners, an independent fund that invests in infrastructure assets worldwide, will hold the majority. Following the transaction, Global Infrastructure Partners will hold 75% and Highstar will hold 25% of the business.
The London City Airport is the UK's leading business airport, with ten airlines serving 33 destinations across the UK and Europe and connections to the rest of the world through major European hubs. The airport experienced record growth in 2007 with over 2.9 million passengers traveling through the terminal, a 23% increase from 2006. The airport’s location on the doorstep of London’s financial district is considered vital to business and plays an integral part in keeping up with the growth of the UK’s capital city.
Oct 10, 2007
Cleary Gottlieb represented TPG and KKR in their nearly $50 billion acquisition of TXU Corp., which closed on October 10. The deal is the largest leveraged buyout completed to date. Cleary Gottlieb advised TPG and KKR on the equity co-investment portion of the transaction.
TXU, headquartered in Dallas, operates electricity retailing, power generation and electricity distribution and transmission businesses.
Sep 26, 2008
Cleary Gottlieb represented Temasek in its multi-billion dollar investment in Merrill Lynch.
Temasek is an investment holding company owned by the Singapore government with staff of over 300 people and a portfolio of over $100 billion focused primarily in Asia.
Dec 28, 2008
Cleary Gottlieb represented Emerging Capital Partners in its investment in Thunnus Overseas Group, a group active in the conditioning of canned tuna in Madagascar and Ivory Coast and in its commercialization in France, where it is the market leader.
The deal involved the reorganization of the various companies owned by the founder of the group under a common holding company, the structuring of ECP’s investment in equity, convertible and senior debt and the negotiation of ECP’s rights as a minority shareholder.
The main agreements were signed on October 28, 2008, and the closing took place in Paris on December 24.
ECP is a private equity group focused on Africa. It manages six private equity funds, totaling more than $1.2 billion under management, with investments in more than 35 countries, across the African continent.
Jan 28, 2008
Cleary Gottlieb represented an investment consortium consisting of Apollo Management and Texas Pacific Group (TPG) in its approximately $27.8 billion leveraged buyout of Harrah’s Entertainment, the world's largest gambling operator by revenue. Harrah's agreed to be acquired by Apollo and TPG for $90 per share in an all-cash deal, which included the assumption of $10.7 billion in debt. The acquisition was announced on December 19 and closed on January 28, 2008.
Apollo is a recognized leader in private equity, debt and capital markets investing. Long-time Cleary Gottlieb client TPG is a private investment partnership that currently has more than $30 billion of assets under management.
Jan 15, 2008
Cleary Gottlieb is representing the Korea Investment Corporation in its $2 billion investment in Merrill Lynch & Co. The deal marks the latest example of capital injections into major financial institutions by sovereign wealth funds.
KIC will invest $2 billion in Merrill Lynch’s 9% mandatory convertible preferred stock, which converts into common shares two years and nine months from the closing.
KIC is the sovereign wealth fund of South Korea and was established in 2005. This transaction represents KIC’s largest investment to date.
Sep 25, 2007
Cleary Gottlieb represented a consortium of private equity investors including the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co., and Texas Pacific Group in connection with the $11.4 billion leveraged acquisition of Biomet, Inc. The acquisition was announced on December 18, 2006.
Biomet is an Indiana-based company that designs, manufactures and markets orthopedic devices such as artificial knees and hips.
Jun 16, 2008
Cleary Gottlieb represented Meraas Capital LLC in its acquisition of a 20% interest in the GM Building through a joint venture with Boston Properties Limited Partnership and US Real Estate Opportunities I, L.P., a Goldman Sachs managed investment fund. The governments of Kuwait and Qatar are the principal investors in US Real Estate Opportunities. The joint venture acquired the GM Building from Harry Macklowe for $2.8 billion, and three other New York office buildings for an additional $1.1 billion.
General Motors developed the GM Building in 1968. It is a landmark 50-story office tower located in the heart of New York’s Plaza District, and it is home to tenants including Weil Gotshal, Estee Lauder and FAO Schwartz. It is also the site of the cutting edge Bohlin Cywinski Jackson designed glass cube that serves as the entrance to the underground Apple Store.
As part of the deal, the joint venture also agreed to purchase three other New York office buildings, 2 Grand Central Tower, 125 West 55th Street and 540 Madison Avenue, for an additional $1.1 billion. The aggregate purchase price for all four assets was $4 billion.
Meraas Capital LLC is an investment company based in Dubai, United Arab Emirates. Meraas is envisaged to become a leading real estate and private equity investment holding company with a multibillion dollar diversified portfolio of investments that include income-producing and long-term strategic assets globally.
Boston Properties is a Public REIT that owns, operates and develops Class A office buildings throughout the United States.
Leading firm in private equity buyouts
Chambers Global and Chambers USA
Leading firm in private equity fund formation
Chambers Global and Chambers USA
"Recommended" firm for fund formation
Global Counsel Handbook for Private Equity
Telecom Deal of the Year
(TPG & GS Capital Partners' acquisition of Alltel)
Investment Dealers Digest (2008)
Retail Deal of the Year
(Istithmar’s acquisition of Barneys New York)
Investment Dealers Digest (2008)
#1 in European Buyouts (value, announced)
Mergermarket (2007 Rankings, U.S.-based law firms)
#1 in Asia Pacific Buyouts (value, announced)
Mergermarket (2007 Rankings, U.S.-based law firms)
Top 5 in U.S. LBOs
Legal Business (2007 Rankings)
Top 5 in Global Buyouts (value, announced)
Mergermarket (2007 Rankings)
Latin American Private Equity Deal of the Year
(Consortium acquisition of Controladora Milano)
LatinFinance (2007)
"Highly Recommended" for Private Equity in France and New York
PLC Which Lawyer? Yearbook (2007)
“Clients comment: ‘The quality of the lawyers is great — they know exactly what they’re doing and can run a deal blindfolded.’ The team’s knowledge of both the private equity sector in general and the specific needs of individual clients is coupled with ‘an amazing global network.’”
“Clients also highlight the firm’s ability to ‘muster resources quickly on matters where time sensitivity is of the essence,’ including across international offices. The team’s lawyers are singled out for their ‘commercial viewpoint, and seeing the counterpart in deals as their client’s client.’”
Chambers Global (2009)
“As activity in the deal market slows, the Cleary team has witnessed increased work in rescue financings, a number of which have private equity elements. ‘Finding creative solutions to complex problems’ and ‘always bringing in the right specialists,’ the practice has recently handled first and second private equity fund formation focused on investments in Asia.”
“Distinguished by its expertise in sovereign wealth funds and its experience in Asia and the Middle East, this practice is also noted for its advice on setting up partnership agreements, document formation and its capabilities in all aspects of M&A transactions. Sources say: ‘The lawyers appreciate, tactically, how to make an important point without disrupting the process.’”
Chambers USA (2009)
“This firm’s private equity practice is particularly recommended for large and complex deals with an international dimension. … The lawyers win praise for their commercial approach: ‘They are great at focusing on the business needs without getting overly tied up in the legal details.’”
Chambers Europe (2009)
“Clients praise Cleary’s abilit[ies] to ‘draw on its vast international resources whenever we need it to’ ... [and] ‘bring the whole package to bear on a private equity transaction; from deal aptitude and corporate and leveraged finance expertise, to tax capability.’”
Chambers Global (2008)
“Possessed of wonderful ties in the financial world, this ‘top drawer’ firm ‘shimmers with quality,’ according to interviewees.”
Chambers USA (2008)
“Clients seek the firm’s advice at every stage of the fund process.”
Chambers Asia (2008)
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