Wachtell in multibillion-dollar buy-out deal triple
Wachtell Lipton Rosen & Katz has acted on three major buy-out deals in the last few weeks worth a combined value of more than $35bn (£17.6bn), as the leading New York firm continues to benefit from the surging US private equity market.
June 27, 2007 at 10:05 PM
2 minute read
Wachtell Lipton Rosen & Katz has acted on three major buy-out deals in the last few weeks worth a combined value of more than $35bn (£17.6bn), as the leading New York firm continues to benefit from the surging US private equity market.
The firm is acting on the latest bumper deal in the gaming sector, advising Penn National Gaming, which is being taken private for $8.9bn (£4.5bn) by Fortress Investment Group and Centerbridge Partners.
Corporate partners Daniel Neff and David Karp spearheaded the Wachtell team, while New York rival Willkie Farr & Gallagher advised the acquiring consortium.
Meanwhile, name partner Marty Lipton advised The Home Depot, which was acquired for $10.3bn (£5.2bn) by a consortium comprising Bain Capital Partners, Carlyle and Clayton Dubilier & Rice.
Corporate partner David Silk assisted Lipton, while Manhattan leader Debevoise & Plimpton picked up the main advisory role for the
consortium.
Silk was also involved on the third deal, advising on the sale of Bermuda-based satellite communications company Intelsat to BC Partners for $16.4bn (£8.2bn).
Wachtell corporate partners Silk, Neff and Mark Gordon advised the company alongside Paul Weiss Rifkind Wharton & Garrison, while Latham & Watkins advised BC Partners.
The three deals are the latest in a series of top-level mandates for Wachtell, which enjoyed a 10% rise in both turnover and average equity partner profits during 2006. Partners at the M&A specialist now earn on average $3.9m (£2m) a year.
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