Firm in driving seat as Icahn sells stake back to video game maker

Willkie Farr & Gallagher has landed a lead role advising Take-Two Interactive Software, maker of the Grand Theft Auto games, on its buyout of shares owned by US activist investor Carl Icahn.

The businessman has sold his $203.5m (£125.1m) stake in the video game publisher, marking the end of his involvement with the company.

Willkie Farr fielded a team comprising corporate and financial services partner Adam Turteltaub and associate Sean Ewen, who acted alongside financial counsel LionTree Advisors. Icahn turned to his in-house legal team for advice.

Icahn had acquired around 11% of Take-Two in 2010.

Take-Two develops and publishes products through its two wholly owned labels: Rockstar Games, which is home to titles including Max Payne and LA Noire as well as Grand Theft Auto, and 2K, which houses games including the BioShock and Borderlands series.

The news comes after CVR Energy, a company now controlled by Icahn, filed a malpractice claim against Wachtell Lipton Rosen & Katz in October in a federal court in Kansas. The claim stems from Wachtell's representation of CVR last year in its efforts to fend off Icahn's hostile takeover bid, and alleges that the law firm did not provide sufficient advice on how much it would owe financial advisers Goldman Sachs and Deutsche Bank in the event of a successful bid from Icahn.

A Wachtell spokesman said: "This lawsuit is entirely without merit and we will defend ourselves vigorously against Mr Icahn's baseless claims. This is nothing more than a tactic by Mr Icahn in his long-running battle related to a contract between a company under his effective control and its financial advisers."