Knobbe Medical Device Client Ulthera Acquired for $600 Million

Merz and Ulthera, Inc. announced on June 26, 2014 that they have entered a definitive merger agreement pursuant to which Merz will acquire Ulthera, Inc, a global medical device company focused on developing and commercializing technologies for aesthetic and medical applications using its therapeutic ultrasound platform technology. Valued at up to $600 million in upfront cash and milestone payments, the acquisition is the largest in Merz’s history.

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Clifford Chance Advises on AA’s IPO

Leading international law firm Clifford Chance is advising AA plc (the UK’s leading roadside assistance provider) and its owner Acromas Holdings, on its IPO on the London Stock Exchange, which has raised £1.385billion.

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CoStar Group’s Registered Common Stock Offering

Cravath represented the underwriters, led by J.P. Morgan Securities, Goldman, Sachs & Co., BofA Merrill Lynch and Citigroup, in connection with the US$552 million registered common stock offering of CoStar Group, Inc., a leading provider of information and analytic services to the commercial real estate industry in the United States and the United Kingdom. The shares were listed on the NASDAQ Global Select Market. The transaction closed on June 11, 2014.

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Freshfields advises London Stock Exchange Group on its $2.7bn acquisition of Russell Investments and its related rights issue

Leading international law firm, Freshfields Bruckhaus Deringer is advising London Stock Exchange Group plc (“LSEG”) on its $2.7bn acquisition of Russell Investments from Northwestern Mutual and on its related $1.6bn rights issue. The transaction represents a rare opportunity for LSEG to acquire a high quality US business with a leading global brand providing index and investment management services.

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Goodwin Advises Dropcam in $555 Million Sale to Nest

A team of Goodwin Procter attorneys recently advised Dropcam in its $555 million sale to Nest Labs. Terms of the transaction were not disclosed.
Dropcam, founded in 2009 by Greg Duffy and Aamir Virani, is a cloud-based wifi video monitoring service with free live streaming, two-way talk and remote viewing capabilities. Its products are used for home security, baby monitors, pet monitors and small business security systems. The company is based in San Francisco, Calif.

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Linklaters advises on largest ever African debut sovereign bond

Linklaters has advised the underwriters on the Republic of Kenya’s debut international bond. The US$2 billion transaction is the largest debut bond issuance by an African sovereign issuer. The capital raising comprised two tranches of bonds: a $500m, five-year tranche paying an interest rate of 5.875 per cent, and a $1.5bn 10-year tranche with an interest rate of 6.875 per cent.

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Paul Hastings Represents UBS AG in World Triathlon Corp. Financing

Paul Hastings LLP, a leading global law firm, announced today that the firm represented UBS AG, Stamford Branch as administrative agent, lender and issuing bank and UBS Securities LLC and Macquarie Capital (USA) Inc. as joint lead arrangers and joint bookrunners in connection with a recapitalization of World Triathlon Corporation, which owns and licenses the Ironman brand.

The financing consists of a $225 million term loan facility and a $20 million revolving credit facility.
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Milbank Advises Nabors Industries in $2.9B Spinoff of Oil Well Maintenance Unit and Merger with C&J Energy Services

Milbank, Tweed, Hadley & McCloy LLP is advising leading oil exploration and servicing company Nabors Industries Ltd. (NYSE: NBR) in the announced merger of its completion and production services unit with oilfield services provider C&J Energy Services (NYSE: CJES), for which Nabors will receive nearly $940 million in cash and stock worth an approximately 53% ownership stake in C&J.

The transaction, expected to close by the end of 2014, is valued at about $2.86 billion. The Milbank team representing Bermuda-based Nabors is led by New York-based Corporate partner Charles Conroy.

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Simpson Thacher Represents the Underwriters in $2 Billion Notes Offering by Target Corporation

Simpson Thacher represented the underwriters, led by Barclays Capital Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in connection with an offering by Target Corporation of $1,000,000,000 aggregate principal amount of 2.300% Notes due 2019 and $1,000,000,000 aggregate principal amount of 3.500% Notes due 2024. The proceeds of the notes offering will be used to pay for Target Corporation’s cash tender offers for up to a maximum aggregate purchase price of $1,000,000,000 of various series of its outstanding notes and debentures and for general corporate purposes.

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