On July 23, 2012, DreamWorks Animation SKG, Inc. (Nasdaq: DWA) announced that it has entered into an agreement to acquire Classic Media, owner of one of the most extensive portfolios featuring many of the best-known and most-enduring franchises in all of family entertainment, for $155 million in cash from Boomerang Media Holdings I LLC, a portfolio company of Chicago-based private equity firm GTCR. Cravath represented DreamWorks Animation in this transaction. With well-established titles such as Casper the Friendly Ghost, Where’s Waldo?, Lassie, The Lone Ranger, George of the Jungle and Rocky & Bullwinkle, Classic Media’s properties have been a fixture in mainstream entertainment for decades. The transaction is expected to be completed during the third quarter of 2012.

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The Firm represented L-3 Communications Holdings, Inc. (“L-3”) in connection with its spin-off of Engility Holdings, Inc. (“Engility”), a new, independent, publicly-traded government services company. On July 17, 2012, each L-3 shareholder of record received one share of Engility for every six shares of L-3 common stock held by such shareholder as of July 16, 2012. Engility shares will trade on the New York Stock Exchange under the symbol “EGL”.

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Paul, Weiss client Nexen Inc., an independent, Canada-based global energy company with operations in the UK, Canada, Nigeria, the United States and elsewhere, has entered into a definitive agreement under which CNOOC Limited, China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world, will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash, in a transaction valued at approximately $15.1 billion. The purchase price represents a premium of 61% to the closing price of Nexen’s common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen’s 20 trading-day volume-weighted average share price.

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Expanding its national labor & employment group while continuing its steady growth in the New York market,Venable LLP has added veteran labor and employment defense litigator Brian J. Clark as a partner in its New York office.

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Paul Hastings, a leading global law firm, announced today that the firm is representing Cequel Communications Holdings LLC, a cable-television and Internet-services provider which does business as Suddenlink Communications, in connection with its sale to BC Partners, CPP Investment Board and certain members of Suddenlink’s management team led by CEO Jerry Kent in a transaction valued at $6.6 billion. A group of equity investors, including Goldman Sachs, Oaktree Capital Management and Quadrangle, are selling their interests to the new investor group. The closing of the transaction is subject to regulatory approval and is expected in the fourth quarter of 2012.

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International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Robert W. Mullen, Jr., represented the Government of Bermuda (“Bermuda”) in its Rule 144A/Regulation S global offering of US$475 million 4.138% senior notes due 2023. The offering achieved the lowest fixed rate bond yield ever for Bermuda. The notes were dual listed on the Luxembourg and the Bermuda Stock Exchanges.

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Davis Polk advised Credit Suisse AG, as administrative agent, and Credit Suisse Securities (USA) LLC, as lead arranger, in connection with an amendment to Walter Investment Management Corp.’s existing first-lien senior secured credit facility, which amendment provided for an increase in the size of Walter Investment’s revolving credit facility from $45 million to $100 million.

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King & Spalding announced today its role as legal advisor in the formation of the TFI-Hines Brazil Income Real Estate Fund, the first Shari’ah-compliant property fund in Brazil. The fund completed its initial acquisition on July 2 — a nearly $50 million investment in the World Trade Centre complex in São Paulo, Brazil.

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Cravath represented the underwriters, led by Credit Suisse, in connection with the $1.2 billion registered offering of high‑yield notes by CHS/Community Health Systems, Inc., one of the largest publicly traded operators of hospitals in the United States. The transaction closed on July 18, 2012.

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The Firm recently completed its representation of Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities and RBS Securities, as dealer managers, in connection with Rule 144A/Regulation S private exchange offer by Kraft Foods Inc. (“Kraft Foods”). Pursuant to the exchange offers, Kraft Foods offered to exchange its existing 6.500% Notes due 2040, 6.875% Notes due 2039, 6.875% Notes due 2038, 7.000% Notes due 2037, 6.500% Notes due 2031, 5.375% Notes due 2020, 6.125% Notes due August 2018 and 6.125% Notes due February 2018 for up to $3.6 billion aggregate principal amount of new 6.500% Notes due 2040, 6.875% Notes due 2039, 5.375% Notes due 2020 and 6.125% Notes due 2018 to be issued by Kraft Foods’ wholly owned subsidiary, Kraft Foods Group, Inc. (“Kraft Foods Group”) and, as applicable, cash. Upon the successful completion of the exchange offers, $3.6 billion of new Kraft Foods Group notes were issued. The notes will be initially guaranteed by Kraft Foods, which guarantee will be automatically released upon the completion of Kraft Foods’ spin-off of Kraft Foods Group to its shareholders.

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