M+A 2017 Annual Review
2017 3 5 IN REVIEW
Axalta Daiwa 7 9 11
GLP McAfee Mobileye 13 15 17
Rao’s SoftBank Starwood Energy 19 21 23
Syneron Toshiba Representative Deals WELCOME TO OUR 2017 M+A ANNUAL REVIEW
To our clients and friends:
The uncertain geopolitical, regulatory and economic climate of 2017 made for an unpredictable global M&A market. But the structural demand for consolidation in several key industries and for growth across the board, coupled with a buoyant stock market, strong corporate earnings and other macroeconomic tailwinds in most of the key financial markets, resulted in strong deal flow in the U.S. and around the globe. As we open the new year with momentum, we are optimistic about 2018.
Technology M&A continues to be a mainstay of our global M&A practice. The trend toward global consolidation through cross-border M&A plays to our strengths, and leading companies and private equity funds from around the world continue to look to Morrison & Foerster to advise them on their most significant and complex transactions. Our market position is particularly strong in semiconductors, where we handled both Toshiba’s $18 billion sale of its wholly-owned subsidiary Toshiba Memory Corporation to a consortium led by Bain Capital, which is the largest private equity deal ever in Asia, and Mobileye’s $15.3 billion acquisition by Intel, which is the largest ever tech M&A transaction involving an Israeli company. The firm’s longtime client SoftBank also had a very active year, keeping us busy across our global M&A network with multiple, billion dollar acquisitions and investments in a range of emerging technologies.
In 2017 we saw significant activity in healthcare and life sciences, energy, financial services, food and beverage and other key sectors, with clients ranging from Axalta Coating Systems to Boyd Gaming to Rao’s Specialty Foods to Hitachi. Our growing energy M&A and Private Equity practice enjoyed another strong year, with multiple transactions for Axium Infrastructure, UBS Infrastructure and D.E. Shaw, among others.
1 MORRISON & FOERSTER Our clients faced new challenges from the growing threat of data breaches and other cybersecurity risks. No firm is better equipped to handle these challenges. As privacy and cybersecurity become a regular part of due diligence and risk management, we are partnering with clients to help them understand and mitigate these risks in the context of contemplated acquisitions.
We also continue to be a leader in helping our clients understand and manage the increasingly challenging CFIUS review process, the uncertainties presented by Brexit, the dramatic changes in the U.S. tax regime, the changing landscape of deal-related litigation and the now-pervasive impact of shareholder activism.
We are proud of our work this past year for our innovative, market-leading clients. We hope you will take a few minutes to scan the following pages, which highlight just a few of the many transactions we were honored to have worked on in 2017. We thank our clients and friends for entrusting us with your work, and we look forward to our continued partnership in 2018.
MORRISON & FOERSTER LLP
161 $113 BILLION 72 M&A TRANSACTIONS APPROXIMATE TOTAL VALUE NEW CORPORATE ATTORNEYS GLOBALLY 17 82 18 TRANSACTIONS OVER CROSS-BORDER DEALS INDUSTRIES $1 BILLION IN VALUE
2017 M+A ANNUAL REVIEW 2 Axalta
Morrison & Foerster represented Axalta Coating Systems in its acquisition of Valspar’s North American Industrial Wood Coatings business from Valspar Corporation and The Sherwin‑Williams Company. Axalta is a leading global supplier of liquid and powder coatings headquartered in Philadelphia, Pennsylvania. It develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. Valspar’s North American Industrial Wood Coatings business is one of the leading providers of coatings for Original Equipment Manufacturer (OEM) and aftermarket industrial wood markets, including building products, cabinets, flooring, and furniture in North America.
We also represented Axalta in its acquisition of Ellis Paint Company, a prominent manufacturer of industrial and automotive refinish paint in North America; its acquisition of Spencer Coatings Group, a leading manufacturer of high-performance industrial coatings for heavy‑duty equipment, general industrial, oil and gas, and glass coatings segments; and its proposed mergers with Akzo Nobel N.V. and Nippon Paint Holdings, Co., Ltd.
3 MORRISON & FOERSTER They make sure that they understand the exact nature of our challenges before coming up with practical and legally compliant recommendations. – Client Quote, Chambers USA 2017
THIS IS AN OUTSTANDING OPPORTUNITY FOR AXALTA TO ENTER THE LARGE INDUSTRIAL WOOD COATINGS MARKET WITH AN INDUSTRY-LEADING PORTFOLIO OF PRODUCTS AND CUSTOMERS. THE STRONG REPUTATION ENJOYED BY THESE BRANDS AMONG A LONG-TERM CUSTOMER BASE WILL PROVIDE AN EXCELLENT PLATFORM FOR FUTURE GROWTH IN THIS IMPORTANT MARKET. THIS ACQUISITION CONTINUES TO BUILD ON OUR STRATEGY TO STRENGTHEN AND FURTHER DIVERSIFY OUR PERFORMANCE COATINGS SEGMENT. Charlie Shaver, Chairman and CEO of Axalta
2017 M+A ANNUAL REVIEW 4 Daiwa
Morrison & Foerster represented Daiwa Securities Group, Inc. in its acquisition of both Sagent Advisors and Signal Hill Holdings LLC. These strategic acquisitions strengthen Daiwa’s global advisory business by combining both operations to form a new North America-focused M&A advisory firm to be called “DCS Advisory,” which would be the result of the anticipated post-closing integration and combination of Sagent and Signal Hill.
Daiwa is a premier global financial services company based in Japan.
EXPANDING OUR COMPANY’S M&A ADVISORY BUSINESS CONTINUES TO BE CORE TO OUR STRATEGIC GROWTH. CROSS-BORDER M&A INVOLVING JAPANESE CORPORATES HAS GROWN SIGNIFICANTLY OVER THE PAST 10 YEARS AND WE BELIEVE THAT THIS TRANSACTION IS AN EXCELLENT OPPORTUNITY TO BOLSTER OUR GLOBAL ADVISORY CAPABILITIES WITH TWO STRONG AND DISTINGUISHED NORTH AMERICAN INVESTMENT BANKS. Seiji Nakata, President and CEO of Daiwa Securities Group
5 MORRISON & FOERSTER Quite a few international firms are good . . . however, the efficiency of MoFo is more impressive. – Client Quote, Chambers Asia-Pacific 2017
2017 M+A ANNUAL REVIEW 6 GLP
Morrison & Foerster represented Singapore Exchange-listed GLP Pte Ltd. in the privatization of GLP by way of a scheme of arrangement, pursuant to which Nesta Investment Holdings Limited acquired all of the issued and paid-up ordinary shares in the capital of GLP. The transaction values the company at approximately $11.64 billion. The deal has been reported to be the largest private equity buyout of an Asian company by enterprise value.
AFTER AN EXTENSIVE EVALUATION OF ALL FINAL PROPOSALS RECEIVED, THE SPECIAL COMMITTEE DECIDED ON TH[IS] SCHEME, WHICH WE BELIEVE IS COMPELLING AND VALUE-ENHANCING FOR ALL SHAREHOLDERS. Seek Ngee Huat, Chairman of GLP’s Board
7 MORRISON & FOERSTER Significant M&A clientele, including corporate heavyweights across Asia. – Chambers Asia-Pacific 2017
2017 M+A ANNUAL REVIEW 8 McAfee
Morrison & Foerster represented McAfee in its acquisition of Campbell, California-based Skyhigh Networks, Inc. Skyhigh is the worldwide leader in the cloud access security broker (CASB) market segment. With the addition of Skyhigh, McAfee cloud security solutions now provide visibility, advanced threat prevention, and data protection controls across all clouds to secure network traffic, workloads, and data.
9 MORRISON & FOERSTER Morrison & Foerster is a strong corporate law firm, with top-notch support in M&A and technology transactions generally. The advice their lawyers give is practical and actionable. – Chambers USA 2017
SKYHIGH NETWORKS HAD THE FORESIGHT FIVE YEARS AGO TO REALIZE THAT CYBERSECURITY FOR CLOUD ENVIRONMENTS COULD NOT BE AN IMPEDIMENT TO, OR AFTERTHOUGHT OF, CLOUD ADOPTION… SKYHIGH’S LEADERSHIP IN CLOUD SECURITY, COMBINED WITH MCAFEE’S SECURITY PORTFOLIO STRENGTH, WILL SET THE COMPANY APART IN HELPING ORGANIZATIONS OPERATE FREELY AND SECURELY TO REACH THEIR FULL POTENTIAL. Chris Young, CEO of McAfee
2017 M+A ANNUAL REVIEW 10 Mobileye
Morrison & Foerster represented Mobileye N.V., a public limited liability company organized under Dutch law and headquartered in Israel, in its $15.3 billion acquisition by Intel Corporation. Mobileye is the global leader in developing computer vision and machine learning–based sensing, mapping and driving policy technology for advanced driver assistance systems and autonomous driving technologies. At the time of the acquisition, Mobileye was a “foreign private issuer” with shares listed on the New York Stock Exchange. Morrison & Foerster represented Mobileye since its days as a private company, through its institutional private placements, its IPO and follow-on offering, and most recently in its sale.
This was the largest-ever tech M&A transaction involving an Israeli company. The transaction was recognized as “highly commended” in the Enabling Business Growth category at the 2017 Financial Times’ North America Innovative Lawyers awards.
11 MORRISON & FOERSTER MoFo is clearly a leading firm for international M&A transactions. – Chambers Global 2017
THE CHIP MAKER’S ACQUISITION OF MOBILEYE . . . IS ONE OF THE LARGEST IN THE FAST-GROWING SECTOR AND SETS THE STAGE FOR INCREASING COMPETITION BETWEEN SILICON VALLEY GIANTS AS WELL AS TRADITIONAL AUTOMAKERS OVER WHO WILL DOMINATE THE WORLD OF AUTONOMOUS CARS. The New York Times, March 13, 2017
2017 M+A ANNUAL REVIEW 12 Rao’s
Morrison & Foerster represented Rao’s Specialty Foods in its sale to Sovos Brands, a new food and beverage company formed by private equity sponsor Advent International. Rao’s, which was an affiliate of the famed Italian restaurant Rao’s Bar & Grill in East Harlem, produces Rao’s Homemade, the leading brand of super premium pasta sauce.
The transaction is indicative of the strong interest in food and beverage brands that are category leaders and that respond to the consumer preference for high-quality, minimally processed, and authentic products.
SINCE 1992 WE HAVE BEEN THE LEADING BRAND IN THE PREMIUM PASTA SAUCE CATEGORY BY A WIDE MARGIN, AND AS WE ENTER OUR 25TH YEAR, WE ARE COMMITTED TO MAINTAINING OUR TOP POSITION IN THE SPACE. WITH THE RESOURCES AND EXPERTISE OF SOVOS AND ADVENT, WE WILL BE IN AN EVEN STRONGER POSITION TO PURSUE THE SIGNIFICANT GROWTH OPPORTUNITIES AHEAD OF US. Eric Skae, CEO of Rao’s Specialty Foods
13 MORRISON & FOERSTER Ranked Tier 1 for Mergers & Acquisitions Law Nationwide – U.S. News Best Lawyers® Best Law Firms 2018
2017 M+A ANNUAL REVIEW 14 SoftBank
Morrison & Foerster represented long-time client SoftBank Group as lead investor in its $7.7 billion primary investment and secondary tender offer for shares of Uber, the global transportation technology company.
The firm also represented SoftBank in a number of other notable transactions in 2017, including its $5 billion investment into Didi, China’s leading ride-hailing and mobile transportation platform; its $4.4 billion investment in WeWork Companies, which was structured as a $3 billion investment in stock of WeWork Companies and a further $1.4 billion investment in joint ventures with WeWork Companies covering Japan, China and other parts of Asia; its acquisition of robotics company Boston Dynamics from seller Alphabet, Inc.; and its secondary transaction to acquire a significant minority interest in OSIsoft, an operational intelligence software startup, from Kleiner Perkins, TCV and Tola Capital.
15 MORRISON & FOERSTER Ranked Band 1 for Corporate/M&A: International in Japan – Chambers Global 2017
WE ARE VERY PLEASED TO HAVE SUCCESSFULLY CLOSED THE UBER INVESTMENT AND APPRECIATE THE SUPPORT AND PROFESSIONALISM OF THE BOARD, MANAGEMENT TEAM AND SHAREHOLDERS WHO MADE THIS TRANSACTION POSSIBLE. UBER HAS A VERY BRIGHT FUTURE UNDER ITS NEW LEADERSHIP. IT IS NOW PART OF A WIDER SOFTBANK NETWORK RANGING FROM SPRINT TO WEWORK. I LOOK FORWARD TO SOFTBANK HELPING UBER BECOME AN EVEN BIGGER GLOBAL SUCCESS. Rajeev Misra, CEO of SoftBank Investment Advisers
2017 M+A ANNUAL REVIEW 16 Starwood Energy
Morrison & Foerster represented Starwood Energy Group, a Greenwich, Connecticut-based private equity fund, affiliated with the Starwood Capital private equity fund, in its leveraged acquisition of a portfolio of natural-gas- fired electricity generation companies with operations in Massachusetts from affiliates of Dynegy, Inc.
The acquisition was financed by a combination of equity and limited recourse debt. The firm assisted Starwood with the debt financing of the acquisition, as well as a subsequent $900 million refinancing of the portfolio that also included an additional 760 MW natural-gas-fired power plant.
MORRISON & FOERSTER LLP’S TEAM IS STRONG IN SPONSOR-SIDE M&A, ALTHOUGH IT IS INCREASINGLY CAPABLE IN PROJECT FINANCE.
Legal 500 US 2017
17 MORRISON & FOERSTER Highly Regarded in Corporate/M&A in New York – Chambers USA 2017
2017 M+A ANNUAL REVIEW 18 Syneron Medical
Morrison & Foerster represented Syneron Medical Ltd., a public company that develops and markets aesthetic medical products, in its sale to affiliated funds managed by Apax Partners, a British private equity and venture capital firm.
Syneron, founded in 2000, is headquartered in Israel and sells its products and services in 86 countries. Apax Partners has offices in Tel Aviv and has acquired a number of companies in Israel in recent years.
19 MORRISON & FOERSTER Recognized as one of America’s Best Corporate Law Firms by directors and general counsel. – FTI Consulting/Corporate Board Member 2017
THIS ACQUISITION IS A STRONG RECOGNITION OF SYNERON CANDELA’S LEADERSHIP IN THE AESTHETIC MEDICAL DEVICE MARKET, ITS LEADING WORLD- CLASS TECHNOLOGY AND UNIQUE GLOBAL FOOTPRINT . . . WE ARE CONFIDENT THAT APAX WILL ADD SIGNIFICANT VALUE AND EXPERTISE AS SYNERON CANDELA EXECUTES ON ITS GROWTH STRATEGY WHILE DELIVERING INNOVATIVE TECHNOLOGIES TO OUR CUSTOMERS AND PATIENTS. Dr. Shimon Eckhouse, Co-Founder and Chairman of Syneron Candela
2017 M+A ANNUAL REVIEW 20 Toshiba
Morrison & Foerster is representing Toshiba Corporation in the $18 billion sale of its wholly-owned subsidiary Toshiba Memory Corporation (“TMC”) to a consortium led by Bain Capital, and which includes SK Hynix, HOYA Corp., Apple, Seagate, Kingston, and Dell. In addition, Innovation Network Corporation of Japan and Development Bank of Japan, Inc. may invest in TMC at a later time.
I CANNOT SPEAK MORE HIGHLY OF THEM. THEY UNDERSTAND WHAT WE ARE TRYING TO ACHIEVE AND THEY THINK AHEAD ABOUT OUR INTERESTS.
Client Quote, Chambers Asia-Pacific 2017
21 MORRISON & FOERSTER Ranked Tier 1: Corporate and M&A: International Firms and Joint Ventures – Legal 500 Japan 2017
2017 M+A ANNUAL REVIEW 22 Representative 2017 Deals
$18 Billion $15.3 Billion $11.64 Billion $7.7 Billion $5.2 Billion Takeda Pharmaceutical’s Sale of Toshiba Memory Privatization of GLP by Nesta Acquisition of Corporation to consortium Sale to Intel Investment in Uber Investment Holdings Limited Ariad Pharmaceuticals led by Bain Capital Counsel to Mobileye Counsel to SoftBank Counsel to Evercore Group, International Counsel to GLP Counsel to Toshiba Financial Advisor to Takeda Pharmaceutical
$450 Million $425 Million $420 Million $397 Million $375 Million Acquisition of Valspar’s Acquisition of NN, Inc.’s Acquisition of Sale of Care Investment Trust to North American Industrial Sale to Apax Partners Precision Bearing Mitobridge, Inc. Mainstreet Health Investments Wood Coatings Business Counsel to Syneron Medical Components Business Counsel to Astellas Counsel to Tiptree Counsel to Axalta Counsel to Tsubaki Nakashima
$106 Million $93 Million $55 Million $50 Million $15 Million Sale of its Acquisition of Chapter 11 Sale of Sale of its Acquisition of Delta ID North American Operations to Inspur International substantially all of its assets Infor Practice to Infor U.S. Counsel to HTC Global Ventures Counsel to Inspur Cloud to LSHC Solar Holdings Counsel to Ciber Fingerprint Cards Counsel to Ciber Computing Investment Counsel to Sungevity
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed
Acquisition of RemitData Acquisition of the assets of the Acquisition of WhiteBox Learning Acquisition of the assets of Acquisition of Counsel to eSolutions, Desert Community Bank Division Counsel to Flinn Scientific, Arizona Cultured Stone Products Skyfence Business from Imperva a Francisco Partners of East West Bank a portfolio company of Counsel to Dorfner GmbH Counsel to Forcepoint portfolio company Counsel to Flagstar Bank Windjammer Capital
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Sale of Rao’s Specialty Foods Acquisition of Sale of Nissan Motor Co.’s Acquisition of the to Sovos Brands, an affiliate of Sale of substantially all of its Arle Capital Partners Limited electric battery business to business and operations of Advent International Corp. Los Angeles operations assets Counsel to GSR Capital Eel River Resource Recovery Counsel to Counsel to Recology Newgate Private Equity Counsel to Nissan Motor Co. Counsel to Recology Rao’s Specialty Foods $5 Billion $4.4 Billion $3 Billion $2.4 Billion $1.2 Billion Monogram Residential Trust’s Acquisition of the Sullair Brand Investment in Investment in Sale to Greystar Divestment of Air Compressor Business from Xiaoju Kuaizhi (Didi) WeWork Real Estate Partners Landis+Gyr Accudyne Industries Counsel to SoftBank Counsel to SoftBank Counsel to Morgan Stanley, Counsel to Toshiba Counsel to Hitachi Financial Advisor to Monogram
$332.6 Million $300 Million $260 Million $250 Million $235 Million Tangoe’s sale to Acquisition of two joint ventures Acquisition of Valley Forge Acquisition of Marlin Equity Partners Investment in OYO Rooms from State Street Corporation Convention Center Partners, LP Sotera Defense Solutions Counsel to Stifel Nicolaus, Counsel to SoftBank Counsel to DST Systems Counsel to Boyd Gaming Counsel to KeyW Corporation Financial Advisor to Tangoe
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Acquisition of a Acquisition of Acquisition of significant minority interest in Joint Venture with Rakuten Sale to Berkshire Partners Ellis Paint Company Spencer Coatings Group two natural-gas-fired power Counsel to Accela Counsel to AirMap plants with a combined capacity Counsel to Axalta Counsel to Axalta of 1 GW from Capital Dynamics Counsel to Axium Infrastructure
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed
Acquisition of the Centricity Joint Venture with Acquisition of Acquisition of Acquisition of gWhiz, LLC Contingent Staffing Business Canada Pension Plan RedOwl Analytics TB&C Holding Counsel to Higher Learning from General Electric Investment Board Counsel to Forcepoint Counsel to H2 Equity Partners Technologies Counsel to HealthcareSource HR Counsel to IndoSpace
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Sale of the Acquisition by Acquisition of minority equity Acquisition of Boston Dynamics 40 MW Midway II Solar Project Merger with Affinitas GmbH Oerlikon Group interest in OSIsoft from Alphabet to Dominion Resources Counsel to Spark Networks Counsel to Scoperta Counsel to SoftBank Counsel to SoftBank Counsel to Solar Frontier Americas $1.2 Billion $1.165 Billion $936 Million $862 Million $800 Million Sale of Parkway, Inc. to Canada Acquisition of the energy assets Acquisition of Investment in Pension Plan Investment Board that supply Ohio State University Acquisition of Ultratech Mighty Corporation Verily Life Sciences Counsel to Management Team by an Axium-led consortium Counsel to Veeco Counsel to JT International Counsel to Temasek Holdings of Parkway Counsel to Axium Infrastructure
$222.5 Million $200 Million $185 Million $180 Million $180 Million Acquisition and leveraged Acquisition of Shanghai office financing of a 46-story luxury Sale of 16 long-listed Acquisition of InfoZen Investment in Plenty buildings from PGIM Real Estate apartment building in Chicago, IL products to LTL Pharma Counsel to Counsel to SoftBank Counsel to BlackRock Asia from Magellan Development Counsel to Astellas ManTech International Property Fund Counsel to Morguard
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed
Merger with Sale to Elsevier Acquisition of Morphick Albina Community Bank Counsel to Acquisition of Agalimmune Sale to Mettler Toledo Counsel to Counsel to Internet-Journals, d/b/a Counsel to BioLineRx Counsel to Biotix Booz Allen Hamilton Beneficial State Bank Berkeley Electronic Press
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed
Sale to DC Capital Partners Acquisition of W.AG Sale to Acquisition of Management, LP Investment in KUIU, LLC Counsel to Marlin Equity Partners Fortis Solutions Group Counsel to Counsel to Main Post Partners Kieger AG and CIC Capital Counsel to Logi Analytics Counsel to Main Post Partners Janus Global Operations
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed
Jaguar Animal Health’s merger Repros Therapeutics’ Sale of Tarantula Global Holdings Sale of DuPont Teijin Films to Sale of Toshiba Visual Solutions with Napo Pharmaceuticals sale to Allergan plc to Volaris Group Indorama Ventures to Hisense Electric Counsel to Stifel Nicolaus, Counsel to Stifel Nicolaus, Counsel to various individual Counsel to Teijin Counsel to Toshiba Financial Advisor to Jaguar Financial Advisor to Repros shareholders of Tarantula $525 Million $500 Million $480 Million $468 Million $467.5 Million Acquisition of City Entertainment Acquisition of Acquisition of four properties Acquisition of Investment in SoFi through its wholly-owned 685 Third Ave from from Pinnacle Entertainment Woodside Homes Company Counsel to SoftBank subsidiary Dadi Cinema Group TH Real Estate Counsel to Boyd Gaming Counsel to Sekisui House Counsel to Nan Hai Corporation Counsel to Unizo Real Estate
$155 Million $145 Million $131 Million $119 Million $110 Million Sale of 60% shareholding of a Sale of a 930-unit multifamily Acquisition of a natural gas Sale of its renewable gas Sale of a 41% interest in hospital in Suzhou to apartment community in Metro portfolio company from Dynegy business to BP Fujitsu Ten to Denso China Automation D.C. to GMF Capital Counsel to Counsel to Clean Energy Fuels Counsel to Fujitsu Counsel to Counsel to PCCP LLC Starwood Energy Group Ascendent Capital Partners
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Acquisition of a utility-scale Acquisition of a utility-scale Acquisition of Acquisition of Sale to 40 MW solar PV project from an 46 MW solar PV project from Sagent Advisors Signal Hill Holdings Värde Equity Partners affiliate of First Solar, Inc. Torch Clean Energy Counsel to Counsel to Counsel to CreditShop Counsel to D.E. Shaw Counsel to D.E. Shaw Daiwa Securities Group Daiwa Securities Group Renewable Investments Renewable Investments
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Acquisition and leveraged Acquisition and leveraged Sale of Acquisition of financing of a mixed-use financing of a three-building Meininger Hotel Köln GmbH Acquisition of Pocket Skyhigh Networks apartment complex in apartment complex in Counsel to Counsel to Mozilla Counsel to McAfee Falls Church, VA Rockville, MD Meininger Hotel Holdings Counsel to Morguard Counsel to Morguard
Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Terms Not Disclosed Acquisition of a significant Acquisition of Purshe Kaplan minority interest in a 785 MW Sale to Adastria Acquisition of VeloCloud Acquisition of Wavefront Sterling Investments capacity power plant from Counsel to the Founders and Counsel to VMware Counsel to VMware Counsel to Wentworth GE Energy Financial Services Minority Stakeholders of Velvet Management Services Counsel to UBS © 2018 Morrison & Foerster LLP