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Transactional

Tax

  • Time Warner Cable to Merge with Comcast in $45 Billion Deal

    Mergers & AcquisitionsEmployee BenefitsEnvironmentalIP TransactionsReal EstateTax

    As has been widely reported in the Wall Street Journal, The New York Times and numerous media outlets worldwide, Paul, Weiss client Time Warner Cable Inc. announced its agreement to merge with Comcast Corp. for approximately $45.2 billion. The transaction will create a leading technology and innovation company, differentiated by its ability to deliver ground-breaking products on a superior network while leveraging a national platform to create operating efficiencies and economies of scale. The merger agreement is subject to shareholder approval at both companies and regulatory review and other customary conditions and is expected to close by the end of 2014.

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  • Paul, Weiss Adds Leading Tax Partner

    Tax

    Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Scott M. Sontag has joined the firm as a partner in its tax department, resident in New York, where he will focus his practice on a wide range of domestic and international transactions. "We are delighted to welcome Scott to our firm, where he will be a wonderful addition to our tax department and enhance our transactional practice," said Paul, Weiss chair Brad S. Karp. Mr. Sontag is ranked as a leading Tax lawyer by Chambers USA and Legal 500 US and has been named among the leading Bankruptcy Tax Specialists in the nation's major law firms by Turnarounds and Workouts magazine.

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  • Swiss Re Completes $750 Million Offering

    EuropeCapital Markets & SecuritiesTax

    Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of $750 million of subordinated contingent write-off loan notes with a scheduled maturity in 2024. The loan notes can be permanently written down to zero, and investors lose their principal if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold. The loan notes were issued through a so-called "repackaging vehicle." The offering was Regulation S only.   

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  • Aurizon Agrees to Acquisition
    by Hecla Mining

    CanadaMergers & AcquisitionsTaxLitigation

    Paul, Weiss client Aurizon Mines Ltd. announced that it had entered into an agreement with Hecla Mining Company pursuant to which Hecla will acquire all of the issued and outstanding common shares of Aurizon for aggregate consideration of approximately Cdn$796 million. Under the terms of the agreement, Aurizon shareholders may elect to receive Cdn$4.75 or 0.9953 of a Hecla share in exchange for each Aurizon common share, subject in each case to pro-ration. Aurizon entered into the agreement with Hecla following receipt of an unsolicited offer from Alamos Gold Inc. and the completion of a process in which the Aurizon board of directors reviewed and evaluated a range of alternatives focussed on maximizing value.

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  • KPS to Acquire Electrical
    Components International

    Mergers & AcquisitionsTaxEmployee BenefitsEnvironmental

    Paul, Weiss client KPS Capital Partners announced that, through a newly formed affiliate, it has entered into definitive agreements to acquire Electrical Components International, Inc. and its affiliates. Completion of the closing is expected during the second quarter of 2014 and is subject to customary closing conditions. Financial terms were not disclosed.

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  • Nexen Acquired For More
    Than $15 Billion By CNOOC

    CanadaAsiaMergers & AcquisitionsEmployee BenefitsTax

    As has been widely reported in several media outlets, including The New York Times, the Wall Street Journal and the Financial Times, Paul, Weiss client Nexen Inc. (Nexen), a Canada-based global energy company with operations in the UK, Canada, Nigeria, the United States and elsewhere, was acquired for more than $15 billion by CNOOC Ltd., China's state-owned offshore oil and gas company. Under the terms of the transaction, which will see TSX- and NYSE-listed Nexen go private, CNOOC acquired all of Nexen's outstanding common shares for $27.50 per share in cash, a premium of 61 percent to the closing price on the NYSE immediately prior to the announcement of the acquisition.

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  • Ericsson Completes Sale of Patent
    Portfolio to Unwired Planet

    IP TransactionsMergers & AcquisitionsBankruptcyLitigationTax

    Paul, Weiss client Ericsson completed its previously announced sale of more than 2,100 issued U.S. and international patents and patent applications to Unwired Planet, Inc. The portfolio includes patented inventions related to telecommunications infrastructure and mobile internet technologies, such as GSM, GPRS, EDGE, WCDMA and LTE, as well as many other patented inventions that are widely implemented in many popular wireless devices and mobile industries.

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  • Time Warner Cable To Be
    SportsNet LA’s Charter Distributor

    Media & EntertainmentMergers & AcquisitionsIP TransactionsBankruptcyTax

    Paul, Weiss client Time Warner Cable (TWC) has agreed to be the charter distributor for SportsNet LA, the new regional television network for the Los Angeles Dodgers beginning with the 2014 Major League Baseball season. SportsNet LA was created by the Los Angeles Dodgers ownership group, American Media Productions, LLC (AMP). TWC will carry the new network for its customers throughout Southern California and Hawaii under a long-term affiliation deal. In addition, in return for agreeing to make payments over the life of the deal, TWC will be the exclusive advertising and affiliate sales agent for the new network and will have certain branding and programming rights with respect to the network.

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  • ClearEdge Power Announces Acquisition of UTC Power Corporation's Equity Interests

    Mergers & AcquisitionsIP TransactionsEmployee BenefitsEnvironmentalTax

    Paul, Weiss client ClearEdge Power, Inc., a subsidiary of Kohlberg Ventures LLC, announced that it has acquired all of UTC Power Corporation's equity interests from United Technologies Corporation. UTC Power Corporation is a holding company in the business of the design, development, manufacture, sale and installation of aftermarket support for fuel cell products and technology used in stationary energy applications.

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  • Reckitt Benckiser Announces Latin America OTC Collaboration with Bristol-Myers Squibb

    Mergers & AcquisitionsIP TransactionsEmployee BenefitsTax

    Paul, Weiss client, Reckitt Benckiser Group plc (Reckitt), announced it has entered into a three-year collaboration agreement with the Bristol-Myers Squibb Company (BMS) for a number of market-leading over-the-counter consumer health care brands in Brazil, Mexico and certain other parts of Latin America, with an option to purchase such brands at the end of the three-year period. Under this collaboration, Reckitt will license the brands from BMS, which will continue to manufacture them for three years. Reckitt will initially pay BMS $482 million to enter into the arrangement, which also includes personnel, supply contracts and an option, based on business performance, to acquire legal title to the related intellectual property at the end of the collaboration period.

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Tax Partners

Paul, Weiss, Rifkind, Wharton & Garrison LLP