Just days after the headline grabbing acquisition of Yahoo!, Goodwin Procter, Cleary Gottlieb Steen & Hamilton, A&L Goodbody and Macfarlanes are among those who have landed roles advising on Verizon’s purchase of Fleetmatics Group.
US internet giant Verizon has agreed to buy the Dublin-based and New York Stock Exchange-listed vehicle communications company for $60 a share in cash, valuing the offer at around $2.4bn.
The deal will see Verizon pick up Fleetmatics’ web-based solutions and tracking software for vehicle fleet operators, which provide insights into the mobile workforce. The company, which has offices in the US, UK and Ireland, has 1,200 employees and around 37,000 customers with 737,000 subscribers to its services.
Verizon was advised by US firm Cleary Gottlieb, Macfarlanes in London and A&L Goodbody on the Irish side of the deal. The Macfarlanes team advising Verizon was led by a trio of partners in Graham Gibb, Nicholas Barclay and Ashley Greenbank.
For Macfarlanes, the mandate follows the firm’s advice to Verizon in 2013 when Vodafone sold off its 45% interest in the company.
Fleetmatics was advised by Goodwin Procter technology partners Kenneth Gordon, James Matarese and Joseph Theis. Maples and Calder also advised on the Fleetmatics side.
Ashurst advised Wells Fargo and PJT Partners, the joint financial advisers to Verizon on the deal. The Ashurst team was led by corporate partners Adrian Clark and Karen Davies.
The announcement of the deal follows Verizon’s purchase of Yahoo! for $4.8bn. The acquisition was confirmed last week, with elite US firms taking on the major roles. Wachtell, Lipton, Rosen & Katz, Gibson Dunn & Crutcher, Covington & Burling and Winston & Strawn all acted for Verizon. Skadden, Arps, Slate, Meagher & Flom, Wilson Sonsini Goodrich & Rosati and Weil, Gotshal & Manges served as legal advisers to the internet company.
The acquisition of Yahoo! and the offer for Fleetmatics come after Verizon’s purchase of AOL last year for $4.4bn.