Deal log: Wilson and Simpson guide Twitter on selling to Musk

Twitter Inc. (TWTR) has tapped longtime attorney Wilson Sonsini Goodrich & Rosati PC for its $44 billion deal sell to an entity owned by Elon Musk which was announced on Monday, April 25.
Martin Korman of Wilson Sonsini, Douglas Schnell, Remi Korenblit and Katharine A. Martin teamed up with Alan M. Klein, Anthony Vernace and Katherine Krause of Simpson Thacher & Bartlett LLP to represent the social media company.
The San Francisco-based target turned to Gene Sykes, Sam Britton and Kim-Thu Posnett at Goldman, Sachs & Co.; Marco Caggiano, David Freedman, Noah Weintroub and Eric Menell at JPMorgan Chase & Co. with Allen & Co. LLC for financial advice.
Martin, Steven Bochner and Rezwan D. Pavri of Wilson Sonsini served as attorneys for the company’s IPO in 2013, on which Goldman, Morgan Stanley and JPMorgan were lead underwriters. Wilson also advised Twitter on its $1.05 billion sale of MoPub Inc. to AppLovin Corp. (APP), an agreement announced on October 6 and concluded on January 1.
Klein and Vernace and Britton and Dan Dees of Goldman are working with longtime client Microsoft Corp. (MSFT) on its pending $68.7 billion deal to buy Activision Blizzard Inc. (ATVI), a Santa Monica, Calif.-based online game developer, a deal announced Jan. 18.
Internally, Vijaya Gadde, Twitter’s senior director of policy and safety and general counsel, and general counsel Sean Edgett worked on the deal. Gadde practiced at Wilson Sonsini from 2000 until 2010, when she joined Juniper Networks. She joined Twitter in 2011 as chief legal officer and became general counsel two years later.
Musk used Michael S. Ringler, Sonia K. Nijjar and Dohyun Kim of Skadden, Arps, Slate, Meagher & Flom LLP as counsel and Michael Grimes, Anthony Armstrong and Owen O’Keeffe of Morgan Stanley as lead financial adviser. BofA Securities Inc. and Barclays plc also provided financial advice to Musk. Skadden’s Nijjar and Kenton King advised Activision on the deal with Microsoft.
Davis Polk & Wardwell LLP is advising Morgan Stanley and the other banks providing $25.5 billion in fully committed financing to fund the deal. Davis Polk’s James A. Florack and Sanders Witkow led the $13 billion leveraged funding loan that Twitter will take on, while the company’s John Brandow led the $12.5 billion margin loan. dollars that Musk entities contract. Skadden’s Steven Messina and Tracey L. Chenoweth are advising Musk on funding.
The margin loan is secured by a portion of Musk’s stake in Tesla Inc. (TSLA). Musk is also investing $21 billion in equity.
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