The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Marquee Simpson Thacher client Blackstone launched a $36bn (£18.9bn) bid for America’s biggest landlord, Equity Office Properties Trust (EOP), making it the largest buyout in history.
Blackstone’s acquisition beats Kohlberg Kravis Roberts (KKR)’ buyout of hospital chain HCA this summer for $33bn (£17.3bn). KKR is also a Simpson Thacher client.
On the EOP buyout, corporate partner Brian Stadler and real-estate head Greg Ressa led the team at Simpson Thacher. EOP’s largest shareholder is still the company founder, Chicago tycoon Sam Zell.
EOP had been grooming itself recently for a possible buyout, shedding both properties in its portfolio and over 360 jobs.
Blackstone will pay $20bn (£10.5bn) and assume $16bn (£8.7bn) in debt for EOP, which owns 580 buidlings in 16 states. The offer’s terms see Blackstone pay $48.50 (£25.48) per share for the NYSE-listed company.
Acquisition financing will be led by Goldman Sachs, Bank of America and Bear Stearns. Cleary Gottlieb Steen & Hamilton are advising Goldman Sachs.
In the last two and a half years, Simpson Thacher has advised Blackstone on deals with an aggregate value of $76bn (£39.9bn).
Most recently, the firm advised Blackstone on its joint acquisition for $4.8bn (£2.5bn) of Trizec Properties, which owns Manhattan’s Grace Building, where Baker & McKenzie are tenants.