The London office of Reed Smith Richards Butler has won a minor role in a major US technology deal, handling UK issues on AOL’s $850m (£424.24m) cash buyout of social networking site Bebo.
Reed Smith senior associate Gregor Pryor said the firm was drafted in to help on UK issues given the reach of Bebo’s business in the UK. The deal was led out of Silicon Valley, where Bebo is based, with Weil Gotshal & Manges partners Kyle Krpata and Dick Millard advising Bebo’s owners, Michael and Xochi Birch.
AOL turned to Simpson Thacher & Bartlett Palo Alto partner Peter Malloy and associate Ted Frankel. Herbert Smith partners Gavin Davies and Nick Elverston handled the UK side of things for AOL, while Australian matters were dealt with by Allens Arthur Robinson partner Ian McGill.
Last month AOL bought UK internet marketing outfit Buy.at under advice from Herbert Smith’s Davies. Buy.at was sold by venture capital fund DFJ Esprit, which was advised by Morrison & Foerster corporate head Paul Claydon and partner James Gubbins.