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Munger, Cravath and Stoel Rives on Buffet Deal

Aug. 11, 2015, 3:00 PM

Munger, Tolles & Olson LLP represented Warren Buffett’s Berkshire Hathaway in its acquisition of Precision Castparts Corp.

Cravath, Swaine & Moore LLP and Stoel Rives LLP represented Precision Castparts, a maker of equipment for the aerospace and energy industries, in a deal valued at $37.2 billion, including debt.

The Munger Tolles deal team was led by corporate partners Robert Denham and Mary Ann Todd and also included partners Brett Rodda, corporate; and Stephen Rose, tax; and of counsel Williana Chang, executive compensation and employee benefits.

The Cravath team was led by M&A partners Faiza Saeed and George Schoen, and also included executive compensation and benefits partner Eric Hilfers.

From Stoel Rives advising Precision Castparts was partner Jason Brauser, along with partners Peter Serrurier, environment, land use and natural resources; Chris Heuer, tax; Bethany Bacci, employee benefits; Devin McComb, real estate; and C.J. Voss, and of counsel Laurie Huotari, corporate and M&A.

Buffett’s firm will pay $235 a share in cash, the companies said Monday in a statement. That’s 21 percent more than Friday’s closing price for the Portland, Oregon-based company, which had dropped 17 percent in the past year amid the slump in energy prices.

The deal is one of the largest by Buffett, who has been building his Omaha, Nebraska-based firm in recent years with the acquisition of industrial companies such as Iscar Metalworking in 2006 and chemical maker Lubrizol in 2011. It will also help work down a cash pile that climbed to more than $66 billion at Berkshire as of June 30.

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