Lawyers from Sullivan & Cromwell and Simpson Thacher & Bartlett steered Pershing Square Capital Management as Bill Ackman sold a 10% stake of the management company to select investors.
Arch Capital Group Ltd., BTG Pactual, Consulta Ltd., and ICONIQ Investment Management are among the investors, along with Israeli insurance company Menora Mivtachim Holdings. They paid $1.05 billion combined for a piece of the company, which runs Ackman’s hedge funds, and is valued at more than $10 billion.
The deal comes ahead of a planned initial public offering for Pershing Square USA, Ackman’s investment fund in the US.
Simpson Thacher’s team includes Josh Bonnie, the co-head of the firm’s global capital markets practice and co-managing partner of its Washington, D.C. office, as well as capital markets partner William Golden and regulatory partner David Blass. The firm’s registered funds partner Ryan Brizek, fund transactions partner Ryan Williams, and tax partners Marcy Geller and Caroline Phillips also worked on the deal.
Bonnie advised the Carlyle Group and Blackstone on its corporate conversion, initial public offerings and other matters. Golden has guided multiple Blackstone portfolio companies on their IPOs, including Bumble’s $2.5 billion offering.
Lawyers from Skadden, Arps, Slate, Meagher & Flom advised US placement agents on the transaction.
Skadden’s team included Chicago-based investment management partner Kevin Hardy and New York-based capital markets partner Michael Schwartz.
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