Business & Practice

Skadden, Simpson Thacher Snag Roles on WeWork IPO (1)

Aug. 14, 2019, 2:47 PMUpdated: Aug. 14, 2019, 3:54 PM

Skadden Arps, Slate, Meagher & Flom and Simpson, Thacher & Bartlett are helping WeWork go public in one of the most highly anticipated initial public offerings of 2019.

The We Company, WeWork’s parent company, is represented by Skadden, according to the company’s S-1 filing with the Securities and Exchange Commission. Simpson Thacher is representing its underwriters, led by Goldman Sachs and JP Morgan Chase.

Ryan Dzierniejko, a Skadden partner working in New York, led the firm’s team on the IPO. That group also included D. Graham Robinson Jr., head of the firm’s Boston mergers and acquisitions group, and Laura Knoll, a Boston M&A partner.

The trio previously advised WeWork in 2017 when the New York-based workspace rental company received a $4.4 billion investment from Japanese tech company SoftBank, which is WeWork’s largest backer.

Simpson Thacher capital markets partners Roxane Reardon and John Ericson are representing the underwriters on WeWork’s IPO.

In its filing, WeWork reported revenues of $1.54 billion and a net loss in excess of $900 million for the first half of 2019. The company opened its first workspace in 2010 in New York, and has since expanded to 528 locations in 29 countries around the world.

WeWork’s IPO is one of several major public offerings this year that have attracted high-end law firms. Goodwin Procter and Wilson Sonsini Goodrich & Rosati both advised on Lyft’s public debut in March. Uber Technologies Inc. turned to Cooley, Covington & Burling, and Davis, Polk & Wardwell for its long-anticipated IPO in April. Goodwin and Latham & Watkins advised Slack Technologies Inc. in its direct listing in June that netted Goodwin $2.5 million in fees.

WeWork, which confidentially filed plans for an IPO in April, is expected to debut its stock next month.

(Added information to clarify leadership roles on Skadden's team. )

To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com

To contact the editors responsible for this story: Jessie Kokrda Kamens at jkamens@bloomberglaw.com; Rebekah Mintzer at rmintzer@bloomberglaw.com

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