Sullivan, Ropes, Cleary Steer AT&T, TPG Deal to Spin Off DirecTV

Sullivan and Cromwell advised AT&T Inc. on spinning off DirecTV into a separate company that will include a 30% stake from private equity firm TPG.

Ropes and Gray is advising TPG on the deal, which values the new company at about $16 billion, a third of what AT&T paid for DirecTV six years ago.

Cleary Gottlieb said it is advising TPG on antitrust and fund formation matters stemming from the transaction.

The new company will be jointly governed by a board with two representatives each from AT&T and TPG, as well as a fifth seat for the CEO, which at ...