Ropes & Gray Represents TPG Capital on its Investment in DirecTV with AT&T

Ropes & Gray represented TPG Capital in its investment in DirecTV with AT&T Inc. The transaction was announced on February 25. The press release is available here.

TPG Capital and AT&T have signed a definitive agreement under which the two parties will establish a new company named DIRECTV that will own and operate AT&T’s U.S. video business unit consisting of the DIRECTV, AT&T TV and U-verse video services. The transaction to separate AT&T’s U.S. video business into DIRECTV implies an enterprise value for the new company of $16.25 billion.

TPG Capital is the private equity platform of TPG, a global alternative asset firm founded in 1992 with approximately $85 billion of assets under management. AT&T Inc. is a diversified, global leader in telecommunications, media and entertainment, and technology.

The Ropes & Gray team that represented TPG Capital was led by private equity partners Jay Freedman, Minh-Chau Le (both of San Francisco) and Mike Roh (Boston), IP transactions partner Megan Baca (Silicon Valley), employment executive compensation & benefits partners Matthew Jones (Chicago) and Loretta Richard (Boston), tax partners Benjamin Rogers (San Francisco) and Adam Greenwood (New York), finance partners Mike Lee (Boston) and Alexander Zeltser (New York),  litigation & enforcement partners Timothy Farrell (Chicago), Daniel McCaughey, Randall Bodner (both of Boston) and Ama Adams (Washington D.C.) and private equity partner Howard Glazer (San Francisco).