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

Ropes & Gray represented TPG Capital in its investment in DirecTV with AT&T Inc. The transaction, which was announced on Feb. 25, closed on Aug. 2. The press release is here.

TPG Capital and AT&T agreed to establish a new company, DIRECTV, to own and operate the former AT&T U.S. and Puerto Rico video business unit consisting of satellite, streaming and IP video services. The newly branded DIRECTV STREAM will become the single brand for video streaming services previously launched by AT&T, excluding HBO Max.

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), and included IP transactions partner Megan Baca (Silicon Valley), tax partners Benjamin Rogers (San Francisco) and Adam Greenwood (New York), finance partners Mike Lee (Boston) and Alexander Zeltser (New York), employment executive compensation & benefits partner Matthew Jones (Chicago), private equity associates James Davis (Chicago), IP transactions associate Jimmy Chen (San Francisco), employment, executive compensation & benefits counsel Stephanie Bruce (Boston) and tax associate Tristan Evans-Wilent (New York).