Website development company Squarespace’s move to go private through a $6.6 billion cash buyout by private equity shop Permira features lawyers from six different firms.
The deal values Squarespace at more than $6.6 billion on an equity value basis and approximately $6.9 billion on an enterprise value basis.
Skadden, Arps, Slate, Meagher & Flom guided Squarespace on the transaction. Its team includes M&A partners Christopher Barlow, Allison Schneirov, and Daniel Luks, as well as capital markets partner Ryan Dzierniejko.
Permira Advisers turned to a Latham & Watkins team led by partners Brian Mangino, Amber Banks, and Mariclaire Petty Brewer.
Wilson Sonsini Goodrich & Rosati advised Anthony Casalena, the founder and CEO of Squarespace. Casalena will roll over a majority of his existing equity and remain one of the company’s largest shareholders. The Wilson Sonsini team includes partners Marty Korman, Todd Cleary, Megan Baier, Amy Simmerman, and Catherine Riley Tzipori.
Richards, Layton & Finger advised the special committee of the Squarespace Board of Directors.
Long-term investors General Atlantic and Accel agreed to vote for the transaction and re-invest, according to Squarespace.
Paul, Weiss, Rifkind, Wharton & Garrison advised General Atlantic. Its team includes partners Ellen N. Ching and Matthew W. Abbott.
A Cooley LLP team led by partners Ben Beerle, Amelia Runyan Davis, Jamie Leigh, and Patrick Gibbs advised Accel.
The take private deal comes as lawyers confront a sluggish market for initial public offerings, which reached its worst drop in a decade last year.
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