Cooley, Latham take lead on Zoom’s $14.7-bln Five9 deal

  • Cooley also advised Zoom in its IPO and its acquisition of Keybase
  • Latham & Watkins has advised on more than $353.8 billion in deals this year

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RALEIGH, NC, July 19 (Reuters) – Zoom Video Communications Inc is once again turning to Cooley for deal advice as its virtual meetings business booms, this time with its acquisition of cloud-based call center operator Five9.

Five9 has tapped a team from Latham & Watkins for the $14.7 billion all-stock deal.

The merger adds another notch in the M&A belt for Latham, which has already advised on nearly 450 transactions this year, according to data from Refinitiv. The firm ranks third among legal advisors by the combined value of its global announced M&A deals in 2021, which stands at more than $353.8 billion.

For Cooley, with 144 global deals worth $101 billion so far this year, Zoom is a familiar client. The firm previously represented the video conferencing platform in its acquisition of secure messaging startup Keybase last May and its $864 million initial public offering in 2019.

“We’re thrilled to have partnered with Zoom on the pending acquisition of Five9,” Jamie Leigh, co-chair of Cooley’s global M&A practice and lead partner on Zoom’s deal, said in a statement. “Cooley is honored to have the opportunity to continue working with the extraordinary team at Zoom as they continue to deliver happiness to all of us each and every day.”

Cooley’s deal team also included corporate partners Ben Beerle, Ann Lieberman, and Jon Avina. Lieberman led Zoom in its purchase of Keybase and Avina was the lead partner for the company’s IPO.

The Latham deal team is led by Tad Freese and Mark Bekheit. The group also includes tax partner Grace Lee; benefits and compensation partner Ashley Wagner; antitrust partners Amanda Reeves and Kelly Smith Fayne; intellectual partner Anthony Klein; finance partner Reza Mojtabaee-Zamani; data privacy counsel Robert Blamires and anticorruption partner Erin Brown Jones.

Under the terms of the deal, Five9 will become an operating unit of Zoom and its chief executive, Rowan Trollope, will become a president while staying on as chief of the unit after the deal, which is expected to close in the first half of 2022.

Read more:

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Reporting by Arriana McLymore; Editing by Bernadette Baum

Arriana Mclymore

Arriana McLymore reports on the business of law, including diversity in the profession, corporate practices, legal education and attorney career life cycles.

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Arriana Mclymore