Wachtell directs Adobe’s $1.27 bln Frame.io purchase

The logo for the Wachtell, Lipton, Rosen & Katz law firm is seen at their office in New York, U.S., June 7, 2017. REUTERS/Shannon Stapleton

  • Wachtell guides Adobe
  • Deal adds to firm’s work in technology sector

(Reuters) – Wachtell, Lipton, Rosen & Katz is guiding Adobe’s purchase of video review platform Frame.io for $1.275 billion, a deal Adobe said would enable it to expand how its users can collaborate during the video creation process.

San Jose, California-based Adobe has tapped a Wachtell Lipton team led by corporate partners Edward Herlihy, Jenna Levine and Jake Kling.

The team also includes antitrust partner Nelson Fitts, executive compensation and benefits partner Erica Bonnett, finance partner Emily Johnson and tax partner T. Eiko Stange.

Counsel information for Frame.io was not immediately known and a representative did not respond to an inquiry.

The acquisition is expected to close in the fourth quarter of Adobe’s 2021 fiscal year.

The deal adds another transaction in the technology space to Wachtell’s belt.

At the beginning of August, Wachtell was among the four firms advising on Square Inc’s $29 billion purchase of payment plan business Afterpay Ltd. For that acquisition, Wachtell guided Twitter CEO Jack Dorsey’s Square.

Wachtell is also counseling long-standing client Penn National Gaming Inc on its roughly $2 billion planned purchase of sports-gambling company Score Media and Gaming Inc.

The firm’s antitrust team has also been busy counseling on technology M&A deals.

The firm’s attorneys, as well as those from Covington & Burling, worked with Salesforce on U.S. antitrust matters for the planned $27.7 billion acquisition of workplace messaging company Slack Technologies Inc.

Wachtell ranks sixth among the top 25 legal advisers on M&A deals announced so far this year, based on the combined value of the deals the firm has advised on, according to data provider Refinitiv. This time last year, the firm held the eighth spot.

The firm has worked on 77 announced deals since 2021 began, one of the smaller totals on the list, the data shows. But the deals have been worth roughly $333.47 billion.

There have been 36,644 deals worth a combined $3.8 trillion announced so far this year, according to Refinitiv.

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Covington, Wachtell guide Salesforce on DOJ’s antitrust review

Latham led the pack for U.S. M&A value in 2020, surpassing Wachtell

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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Sierra Jackson