Three firms shape Blackstone’s purchase of majority stake in Spanx

Signage is seen on the exterior of the building where law firm Cravath, Swaine & Moore LLP is located in Manhattan, New York City, U.S., August 17, 2020. REUTERS/Andrew Kelly

  • Cravath advises Spanx
  • King & Spalding represents Spanx founder
  • Simpson Thacher guides longtime client Blackstone

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(Reuters) – Three law firms, including Cravath, Swaine and Moore and Simpson Thacher & Bartlett, have added Blackstone’s purchase of a majority stake in shapewear brand Spanx Inc to their belts.

The transaction, announced on Wednesday, values Spanx at $1.2 billion.

Atlanta-based Spanx has teamed up with Cravath for guidance on the transaction. The Cravath team is led by mergers and acquisitions partners Faiza Saeed and Ting Chen, and includes tax partner J. Leonard Teti II; executive compensation and benefits partner Eric Hilfers; and intellectual property partner David Kappos.

Spanx founder Sara Blakely is working with a King & Spalding team led by corporate partner Rahul Patel and counsel Michelle Stewart.

Blackstone has paired with longtime adviser Simpson Thacher. The attorneys contributing to the deal include M&A partner Elizabeth Cooper; employee benefits and executive compensation partner Jeannine McSweeney; intellectual property partner Lori Lesser; and tax partner Sophie Staples.

Cooper has counseled Blackstone on several transactions, including the investment firm and Vista Equity Partners Management LLC’s acquisition of higher education technology business Ellucian Co LP.

Blackstone’s financial adviser on the Spanx deal is JPMorgan, and Spanx’s are Goldman & Sachs and Allen & Co.

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Blackstone buys majority stake in Spanx, valuing it at $1.2 bln

Quartet guides Blackstone, Vista Equity’s edtech purchase

Sierra Jackson

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

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