Elon Musk, leaning on Skadden, Arps, Slate, Meagher & Flom for legal advice, struck a deal on Monday to buy Twitter, which turned to Wilson Sonsini Goodrich & Rosati and Simpson Thacher & Bartlett for its own legal counsel.
A statement on Monday about the deal did not mention other law firms. Musk’s battle for Twitter started with an SEC filing on April 13 with McDermott, Will & Emery.
After talk of Twitter employing a “poison pill” strategy, ultimately the social media platform agreed to sell itself to Musk for $54.20 a share, or $44 billion, a deal that, if completed, would make Twitter a privately held company.
Musk said on Monday he wants “to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
Mike Ringler, M&A partner at Skadden, led the deal for the firm.
The deal team at Simpson Thacher, advising Twitter’s board of directors, includes Alan Klein, Anthony Vernace and Katherine Krause. The team at Wilson Sonsini was led by corporate attorneys Katie Martin, Marty Korman and Doug Schnell.
Musk needed to raise a whole lot of money via debt financing in order to be liquid enough to make the $44 billion purchase. Enter Davis, Polk & Wardwell.
According to Legal Radar, the law firm is advising a series of banks, including Morgan Stanley, Bank of America, Barclays and Societe Generale, among others, in $25.5 billion in debt financing for Musk.
The Davis Polk team was led by corporate partner and co-head of the firm’s finance practice James Florack.
In an SEC filing last Thursday, Musk said he would use an additional $21 billion in cash to hit the necessary financial mark.