On June 10, 2010, Vertafore, a leading provider of software and services to the insurance industry, announced a definitive merger agreement in which the company will be acquired by investment funds managed by TPG Capital (“TPG”) for a total consideration of $1.4 billion. TPG will purchase the company from Hellman & Friedman and its co-investor JMI Equity. Cravath advised Credit Suisse, Bank of America Merrill Lynch and Barclays Capital on financing matters in connection with this transaction. The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.
The Cravath team includes partners Michael S. Goldman, James C. Vardell, III and Craig F. Arcella; senior attorney Christopher J. Kelly; associates B.J. Rosen, Rose Stella, Aaron M. Golden and Helen O. Ogbara; and summer associate Eva S. Hibnick.