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IBM's Acquisition of Sterling Commerce

On May 24, 2010, IBM and AT&T announced they have entered into a definitive agreement for IBM to acquire Sterling Commerce, Inc., a provider of applications and B2B integration solutions, from AT&T for approximately $1.4 billion in cash. Cravath represented IBM in connection with this transaction. IBM and AT&T expect the transaction to close in the second half of 2010, subject to regulatory approvals and the satisfaction of other customary closing conditions.

The Cravath team includes partner Peter S. Wilson and associates Richard M. Brand, Matthew B. Fox and David L. Selinger on corporate matters; partner Elizabeth L. Grayer on antitrust matters; partner Andrew W. Needham and associates J. Leonard Teti II and Kathleen H. Withers on tax matters; partner Jennifer S. Conway and associates Lori Diamond Goodman and Michael J. Schobel on executive compensation and benefits matters; and associate Matthew Morreale on environmental matters.