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IBM's Acquisition of Netezza

On September 20, 2010, IBM and Netezza Corporation announced that they have entered into a definitive agreement for IBM to acquire Netezza, a publicly held company based in Marlborough, Massachusetts, in a cash transaction at a price of $27 per share or at a net price of approximately $1.7 billion, after adjusting for cash. Cravath represented IBM in connection with this transaction. The acquisition, which is subject to Netezza shareholder approval, applicable regulatory clearances and other customary closing conditions, is expected to close in the fourth quarter of 2010.

The Cravath team included partner George F. Schoen and associates Benjamin P. Schaye, Jason S. Kollander, Kyle C. Harmon and Kenneth S. Gerold on corporate matters; partner Andrew W. Needham and associates Joanne J. Lee and Andrew Carlon on tax matters; partner Jennifer S. Conway and associates Jared R. Whalen and Michael J. Schobel on executive compensation and benefits matters; and practice area attorney Matthew Morreale on environmental matters.