On February 22, 2011, Lockheed Martin Corporation announced that it has entered into a definitive agreement to sell its Pacific Architects and Engineers Incorporated (PAE) business to the New York City-based private equity firm, Lindsay Goldberg, LLC. Cravath represented Lindsay Goldberg in this transaction. Financial details were not disclosed. The transaction is expected to close in the second quarter of 2011.
The Cravath team included partner Andrew R. Thompson and associates Rene Paula-Molina, Victor V. Ludwig, Travis J. Wofford and Christopher K. Couvelier on corporate matters; partner Michael L. Schler and associates J. Leonard Teti II and Kara L. Mungovan on tax matters; partner Jennifer S. Conway and associates Daniel A. Birnhak, Jared R. Whalen and Neetin Gulati on executive compensation and benefits matters; and practice area attorney Annmarie M. Terraciano on environmental matters. Kevin R. Grondahl also assisted on corporate matters.