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News & Insights

SPANX’s Sale of a Majority Stake to Blackstone

October 20, 2021

On October 20, 2021, SPANX, Inc. (“SPANX”), the mission‑driven womenswear brand founded by Sara Blakely in 2000, announced a definitive agreement for a majority investment from funds managed by Blackstone, a leading global investment business. Blackstone has agreed to buy a majority stake in the company at a valuation of $1.2 billion, with Blakely maintaining a significant equity stake in the business. Blakely, along with SPANX’s existing senior management team, will continue to oversee daily operations, and at closing, Blakely will become the Executive Chairwoman. Cravath is representing SPANX in connection with the transaction.

The Cravath team is led by partners Faiza J. Saeed and Ting S. Chen and includes associates Bethany A. Pfalzgraf, Patrick S. Taylor and Victoria M. Munoz Torres on M&A matters; partner J. Leonard Teti II and associate Rebecca L. Fine on tax matters; partner Eric W. Hilfers and practice area attorneys Sarah W. Colangelo and Aaron S. Cha on executive compensation and benefits matters; partner David J. Kappos and practice area attorney Anthony N. Magistrale on intellectual property matters; senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Private Equity
  • Tax
  • Executive Compensation and Benefits
  • Intellectual Property
  • Environmental
  • Emerging and Founder-Led Companies
  • Venture Capital & Growth Equity
  • Consumer Products and Services
  • Retail

People

Photo
Name
Faiza J. Saeed
Title
Corporate
Title
Partner
Email
fsaeed@cravath.com
Phone
+1-212-474-1454
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    Education

    • J.D., 1991, Harvard Law School
      magna cum laude
    • B.A., 1987, University of California, Berkeley
      with Highest Distinction, Phi Beta Kappa

    Admitted In

    • New York
    • California (Inactive)
    • District of Columbia (Inactive)
    Photo
    Name
    Ting S. Chen
    Title
    Corporate
    Title
    Partner
    Email
    tchen@cravath.com
    Phone
    +1-212-474-1794
    vCard
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      Education

      • J.D., 2006, Stanford Law School
      • A.B., 2003, Harvard College
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      Photo
      Name
      Bethany A. Pfalzgraf
      Title
      Corporate
      Title
      Partner
      Email
      bpfalzgraf@cravath.com
      Phone
      +1-212-474-1728
      vCard
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        Education

        • J.D., 2014, Columbia Law School
          Harlan Fiske Stone Scholar
        • B.A., 2010, Boston College
          College of Arts and Sciences Honors Program, cum laude

        Admitted In

        • New York
        Photo
        Name
        J. Leonard Teti II
        Title
        Tax
        Title
        Partner
        Email
        lteti@cravath.com
        Phone
        +1-212-474-1896
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          Education

          • J.D., 2005, University of Virginia School of Law
            Order of the Coif
          • A.B., 1999, Princeton University
            with Honors

          Admitted In

          • New York
          Photo
          Name
          Eric W. Hilfers
          Title
          Executive Compensation and Benefits
          Title
          Partner
          Email
          ehilfers@cravath.com
          Phone
          +1-212-474-1352
          vCard
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            Education

            • J.D., 1998, University of Chicago Law School
              with Honors
            • A.B., 1995, Princeton University

            Admitted In

            • New York
            Photo
            Name
            David J. Kappos
            Title
            Corporate
            Title
            Partner
            Email
            dkappos@cravath.com
            Phone
            +1-212-474-1168
            vCard
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              Education

              • J.D., 1990, University of California, Berkeley, School of Law
              • B.S., 1983, University of California, Davis
                summa cum laude

              Admitted In

              • New York
              • California
              • District of Columbia
              Photo
              Name
              Sarah W. Colangelo
              Title
              Executive Compensation and Benefits
              Title
              Of Counsel
              Email
              scolangelo@cravath.com
              Phone
              +1-212-474-1254
              vCard
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                Education

                • J.D., 2014, Georgetown University Law Center
                  Order of the Coif, magna cum laude
                • B.A., 2007, Duke University
                  Phi Beta Kappa, summa cum laude

                Admitted In

                • New York
                Photo
                Name
                Aaron S. Cha
                Title
                Executive Compensation and Benefits
                Title
                Senior Attorney
                Email
                acha@cravath.com
                Phone
                +1-212-474-1944
                vCard
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                  Education

                  • LL.M., 2013, New York University School of Law
                  • J.D., 2012, Loyola Law School Los Angeles
                  • B.S., 2004, University of California, San Diego

                  Admitted In

                  • New York
                  • California
                  Photo
                  Name
                  Joyce Law
                  Title
                  Corporate
                  Title
                  Senior Attorney
                  Email
                  jlaw@cravath.com
                  Phone
                  +1-212-474-1066
                  vCard
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                    Education

                    • J.D., 1997, Boston University School of Law
                    • B.Comm., 1994, University of Alberta
                      Distinction

                    Admitted In

                    • New York
                    Photo
                    Name
                    Annmarie M. Terraciano
                    Title
                    Corporate
                    Title
                    Senior Attorney
                    Email
                    aterraciano@cravath.com
                    Phone
                    +1-212-474-1366
                    vCard
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                      Education

                      • J.D., 1998, Columbia Law School
                        Harlan Fiske Stone Scholar
                      • M.S., 1994, University of Wisconsin - Madison
                      • B.A., 1989, Wellesley College
                        cum laude

                      Admitted In

                      • New York
                      Photo
                      Name
                      Brian M. Budnick
                      Title
                      Corporate
                      Title
                      Practice Area Attorney
                      Email
                      bbudnick@cravath.com
                      Phone
                      +1-212-474-1914
                      vCard
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                        Education

                        • J.D., 2011, Benjamin N. Cardozo School of Law
                          cum laude
                        • B.A., 2006, University of Virginia

                        Admitted In

                        • New York

                        Related News & Insights

                        Deals & Cases

                        October 12, 2021

                        Valvoline Inc.’s Pursuit of the Separation of its Retail Services and Global Product Businesses

                        On October 12, 2021, Valvoline Inc., a global leader in vehicle care, announced that it is accelerating its continued transformation by pursuing a separation of its two business segments, Retail Services and Global Products. Cravath is representing Valvoline Inc. in connection with the transaction. No timetable has been established for the completion of the separation, and Valvoline does not intend to disclose further developments with respect to this process, unless and until its Board approves a specific transaction or action.

                        Deals & Cases

                        September 27, 2021

                        Deutsche Telekom’s Agreement with SoftBank Group Corp. to Increase Its Ownership Stake in T‑Mobile US Inc.

                        On September 7, 2021, Deutsche Telekom AG (“Deutsche Telekom”) and SoftBank Group Corp. (“SoftBank”) announced that they have entered into an agreement through which Deutsche Telekom will increase its ownership stake in T-Mobile US Inc. (“TMUS”) in a two-part transaction by 5.3 percent from 43.2 percent to 48.4 percent. This agreement furthers Deutsche Telekom’s strategic objective of increasing its ownership stake in TMUS to more than 50 percent in order to maintain long-term control and consolidation of TMUS. Cravath is representing Deutsche Telekom in connection with the transaction.

                        Deals & Cases

                        September 27, 2021

                        Lindsay Goldberg’s Majority Investment in Summit Interconnect

                        On September 27, 2021, Summit Interconnect (“Summit”), a leading provider of high performance, complex printed circuit boards serving the aerospace, defense and other highly demanding commercial sectors, announced that affiliates of Lindsay Goldberg, a private investment firm, have completed a majority investment in Summit. Terms of the transaction were not disclosed. Cravath is representing Lindsay Goldberg in connection with the transaction.

                        Deals & Cases

                        September 27, 2021

                        Scientific Games’ $1.2 Billion Sale of OpenBet to Endeavor

                        On September 27, 2021, Scientific Games Corporation (“Scientific Games”), a world leader in entertainment, announced that it has entered into a definitive agreement to sell its Sports Betting business, OpenBet, to Endeavor Group Holdings, Inc., a global sports and entertainment company, in a cash and stock transaction valued at approximately $1.2 billion. OpenBet is one of the world’s leading global online sports betting technology companies, offering an ecosystem of sports content, technology and services to the largest operators around the world. Cravath is representing Scientific Games in connection with the transaction.

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