Time Warner’s $109 Billion Acquisition by AT&T

On October 22, 2016, Time Warner Inc. and AT&T Inc. announced that they have entered into a definitive agreement under which AT&T will acquire Time Warner in a stock‑and‑cash transaction valued at $107.50 per share, consisting of $53.75 per share in cash and $53.75 per share in AT&T stock. The purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner’s net debt.

Cravath is representing Time Warner in connection with the transaction.

The Cravath team is led by partner Faiza J. Saeed and includes associates G.J. Ligelis Jr., Claudia J. Ricciardi and Jason Jones on M&A matters; partners Christine A. Varney and Peter T. Barbur and associate Margaret Segall D’Amico on antitrust matters; practice area attorney David B. Teigman and associate Matthew J. Bobby on executive compensation and benefits matters; partners Stephen L. Gordon and Lauren Angelilli and associates Richard Bohm and Cecily Xi on tax matters; partner Michael S. Goldman on financing matters; and partner Joseph D. Zavaglia and associate Jennifer Uren on securities matters.