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News & Insights

ADT’s $1.2 Billion Equity Investment from State Farm

September 06, 2022

On September 6, 2022, ADT Inc. (“ADT”) and State Farm announced that State Farm has agreed to make a $1.2 billion equity investment in ADT to acquire 133.3 million shares of ADT’s common stock at $9 a share. In connection with State Farm’s equity investment, ADT will be commencing a self‑tender offer for up to 133.3 million shares of its outstanding common stock and Class B common stock at $9 per share, to be funded by the proceeds from the State Farm equity investment. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. Additionally, State Farm will commit $300 million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150 million, raising its total success fund commitment to $300 million. Cravath is representing ADT in connection with the transactions.

The Cravath team is led by partner Robert I. Townsend III and includes associates Jin‑Kyu Baek, Edward O. Minturn and Temiloluwa A. Dele‑Dare on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associates Ellen H. Park, Alejandro J. Garcia and Evan S. Gabor on capital markets matters; partner Ronald E. Creamer Jr. on tax matters; partners Eric W. Hilfers and Matthew J. Bobby and associates Christopher C. Gonnella and Anna Mikaelyan on executive compensation and benefits matters; partner Margaret T. Segall, of counsel Jesse M. Weiss, practice area attorney Nicole M. Peles and foreign associate attorney Stijn de Jong on regulatory matters; partner Sasha Rosenthal‑Larrea and associate Kathryn‑Ann Stamm on intellectual property matters; of counsel Kimberley S. Drexler and associate Zekariah P. McNeal on corporate governance 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. Benjamin B. Arcano also worked on M&A matters and Jamie H. Lee also worked on tax matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Capital Markets
  • Tax
  • Executive Compensation and Benefits
  • Antitrust
  • Intellectual Property
  • Corporate Governance and Board Advisory
  • Environmental
  • Consumer Products and Services
  • Technology
  • Financial Services and Insurance

People

Photo
Name
Robert I. Townsend III
Title
Corporate
Title
Partner
Email
rtownsend@cravath.com
Phone
+1-212-474-1964
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    Education

    • J.D., 1990, Harvard Law School
      magna cum laude
    • A.B., 1987, Harvard College
      magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Jin-Kyu Baek
    Title
    Corporate
    Title
    Partner
    Email
    jbaek@cravath.com
    Phone
    +1-212-474-1408
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      Education

      • J.D., 2015, Harvard Law School
      • A.B., 2008, Harvard College
        cum laude

      Admitted In

      • New York
      Photo
      Name
      Andrew J. Pitts
      Title
      Corporate
      Title
      Partner
      Email
      apitts@cravath.com
      Phone
      +1-212-474-1620
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        Education

        • M.B.A., 1995, Boston University
          with High Honors
        • J.D., 1994, Boston University School of Law
          summa cum laude
        • B.A., 1988, Trinity College

        Admitted In

        • New York
        Photo
        Name
        C. Daniel Haaren
        Title
        Corporate
        Title
        Partner
        Email
        dhaaren@cravath.com
        Phone
        +1-212-474-1322
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          Education

          • J.D., 2012, New York University School of Law
            Order of the Coif, Pomeroy Scholar, magna cum laude
          • B.A., 2009, Duke University

          Admitted In

          • New York
          Photo
          Name
          Ron Creamer
          Title
          Tax
          Title
          Partner
          Email
          rcreamer@cravath.com
          Phone
          +1-212-474-1010
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            Education

            • M.P.P.M., 1991, Yale University
            • J.D., 1991, Yale Law School
            • A.B., 1987, Princeton University

            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
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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
              Matthew J. Bobby
              Title
              Executive Compensation and Benefits
              Title
              Partner
              Email
              mbobby@cravath.com
              Phone
              +1-212-474-1128
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                Education

                • J.D., 2012, Harvard Law School
                  magna cum laude
                • M.A., 2009, University of Pennsylvania
                • B.A., 2009, University of Pennsylvania
                  Phi Beta Kappa, summa cum laude

                Admitted In

                • New York
                Photo
                Name
                Margaret T. Segall
                Title
                Litigation
                Title
                Partner
                Email
                msegall@cravath.com
                Phone
                +1-212-474-1231
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                  Education

                  • J.D., 2008, Harvard Law School
                    cum laude
                  • A.B., 2003, Harvard College
                    magna cum laude

                  Admitted In

                  • New York
                  Photo
                  Name
                  Jesse M. Weiss
                  Title
                  Litigation
                  Title
                  Partner
                  Email
                  jweiss@cravath.com
                  Phone
                  +1-212-474-1421
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                    Education

                    • J.D., 2008, Georgetown University Law Center
                      magna cum laude
                    • B.A., 2003, University of Maryland

                    Admitted In

                    • New York
                    Photo
                    Name
                    Sasha Rosenthal-Larrea
                    Title
                    Corporate
                    Title
                    Partner
                    Email
                    srosenthal-larrea@cravath.com
                    Phone
                    +1-212-474-1967
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                      Education

                      • J.D., 2010, Columbia Law School
                        Harlan Fiske Stone Scholar
                      • A.B., 2007, Brown University

                      Admitted In

                      • New York
                      Photo
                      Name
                      Kimberley S. Drexler
                      Title
                      Corporate
                      Title
                      Partner
                      Email
                      kdrexler@cravath.com
                      Phone
                      +1-212-474-1434
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                        Education

                        • J.D., 1997, Yale Law School
                          Coker Fellow
                        • B.A., 1993, University of Virginia
                          Highest Distinction, Echols Scholar, Phi Beta Kappa

                        Admitted In

                        • New York
                        Photo
                        Name
                        Nicole M. Peles
                        Title
                        Litigation
                        Title
                        Of Counsel
                        Email
                        npeles@cravath.com
                        Phone
                        +1-212-474-1624
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                          Education

                          • J.D., 2010, New York University School of Law
                            cum laude
                          • A.B., 2007, Dartmouth College

                          Admitted In

                          • New York
                          Photo
                          Name
                          Kathryn-Ann Stamm
                          Title
                          Corporate
                          Title
                          Of Counsel
                          Email
                          kstamm@cravath.com
                          Phone
                          +1-212-474-1979
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                            Education

                            • J.D., 2016, Cornell Law School
                            • LL.M., 2016, City University of Hong Kong
                            • Master II, 2016, University Paris 1 Panthéon-Sorbonne
                            • Master I, 2013, University Paris 1 Panthéon-Sorbonne
                            • LL.B., 2013, University Paris 1 Panthéon-Sorbonne
                            • LL.B., 2013, King's College London
                              First Class Honors.

                            Admitted In

                            • New York
                            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
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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

                                  March 18, 2025

                                  Wiz’s $32 Billion Acquisition by Google

                                  On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

                                  Deals & Cases

                                  March 17, 2025

                                  PepsiCo’s $1.95 Billion Acquisition of poppi

                                  On March 17, 2025, PepsiCo, Inc. (“PepsiCo”) announced that it has entered into a definitive agreement to acquire poppi, a prebiotic soda brand, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes an additional potential earnout consideration subject to the achievement of certain performance milestones within a specified period after closing of the transaction. Cravath is representing PepsiCo in connection with the transaction.

                                  Deals & Cases

                                  February 24, 2025

                                  Bridge Investment Group’s $1.5 Billion Acquisition by Apollo

                                  On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

                                  Deals & Cases

                                  February 10, 2025

                                  FactSet’s Acquisition of LiquidityBook

                                  On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.

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                                  Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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