Twitter Inc.'s IPO matched its hype. The micro-blogging site raised $1.82 billion by selling 70 million shares on Nov. 6 in the year's most highly anticipated IPO. The next day, investors bid its stock up to as high as $50 a share on the New York Stock Exchange. Twitter closed its inaugural day of trading at $44.90, giving it a market capitalization of $31 billion.
Twitter's debut confirmed its place among the new Internet elite. The company fared far better in its IPO than social networking site Facebook Inc. did two years ago when it went public [Big Deals, July/August 2012]. Google Inc. jumped a comparatively modest 18 percent when it went public in August 2004.
For issuer Twitter Inc. (San Francisco)
In-House: General counsel Vijaya Gadde and corporate counsel Sean Edgett.
Wilson Sonsini Goodrich & Rosati: Steven Bochner, Katharine "Katie" Martin, Rezwan Pavri and associates Erin Guldiken, Peter Hennessey and Bradley Libuit. (All are in Palo Alto.) Wilson Sonsini began doing litigation work for Twitter in 2009. Gadde was once an associate at Wilson, as was former Twitter general counsel Alexander Macgillivray.
For lead underwriters Goldman Sachs Group Inc., Morgan Stanley and J.P. Morgan Chase & Co.
In-House: At Goldman Sachs: general counsel–investment banking Randolph Stuzin and vice president Adam Greene. At Morgan Stanley: executive director Michael Kim. At J.P. Morgan: assistant general counsel Eileen Shin.
Davis Polk & Wardwell: Corporate: Alan Denenberg and associates Sarah Ahmad and Vincent Cannon. (All are in Menlo Park, California.) Goldman hired Davis Polk with Twitter's consent. —David Marcus
Devon Energy / GeoSouthern/Crosstex
Devon Energy Corp. struck two major deals this fall. The Oklahoma City energy company agreed on Oct. 21 to combine most of its oil and gas pipeline, processing and transportation assets with those of Crosstex Energy LP to form two publicly traded partnerships that have yet to be named. Devon is contributing $4.8 billion in assets to the venture. The companies hope to close the deal in the first quarter pending approvals from regulators and the public shareholders of Crosstex, which has a market capitalization of about $2.4 billion.
Then, on Nov. 20, Devon agreed to pay GeoSouthern Energy Corp. $6 billion for its assets in the Eagle Ford shale field. The 82,000 acres Devon is getting in DeWitt and Lavaca counties in Texas yield 53,000 barrels of oil equivalent per day.
GeoSouthern's partner Blackstone Group LP will exit its investment in the energy company with $1.54 billion. The companies hope to close the deal in the first quarter pending regulatory approvals.
For acquirer Devon Energy Corp. (Oklahoma City)
In-House: General counsel Lyndon Taylor, associate general counsel–corporate affairs Connie Tatum Burnett and counsel Christopher Kirt.
Skadden, Arps, Slate, Meagher & Flom: M&A: Frank Bayouth, counsel Christian Callens and associates Frederick Day and Kelly Whitebread. Banking: Sal Guerrera and Lynn McGovern. Executive compensation and benefits: Neil Leff. Antitrust: John Lyons. Intellectual property and technology: Jose Esteves. Tax: Sally Thurston and associate Rebecca Brown. Corporate finance: Richard Aftanas. Environmental and climate change: counsel Stacy Kray. Energy and infrastructure projects: associate David Passarelli. (All are in New York except for the following: The M&A lawyers and Passarelli are in Houston. McGovern is in Chicago. Lyons and Brown are in Washington, D.C. Kray is in Palo Alto.) Taylor was the managing partner of Skadden's Houston office from 1993 to 2005, when he joined Devon.