Dealmakers in the Spotlight
Sullivan & Cromwell was all set to represent Internet voice service Skype Global in an initial public offering—but then Microsoft Corporation came calling. While preparations for the IPO continued, S&C’s Alison Ressler and Sarah Payne worked on dealmaking with Microsoft. “For the last six weeks, we were really embarked upon a dual track,” Ressler says. They had to move fast, since Microsoft wanted to finalize an agreement before Skype could go public or attract other suitors. (Facebook, Inc., and Google Inc. were reportedly interested.) In a deal announced on May 10, the software giant will pay $8.5 billion for Skype—its largest acquisition ever—a nearly 40 percent premium over the valuation that Skype placed on itself in an April filing.
