Website development company Squarespace has decided to go private through a $6.6 billion cash buyout led by private equity firm Permira, this move involves lawyers from six different firms. The deal places an equity value on Squarespace that exceeds $6.6 billion, and an enterprise value estimated at approximately $6.9 billion. As with all significant financial maneuvers of this sort, a host of legal professionals has been called upon to ensure a smooth transition.
Squarespace is guided by Skadden, Arps, Slate, Meagher & Flom throughout the transaction. Their team comprises M&A partners Christopher Barlow, Allison Schneirov, and Daniel Luks, in addition to Ryan Dzierniejko who is a capital markets partner.
Permira Advisers has sought the counsel of a Latham & Watkins team, which is spearheaded by partners Brian Mangino, Amber Banks, and Mariclaire Petty Brewer.
Meanwhile, the interests of Anthony Casalena, Squarespace’s founder and CEO, are being managed by Wilson Sonsini Goodrich & Rosati. Casalena is slated to roll over a significant chunk of his current equity and continue as one of the primary shareholders of the company, post the transaction. The Wilson Sonsini team comprises partners Marty Korman, Todd Cleary, Megan Baier, Amy Simmerman, and Catherine Riley Tzipori.
The special committee of the Squarespace Board of Directors is advised by Richards, Layton & Finger. In addition, Paul, Weiss, Rifkind, Wharton & Garrison are advising the long-term investors General Atlantic. This team includes partners Ellen N. Ching and Matthew W. Abbott.
According to Squarespace, General Atlantic and Accel have agreed to vote for the transaction and re-invest. Accel is being advised by a Cooley LLP team led by partners Ben Beerle, Amelia Runyan Davis, Jamie Leigh, and Patrick Gibbs.
The decision to go private by Squarespace comes at a time when the market for initial public offerings is rather sluggish, recording its steepest decline in a decade in the past year.
More details can be found in the original article on Bloomberg Law.