Davis J. Wang

Selected M&A Transactions

• Amazon.com in its $13.7 billion acquisition of Whole Foods Market
• Baxter International in its $3.8 billion sale of Vantive to Carlyle
• Biohaven Pharmaceuticals in its:
  • $11.6 billion acquisition by Pfizer
  • acquisition of Channel Biosciences and its Kv7 channel targeting platform
• Canadian Pacific Railway in its $31 billion acquisition of Kansas City Southern, creating the first rail network connecting the U.S., Mexico and Canada
• Cementos Argos as the largest shareholder in Summit Materials in connection with its $11.5 billion pending acquisition by Quikrete Holdings
• Concordia Healthcare in its $1.2 billion acquisition of Covis Pharma and Covis Injectables
• Cyberonics in its $1.5 billion merger with Sorin S.p.A. to create LivaNova

• Dyax in its $5.9 billion acquisition by Shire 
• Fiat Chrysler Automobile N.V. in its $60 billion 50/50 merger with Peugeot, creating Stellantis; and on the cross border merger and redomiciliation of its holding company into the Netherlands
• Fiat Industrial in its combination with CNH Global to create CNH Industrial
• GGP in its $28 billion acquisition by Brookfield Property Partners
• Harris Corporation in its $35 billion merger of equals with L3 Technologies; and in its $4.6 billion acquisition of Exelis Inc.
• Juniper Networks in its $405 million acquisition of Mist Systems; and in its acquisition of Apstra
• LabCorp in its $6 billion acquisition of Covance 
• NMG, parent company of Neiman Marcus and Bergdorf Goodman, in its $2.65 billion pending acquisition by HBC, parent company of Saks Fifth Avenue
• Perrigo Company in its approximately $8.6 billion combination with Elan Pharmaceuticals
• Praxair in its $80 billion merger of equals with Linde
• Stryker Corporation in its $2.8 billion acquisition of Sage Products from Madison Dearborn Partners
• Subway in its acquisition by Roark Capital
• Tien Tzuo, founder, CEO and Chairman of Zuora Inc., on Zuora’s $1.7 billion acquisition by Silver Lake Partners and Mr. Tzuo’s rollover and ongoing governance and employment arrangements
• Teva Pharmaceutical Industries in its $40.5 billion acquisition of Allergan Generics
• The Goodyear Tire & Rubber Company in the pending $905 million sale of its Off-the-Road tire business to The Yokohama Rubber Company
• Tiffany & Co. in its approximately $16 billion acquisition by LVMH Moët Hennessy Louis Vuitton
• UnitedHealth Group in connection with Optum’s $13 billion acquisition of Change Healthcare
• Vector Group Ltd. in its $2.4 billion equity value acquisition through tender offer and second-step merger by JT Group

Selected Spin-Off Transactions

• Arconic Corporation in considerations related to its spin from Howmet Aerospace
• AT&T in its spin-off of WarnerMedia and RMT combination with Discovery
• Baxter International in its $3.8 billion sale of Vantive to Carlyle
• Cablevision in a series of transactions including its $2.2 billion spin-off of AMC Networks; its $1.3 billion spin-off of Madison Square Garden; and its $496 million acquisition of Sundance Channel from General Electric Company’s NBC Universal, CBS Corporation’s Showtime Networks, and entities controlled by Robert Redford
• CNH Industrial in its spin-off On-Highway business
• Fiat Chrysler Automobiles in its IPO and spin-off of Ferrari
• Madison Square Garden Company in its separation into MSG Networks and Madison Square Garden Company
• Madison Square Garden Sports in the separation of its sports and entertainment businesses, including the spin-off of its entertainment businesses, Madison Square Garden Entertainment
• Vector Group in its spin-off of Douglas Elliman
• Vornado Realty Trust in its:
  • spin-off of Urban Edge Properties
  • $6 billion spin-off of JBG Smith Realty Trust and RMT combination with JBG

Selected Cross-Border Transactions

• Canadian Pacific Railway in its $31 billion acquisition of Kansas City Southern
• Cementos Argos as the largest shareholder in Summit Materials in connection with its $11.5 billion pending acquisition by Quikrete Holdings
• Cronos Group in connection with Altria Group’s $1.8 billion acquisition of a minority stake in Cronos
• Cyberonics in its $1.5 billion merger with Sorin S.p.A. to create LivaNova
• Dyax in its $5.9 billion acquisition by Shire 
• Fiat Chrysler Automobile in its $60 billion 50/50 merger with Peugeot, creating Stellantis; and on the cross border merger and redomiciliation of its holding company into the Netherlands
• Fiat Industrial in its combination with CNH Global to create CNH Industrial
• Garrett Motion in its selection of an enhanced proposal from a consortium of stockholders as the best plan to reorganize Garrett Motion, and successful emergence from Chapter 11
• Kering and Kering Eyewear in connection with Kering Eyewear’s pending acquisition of Maui Jim
• K+S Aktiengesellschaft in its $3.2 billion sale of its Americas salt business to Stone Canyon Industries Holdings, Mark Demetree and affiliates
• Perrigo Company in its approximately $8.6 billion combination with Elan Pharmaceuticals
• Pershing Square in its acquisition of 10% of Universal Music Group
• Praxair in its $80 billion merger of equals with Linde
• Signify in its:
  • $1.4 billion acquisition of Cooper Lighting Solutions from Eaton
  • $272 million acquisition of ams OSRAM’s Fluence horticulture lighting systems business and brand  
• Vector Group Ltd. in its $2.4 billion equity value acquisition through tender offer and second-step merger by JT Group

Selected Technology Transactions

• Amazon.com in its $13.7 billion acquisition of Whole Foods Market
• Bosch in its pending acquisition of the global HVAC solutions business for residential and light commercial buildings from Johnson Controls and the acquisition of the Johnson Controls-Hitachi Air Conditioning joint venture for approximately $8 billion
• DigitalBridge Group in its agreement with affiliates of Wafra to acquire Wafra’s 31.5% ownership in DigitalBridge’s investment management subsidiary for a transaction consideration of $800 million
• Harris Corporation in its $35 billion merger of equals with L3 Technologies
• HelloFresh in its $277 million acquisition of Factor75
• Hyzon Motors in its business combination with Decarbonization Plus Acquisition Corporation, a SPAC, under which Hyzon became a publicly listed company with an implied $2.1 billion equity value
• Juniper Networks in its $405 million acquisition of Mist Systems; and in its acquisition of Apstra
• L3Harris Technologies in the $1.05 billion sale of its Military Training business to CAE
• NetScout Systems in its acquisition of substantially all of the assets of Eastwind Networks’ clouds security and breach analytics business
• Saama Technologies in the strategic growth investment and acquisition of a majority stake in Saama by Carlyle and a co-investor group for up to $430 million
• Signify in its:
  • $1.4 billion acquisition of Cooper Lighting Solutions from Eaton
  • $272 million acquisition of ams OSRAM’s Fluence horticulture lighting systems business and brand
• SpaceX and 14 of its subsidiaries in their redomiciliation from Delaware to Texas
• Tien Tzuo, founder, CEO and Chairman of Zuora Inc., on Zuora’s $1.7 billion acquisition by Silver Lake Partners and Mr. Tzuo’s rollover and ongoing governance and employment arrangements
• tZERO in connection with Intercontinental Exchange’s strategic investment in tZERO
• Yuga Labs in its acquisition of PROOF Holdings

Selected Healthcare Transactions

• Baxter International in its $3.8 billion sale of Vantive to Carlyle
• Biohaven Pharmaceuticals in its:
  • $11.6 billion acquisition by Pfizer
  • acquisition of Channel Biosciences and its Kv7 channel targeting platform
• Concordia Healthcare in its $1.2 billion acquisition of Covis Pharma and Covis Injectables
• Cyberonics in its $1.5 billion merger with Sorin S.p.A. to create LivaNova
• Dyax in its $5.9 billion acquisition by Shire Integra LifeSciences in its acquisition of Acell for up to $400 million
• LabCorp in its $6 billion acquisition of Covance 
• NVISION Eye Centers in connection with Ontario Teachers’ Pension Plan Board’s acquisition of a majority stake in NVISION
• Perrigo Company in its approximately $8.6 billion acquisition of Elan Pharmaceuticals
• Saama Technologies in the strategic growth investment and acquisition of a majority stake in Saama by Carlyle
• Stryker Corporation in its $2.8 billion acquisition of Sage Products from Madison Dearborn Partners
• Teva Pharmaceutical Industries in its $40.5 billion acquisition of Allergan Generics
• UnitedHealth Group in connection with:
  • its subsidiary OptumRx’s $12.8 billion combination with Catamaran Corporation
  • Optum’s $13 billion acquisition of Change Healthcare

Selected Real Estate Transactions

• Better.com in its $7.7 billion merger with Aurora Acquisition, a SPAC, and related PIPE investment
• DigitalBridge Group in:
  • its agreement with affiliates of Wafra to acquire Wafra’s 31.5% ownership in DigitalBridge’s investment management subsidiary for a transaction consideration of $800 million
  • connection with DigitalBridge Investment Management’s acquisition of a controlling stake in Vertical Bridge Holdings
• GGP in its $28 billion acquisition by Brookfield Property Partners
• Lexington Building Co. in its $1.775 billion sale of the Crown Building at 730 Fifth Avenue in New York to GGP and Jeff Sutton
• Vector Group in its spin-off of Douglas Elliman
• Vornado Realty Trust in its:
  • $5.6 billion joint venture holding prime retail properties in Manhattan
  • 50% joint venture with the Related Companies
  • spin-off of Urban Edge Properties
  • $6 billion spin-off of JBG Smith Realty Trust and RMT combination with JBG

Selected Alternative Investments/PE Experience

• Galaxy Digital in its private investment in public equity financing of $50 million of aggregate gross proceeds led by a group of institutional investors
• Pershing Square Holdings in its $2.727 billion IPO of common stock, and Euronext Amsterdam listing, pursuant to Reg S
• Riverstone Holdings and Pattern Energy Group Holdings 2 LP (Pattern Development) in connection with Canada Pension Plan Investment Board (CPPIB) and Riverstone’s combination of Pattern Energy Group Inc. and Pattern Development under common ownership following CPPIB’s acquisition of Pattern Energy Group

 Selected SPAC Transactions

• Better.com in its $7.7 billion merger with Aurora Acquisition, a SPAC, and related PIPE investment
• Ermenegildo Zegna Group in its combination with Investindustrial Acquisition Corp., a SPAC sponsored by investment subsidiaries of Investindustrial VII L.P., pursuant to which Zegna will become a public company with an initial enterprise value of $3.2 billion
• Hyzon Motors in its business combination with Decarbonization Plus Acquisition Corporation, a SPAC, under which Hyzon became a publicly listed company with an implied $2.1 billion equity value
• Justice Holdings, a SPAC, and Pershing Square Capital Management, co-founder of Justice, in connection with Justice’s $1.4 billion IPO and subsequent business combination with Burger King Worldwide Holdings