2016 Highlights: Corporate

Corporate

Wilson Sonsini Goodrich & Rosati’s corporate practice experienced another strong year of transactions in 2016, representing companies in numerous significant and high-profile deals.

Venture Capital

WSGR Achieves Top Rankings for 2016 Venture Financings

In Dow Jones VentureSource’s legal rankings for issuer-side venture financing deals in 2016, WSGR was ranked No. 1 overall for the total number of rounds of equity financing raised on behalf of clients.

The firm also ranked first nationally for 2016 issuer-side deals in the following industries: cleantech, communications and networking, consumer services, electronics and hardware (tie), energy and utilities, healthcare, industrial goods and materials, information technology, medical devices and equipment, semiconductors (tie), and software. (Dow Jones VentureSource, February 2017)

Select 2016 Venture Financings Include:

  • Postmates

    Series E Financing

    October 2016

    $140 million

  • Rover.com

    Series E Financing

    October 2016

    $40 million

  • OfferUp

    Series C Financing

    September 2016

    $119 million

  • Apttus

    Series D Financing

    September 2016

    $88 million

  • Carbon3D

    Series C Financing

    September 2016

    $81 million

  • MapR

    Series E Financing

    August 2016

    $50 million

  • Tradeshift

    Series D Financing

    June 2016

    $75 million

  • FusionOps

    Series C Financing

    April 2016

    $25 million

  • Cabify (Maxi Mobility)

    Series C Financing

    April 2016

    $120 million

  • Domo

    Series D Financing

    March 2016

    $131 million

  • Acutus Medical

    Series D Financing

    March 2016

    $75 million

  • 10x Genomics

    Series C Financing

    March 2016

    $55 million

  • BloomReach

    Series D Financing

    January 2016

    $56 million

  • App Annie

    Series E Financing

    March 2016

    $75 million

  • Lyft

    Series F Financing

    January 2016

    $1 billion

WSGR Issues Quarterly Editions of The Entrepreneurs Report


The firm’s quarterly editions of The Entrepreneurs Report offer an analysis of venture financing transactions in which the firm was involved during the relevant time period, as well as data on bridge loans. 2016 editions of the report included an article on the growing investor disapproval of dual-class stock structures and data from theBoardlist related to gender diversity on tech company boards.

READ MORE

Capital Markets

WSGR was ranked highly in capital markets league tables for 2016.

Select Rankings Include:

Issuer-side

  • Ranked No. 2 by total number of U.S. equity IPO offerings (Bloomberg 2016 Global Legal Advisor Capital Markets League Tables, January 2017)
  • Ranked No. 8 by volume of U.S. equity IPO offerings (Bloomberg 2015 Global Legal Advisor Capital Markets League Tables, January 2016)
  • Ranked No. 8 by total number of U.S. equity and equity-related deals (Thomson Reuters Global Capital Markets Legal Advisory ReviewFull Year 2016 January 2017)
  • Ranked No. 9 by total number of U.S. equity offerings (Bloomberg 2016 Global Legal Advisor Capital Markets League Tables, January 2017)
  • Ranked No. 10 by total number of U.S. PIPE transactions (PlacementTracker, January 2017)

Underwriter-side

  • Ranked No. 5 by total number of U.S. equity-linked offerings (Bloomberg 2016 Global Legal Advisor Capital Markets League Tables, January 2017)
  • Ranked No. 6 by volume of U.S. equity-linked offerings (Bloomberg 2016 Global Legal Advisor Capital Markets League Tables, January 2017)

Deal Spotlight:

Initial Public Offering

September 2016

$237.9 million

IPOs

Select 2016 IPOs Include:

  • Blackline

    Initial Public Offering

    October 2016

    $146.2 million

  • Quantenna

    Initial Public Offering

    October 2016

    $107.2 million

  • Rici Healthcare

    Initial Public Offering

    October 2016

    $131 million Hong Kong Stock Exchange

  • Nutanix

    Initial Public Offering

    September 2016

    $237.9 million

  • iRhythm

    Initial Public Offering

    October 2016

    $107 million

  • CROSSTEC Group

    Initial Public Offering

    September 2016

    HK$90 million Hong Kong Stock Exchange

  • Apptio

    Initial Public Offering

    September 2016

    $96 million

  • Talend

    Initial Public Offering

    July 2016

    $94.5 million

  • Impinj

    Initial Public Offering

    July 2016

    $67.2 million

  • NantHealth

    Initial Public Offering

    June 2016

    $91 million

Additional 2016 Capital Markets Transactions Include:

  • Impinj

    Follow-On Offering

    December 2016

    $94.9 million

  • Netflix

    Senior Notes Offering

    October 2016

    $1 billion

  • Xenon Pharmaceuticals

    Follow-On Offering

    September 2016

    $30 million

  • Avinger

    Follow-On Offering

    August 2016

    $30 million

  • Ellie Mae Underwriter’s Counsel

    Follow-On Offering

    August 2016

    $247.5 million

  • Cypress Semiconductor

    Senior Notes Offering

    June 2016

    $287.5 million

  • Nuance Communications

    Senior Notes Offering

    June 2016

    $300 million

  • China Biologic

    Follow-On Offering

    June 2016

    $308 million

  • FLIR Systems

    Notes Offering

    June 2016

    $425 million

  • Tesla Motors

    Follow-On Offering

    May 2016

    $2 billion

  • Alder Biopharmaceuticals Underwriter’s Counsel

    Follow-On Offering

    April 2016

    $125 million

  • Go Daddy

    Follow-On Offering

    April 2016

    $500 million

  • Micron Technology

    Senior Secured Notes

    April 2016

    $1.25 billion

  • QuickLogic

    Follow-On Offering

    March 2016

    $10 million

  • Juniper Networks

    Senior Notes Offering

    February 2016

    $500 million

Mergers & Acquisitions

Wilson Sonsini Goodrich & Rosati advised on more than 145 M&A transactions announced and/or completed in 2016, with an aggregate disclosed value of more than $245 billion.

WSGR Ranked Highly in Annual M&a League Tables

Select rankings include:

  • Ranked No. 9 by number of announced U.S. mid-market deals (deal values up to $250 million) (Bloomberg 2016 Global M&A Mid-Market Review Legal Rankings, January 2017)
  • Ranked No. 9 by number of announced deals in the U.S. (counsel to principals) (Bloomberg 2016 Global M&A Legal Advisory Rankings, January 2017)
  • Ranked No. 13 by number of announced deals involving a U.S. target (Thomson Reuters 2016 M&A Legal Advisory Review, January 2017)
Firm Ranked Among Top M&A Law Firms for Private Tech Deals in 2015

Firm Ranked Among Top M&A Law Firms for Private Tech Deals in 2015

WSGR was ranked No. 2 on PrivCo’s annual list of the top 20 law firms for private technology M&A deals in 2015. Rankings were determined using information compiled from PrivCo’s proprietary private company financial database, which contains information on over 900,000 private companies. For complete rankings, click here. (PrivCo, April 2016)

Firm Named Emerging Markets Awards Finalist

Firm Named Emerging Markets Awards Finalist

WSGR was named a finalist in The Asian Lawyer’s annual Emerging Markets Awards that recognize matters and practitioners doing work in Southeast Asia and India. The firm was recognized in the “Private Equity/Venture Capital M&A Deal of the Year” category for representing KKR, which joined a consortium of investors, in a $550 million investment in Go-Jek, an Indonesian ride-hailing service company. (The Asian Lawyer, October 2016)

WSGR Honored with Legal Week China Law and Practice Awards

Wilson Sonsini Goodrich & Rosati was honored by Legal Week as part of the publication’s annual China Law and Practice Awards. WSGR was recognized in the Technology, Media, and Telecom Deal of the Year category for its work on WuXi PharmaTech’s $3.4 billion going-private transaction, which was completed in December 2015. (Legal Week, September 2016)

Deal Spotlight:

LinkedIn

Acquired by

Microsoft

December 2016

$26.2 billion

Select Recent Mergers and Acquisitions Include:

  • Gartner

    Acquisition of

    CEB

    Pending

    $2.6 billion

  • Blue Nile

    Acquired by

    Bain Capital & Bow Street

    Pending

    $500 million

  • Brocade

    Acquired by

    Broadcom

    Pending

    $5.9 billion

  • Linear Technology

    Acquired by

    Analog Devices

    Pending

    $14.8 billion

  • Yahoo!

    Acquired by

    Verizon

    Pending

    $4.83 billion

  • LinkedIn

    Acquired by

    Microsoft

    December 2016

    $26.2 billion

  • Cvent

    Acquired by

    Vista Equity Partners

    November 2016

    $1.65 billion

  • Apigee

    Acquired by

    Google

    November 2016

    $625 million

  • Coherent

    Acquisition of

    ROFIN-SINAR

    November 2016

    $942 million

  • Netsuite

    Acquired by

    Oracle

    November 2016

    $9.3 billion

  • Rackspace

    Acquired by

    Apollo Global Mgmt.

    November 2016

    $4.3 billion

  • Polycom

    Acquired by

    Siris Capital Group

    September 2016

    $1.65 billion

  • Marketo

    Acquired by

    Vista Equity Partners

    August 2016

    $1.79 billion

  • Blue Coat Systems

    Acquired by

    Symantec

    August 2016

    $4.65 billion

  • Microchip

    Acquistion of

    Atmel

    April 2016

    $3.6 billion

ENERGY & INFRASTRUCTURE

REPRESENTED VIVINT SOLAR IN TRANSACTIONS THROUGHOUT 2016, INCLUDING:

  • $313 million term loan debt financing of residential solar projects and renewable energy credits
  • $75 million partnership-flip tax equity fund for residential solar projects
  • Equipment supply agreements with Tesla, Enphase, JA Solar, Hanwha, Unirac, Ecolibrium, Sonopar, Tigo, and other entities
  • A 50-state regulatory analysis of new residential solar markets

REPRESENTED SUNRUN IN KEY 2016 TRANSACTIONS, INCLUDING:

  • A partnership-flip transaction involving a residential portfolio ($81 million investment)
  • Advised affiliates of Sunrun as borrowers in Sunrun’s largest syndicated financing to date. The multi-tiered back-leverage facilities are comprised of a $220 million revolving loan facility and $7 million letter of credit facility under a senior aggregation facility credit agreement, as well as a $23 million term loan facility under a term loan B credit agreement. WSGR also advised the borrower in a $90 million upsize transaction of the revolving loan facility.
  • Continued structuring and negotiating nationwide EPC partner contracts for the installation of solar photovoltaic systems in strategic marketing and joint venture transactions, in customer pipeline acquisitions, in solar PV module purchase deals, in regulatory analysis for residential solar PPA and leasing business launches, and in all of Sunrun’s publicly announced acquisitions of major U.S. installation contractors and technology providers

REPRESENTED CYPRESS CREEK RENEWABLES IN THE FOLLOWING 2016 TRANSACTIONS:

  • A tax equity investment, utilizing an inverted lease structure, for a 54.6MW PV solar facility in Idaho
  • Project-level debt financing and a tax equity investment, utilizing an inverted lease structure, for a portfolio of PV solar facilities that will operate approximately 63.6MW in Oregon
  • Project-level debt financing and a tax equity investment, utilizing an inverted lease structure, for a 10MW PV solar facility in South Carolina
  • Also represented Cypress Creek Renewables in transactions and contentious regulatory matters in Oregon, North Carolina, Montana, and Idaho

REPRESENTED STEM INC. IN TRANSACTIONS THROUGHOUT 2016, INCLUDING:

  • Development and project financing of portfolios of first-of-their-kind energy optimization service projects for commercial and industrial customers, including with respect to the following transactions:
    • $50 million expansion of project financing and establishment of working capital facility
    • $100 million joint venture project financing facility
    • First-of-its-kind energy storage-enabled demand response auction mechanism contract

OTHER REPRESENTATIVE 2016 TRANSACTIONS INCLUDE:

  • Represented NRG Renew in the acquisition and financing of portfolios of commercial and industrial solar projects across the U.S., and community solar projects in key markets such as New York
  • Represented Swell Energy in negotiations with Southern California Edison for the first utility demand response contract utilizing residential-sited battery storage
  • Represented NRG Renew, LLC, a division of NRG Energy, in the acquisition of the 100MW Buckthorn Wind Project from Infinity Renewables
  • Represented RES Americas in the sale of the 198MW Bluestem Wind Project to Exelon
  • Represented Salesforce in negotiating two long-term wind project power purchase agreements in West Virginia and Texas
  • Represented Panoche Valley Solar in the re-acquisition of membership interests of Duke Energy and in the development financing of a 299MW solar PV project
  • Advised Morgan Stanley as the lender, administrative agent, and lead arranger in connection with a $250 million construction loan facility and $111,312,000 bridge loan facility for the construction and development of a 257.25MW wind farm in Texas by a subsidiary of Invenergy Wind Global LLC

WSGR’s China Practice

Select 2016 China Practice Transactions Include:

  • Represented the sole sponsor and underwriters of Vixtel Technologies Holdings Limited in Vixtel’s listing on the Growth Enterprise Market of the Stock Exchange of Hong Kong by way of placing that raised approximately HK$76.1 million (December 2016)
  • Represented Rici Healthcare Holdings Limited in its $104 million IPO on the Main Board of the Stock Exchange of Hong Kong (October 2016)
  • Represented CROSSTEC Group Holdings Limited in its HK$90 million IPO on the Main Board of the Stock Exchange of Hong Kong (September 2016)
  • Represented China Leon Inspection in its HK$98 million IPO on the Main Board of the Stock Exchange of Hong Kong (July 2016)
  • Represented China Biologic Products, Inc. and the selling stockholders in China Biologics’ follow-on public offering with an aggregate offer size of more than $308 million (June 2016)
  • Represented China Biologic Products, Inc. and the selling stockholders in China Biologics’ follow-on public offering with an aggregate offer size of more than $468 million (March 2016)
  • Represented Beijing Gas Group Company Limited in its HK$1.32 billion investment in Blue Sky Power Holdings Limited (January 2016)

WSGR’s China Practice Honored by China Business Law Journal

The China practice’s recent accomplishments were recognized by valued sources such as China Business Law Journal, with the publication honoring WSGR as:

  • One of the top five law firms for China PE investments (by value) in 2016
  • One of the top three international law firms by inbound M&A deal value in 2015
  • One of the top ten international law firms by number of inbound M&A deals in 2015