Schulte Roth & Zabel Represents Starboard in Ritchie Bros. Investment
January 25, 2023
Source: Schulte Roth & Zabel LLP
Schulte Roth & Zabel (SRZ) advised Starboard Value LP in their recently announced $500 million strategic investment in global asset management and disposition company Ritchie Bros. Auctioneers.
The investment includes the purchase of $485 million in newly issuable senior preferred shares and $15 million in common shares by Starboard. In addition, Starboard CEO Jeffrey Smith will join the Board of Directors, contingent on the approval and closing of Ritchie Bros. $7.3 billion planned acquisition of IAA, Inc.
The Schulte Roth & Zabel team included partners Ele Klein and Adriana Schwartz, special counsel Clara Zylberg, and associates Evan Berger and Sean Brownridge.
About Schulte Roth & Zabel:
Schulte Roth & Zabel LLP is a full-service law firm with offices in New York, Washington, DC and London. As one of the leading law firms serving the financial services industry, the firm advises clients on investment management, corporate and transactional matters, and provides counsel on securities regulatory compliance, enforcement and investigative issues. The firm's practices include: antitrust; bank regulatory; bankruptcy & creditors' rights litigation; blockchain technology & digital assets; broker-dealer regulatory & enforcement; business reorganization; complex commercial litigation; cybersecurity & data privacy; distressed debt & claims trading; distressed investing; education law; employment & employee benefits; energy; environmental; estate planning; estate & trust administration; environmental, social and governance (ESG); family law; finance & derivatives; financial institutions; hedge funds; insurance; intellectual property, sourcing & technology; investment management; litigation; litigation finance; mergers & acquisitions; nonprofits; philanthropic planning; PIPEs; private credit, distressed investing & direct lending; private equity; real estate; real estate capital markets & REITs; real estate litigation; regulated funds; regulatory & compliance; securities & capital markets; securities enforcement; securities litigation; securitization; shareholder activism; structured finance & derivatives; tax; trading agreements; and white collar defense & government investigations.
The investment includes the purchase of $485 million in newly issuable senior preferred shares and $15 million in common shares by Starboard. In addition, Starboard CEO Jeffrey Smith will join the Board of Directors, contingent on the approval and closing of Ritchie Bros. $7.3 billion planned acquisition of IAA, Inc.
The Schulte Roth & Zabel team included partners Ele Klein and Adriana Schwartz, special counsel Clara Zylberg, and associates Evan Berger and Sean Brownridge.
About Schulte Roth & Zabel:
Schulte Roth & Zabel LLP is a full-service law firm with offices in New York, Washington, DC and London. As one of the leading law firms serving the financial services industry, the firm advises clients on investment management, corporate and transactional matters, and provides counsel on securities regulatory compliance, enforcement and investigative issues. The firm's practices include: antitrust; bank regulatory; bankruptcy & creditors' rights litigation; blockchain technology & digital assets; broker-dealer regulatory & enforcement; business reorganization; complex commercial litigation; cybersecurity & data privacy; distressed debt & claims trading; distressed investing; education law; employment & employee benefits; energy; environmental; estate planning; estate & trust administration; environmental, social and governance (ESG); family law; finance & derivatives; financial institutions; hedge funds; insurance; intellectual property, sourcing & technology; investment management; litigation; litigation finance; mergers & acquisitions; nonprofits; philanthropic planning; PIPEs; private credit, distressed investing & direct lending; private equity; real estate; real estate capital markets & REITs; real estate litigation; regulated funds; regulatory & compliance; securities & capital markets; securities enforcement; securities litigation; securitization; shareholder activism; structured finance & derivatives; tax; trading agreements; and white collar defense & government investigations.
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