US firms advise as Facebook buys WhatsApp
21st February 2014
As the high profile acquisition of social messaging service WhatsApp takes place, Facebook is advised by American firm Weil, Gotshal & Manges, and WhatsApp receives counsel from technology firm Fenwick & West. As one of the most talked about deals to have been made in the technology sector this year, WhatsApp is due to receive a total of $19 billion (£11.4 billion) in cash and Facebook shares.
Facebook appointed Colin Stretch as one their top lawyer jobs last year with a promotion from being vice president and deputy GC to the company’s new general counsel. Stretch is taking on the role as Facebook completes its biggest acquisition since its buy-out of the photo sharing application Instagram in 2012 for $1 billion.
According to this article, Weil, Gotshal & Manges is to advise Facebook as the deal - that involves $4 billion in cash, $12 billion in Facebook shares and $3bn of shares as restricted stock that will be handed out over four years – proceeds.
WhatsApp’s founders and staff make up around 50 employees.