Corrs Chambers Westgarth has acted as Australian counsel for US talent agency William Morris Endeavor Entertainment, LLC (WME), who represents stars like Lady Gaga and Oprah Winfrey, on its acquisition of 49% of industry-leading global creative agency Droga5, LLC.
As part of the transaction Droga5 LLC, whose clients include Coca-Cola and Motorola, will transfer all of its assets to a special purpose vehicle and WME will have a 49% interest in that company.
The New York Times reported the transaction was estimated at US$225 million although terms of the transaction were not disclosed.
The Corrs team was led by partner Andrew Lumsden who was supported by partner Lizzie Knight, senior associate Maggie Wong and lawyers Daria Orjekh and Melissa Storey.
Lead partner Andrew Lumsden said: “It was great to work with WME on the Australian aspects of this important deal to create a large creative, advertising, talent and entertainment business.”
The larger Corrs team advising on the deal also included Banking & Finance lawyer Zankhna Shah; Workplace Relations partners Stephen Price, Jack de Flamingh and lawyer Jessica Digby; Intellectual Property partner Eugenia Kolivos and lawyer Heather Hong; and Property partner Paul Carrick and lawyer Ramya Kumar.
The Corrs team worked very closely with international law firm Paul Weiss.
This is the latest transaction for the Corrs Corporate M&A team who have recently been ranked number one for completed deals so far this year in the Thomson Reuters M&A League Tables.