© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
For three decades, Michael Saslaw has represented automakers, private equity firms and energy companies in dozens of billion-dollar acquisitions. This week, the M&A lawyer announced he has taken his corporate practice to Vinson & Elkins, where he is a partner in its Dallas office.
Saslaw, who spent the past 15 years as a partner at Weil, Gotshal & Manges, said he will continue to focus on M&A and corporate governance matters for corporations and private equity firms, focusing on the energy and infrastructure sectors. He said he joined V&E because of its reputation as a leader in the energy sector and infrastructure industries.
“Additionally, I have known and worked with V&E lawyers throughout my 30-year career and have the highest respect for their capabilities,” Saslaw said.
The 1982 University of Pennsylvania School of Law graduate said one of the biggest deals of his career to handle was General Motors Company’s $1.2 billion acquisition of Korea’s bankrupt Daewoo Motors in 2002 – part of the first bankruptcy reorganization in South Korea.
The other was GE Financial Services’ $1.5 billion sale of a 50 percent interest in CCE Holdings, LLC to Energy Transfer Partners, LP. The interest, Saslaw said, involved the North America pipeline system formerly owned by Enron Corp. Saslaw previously led the sale of 100 percent of that system by the Enron bankruptcy estate to GE and its partner, Southern Union.
Most recently, Saslaw represented private equity firm EQT Partners in its $465 million acquisition of Synagro Technologies, Inc. pursuant to a bankruptcy plan, as well as EQT’s $270 million acquisition of Restaurant Technologies, Inc. He also advised the GPS systems and software company Trimble Navigation in multiple acquisitions, including its $335 million purchase of TMW Systems and the acquisition of Google’s SketchUp 3D business.
Saslaw said the biggest legal challenge his clients will face in the coming year is the tendency of many investors to chase a smaller pool of quality transactions, which creates some consequences.
“This results in their incurring transaction costs with a much lower likelihood of consummating the transaction,” Saslaw said. “While financing conditions have improved, increased costs of borrowing are clearly on the horizon.”
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