© 2015 The Texas Lawbook.
By Mark Curriden
(June 22) – Dallas-based private equity firm Lone Star Funds agreed Monday to purchase 41,917 apartment units in 121 different communities from East Coast-based Home Properties for $7.6 billion.
Other Texas corporate lawyers for Gibson Dunn working on the transaction include partner Jay Tabor and associates Jonathan Whalen, Caitlin Calloway and Joseph Orien. Advising on benefits-related issues are Dallas associates Krista Hanvey and Needhi Vasavada.
Lone Star Funds will acquire all of the outstanding common stock of Home Properties for $75.23 per share in an all-cash transaction.
Lone Star also turned to Chapman to advise it last year on its $1.3 billion acquisition of DFC Global Corporation.
Hogan Lovells represents Home Properties.
The Lone Star bid comes with a “go shop” provision, under which Home Properties can solicit alternative proposals from third parties in the next 30 days, according to Reuters.
BofA Merrill Lynch and Houlihan Lokey are advising Home Properties, while Goldman Sachs & Co is Lone Star’s financial adviser.
Lone Star has already received $6.1 billion of fully committed financing from Goldman Sachs, the company said.
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