Firm / Organisation

Wachtell, Lipton, Rosen & Katz

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This content is provided by Wachtell, Lipton, Rosen & Katz.

Co-Chairmen of the Executive Committee: Edward D Herlihy, Daniel A Neff
Number of partners worldwide: 80
Number of other lawyers worldwide: 191

Firm Overview:
Wachtell, Lipton, Rosen & Katz enjoys a global reputation as one of the world’s leading business law firms. The firm’s vast experience means it regularly handles many of the largest, most complex and demanding transactions in the US and around the world. Wachtell Lipton also focuses on sensitive investigations and litigation matters and corporate restructurings, and in counselling boards of directors and senior management in the most sensitive situations.

A Unique Approach:
Wachtell Lipton approaches its clients’ legal issues within the larger framework of each client’s strategic, business and financial goals. The firm focuses on matters that require the attention, extensive experience, expertise and reputation of its partners. In order to provide this partner-intensive service, the firm generally does not handle routine matters, it limits the number and type of matters it undertakes and it operates with a ratio of partners to associates far above that of major competitors. Matters undertaken are at all times afforded the direct personal attention of partners having expertise and sophistication with respect to the issues.

People:
Wachtell Lipton is consistently ranked as one of the most prestigious and desirable law firms to work for in the US, enabling it to attract the most outstanding and motivated attorneys and law school graduates in the US and globally.

Achievements:
Wachtell Lipton consistently ranks near the very top of legal advisors by transaction dollar volume, even though it is significantly smaller than all of its major competitors. Over the past several years, the firm has been the legal advisor on some of the largest transactions in the US and globally, as well as numerous other acquisition and restructuring transactions across many industries and of every description.

Clients:
Clients include enterprises of virtually every nature in the US and around the world, including industrial firms, financial institutions, leveraged buyout houses, securities firms, healthcare and pharmaceutical providers, technology companies and media and information systems companies, many of which are Fortune 500 companies, and other leading enterprises.

Advancing the Law:
The firm has repeatedly contributed to major evolutions in corporate law in order to advance the interests of its clients. Wachtell Lipton originated the shareholder rights plan or the ‘poison pill’, structured the first cross-border ‘Morris Trust’ transaction between SmithKline Beckman and Beecham and has been involved in the transactions giving rise to most of the landmark corporate governance decisions in Delaware, including Household, Revlon, Newmont Mining, Macmillan, Interco, Time Warner, QVC and Airgas. The firm also represented the successful defendants in Morrison v. National Australia Bank, the landmark US Supreme Court case that sharply limited the extraterritorial reach of US securities laws.

Main Areas of Practice:

Corporate/M&A:

Wachtell Lipton handles some of the largest and most complex US and international transactions. It advises on a range of corporate matters, including M&A, spin-offs and split-offs, public offerings, capital raising transactions and innovative financial products. In addition, Wachtell Lipton is recognised as a leading firm for takeover defence, shareholder activism and corporate governance.

Recent major US representations have included:
■ Newfield Exploration Company in its $5.5 billion sale to Encana Corporation
■ Energen in its $9.2 billion all-stock merger with Diamondback Energy
■ Broadcom in its $18.9 billion all-cash acquisition of CA Technologies
■ The Board of Directors of Forest City Realty Trust in its $11.4 billion sale to Brookfield
■ Envision Healthcare in its $9.9 billion sale to KKR
■ NextEra Energy in its $6.5 billion acquisition of Gulf Power Company, Florida City
■ Salesforce in its $6.5 billion acquisition of MuleSoft
■ Cigna in its $67 billion acquisition of Express Scripts
■ Thomson Reuters in its strategic partnership with Blackstone for Thomson Reuters Financial and Risk (F&R) business valued at $20 billion
■ Broadcom Limited in its $150 billion proposal to acquire Qualcomm
■ United Technologies in its $30.3 billion acquisition of Rockwell Collins
■ Jacobs Engineering Group in its $3.3 billion acquisition of CH2M HILL Companies
■ C.R. Bard in its $24 billion merger with Becton Dickinson
■ EQT in its $6.7 billion acquisition of Rice Energy
■ United Technologies in its $30.3 billion acquisition of Rockwell Collins
■ Whole Foods Market in its $13.7 billion acquisition by Amazon.com
■ EQT in its $6.7 billion acquisition of Rice Energy
■ CenturyLink in its acquisition of Level 3 Communications in a cash and stock transaction valued at approximately $34 billion, including assumption of debt
■ Medivation in its $14.6 billion acquisition by Pfizer
■ Tesla in its $2.6 billion acquisition of SolarCity
■ Analog Devices in its $14.8 billion acquisition of Linear Technology
■ Verizon Communications in its $4.83 billion acquisition of Yahoo!’s operating business
■ Lions Gate Entertainment Corp. in its $4.3 billion merger with Starz
■ Riverstone in its $5.2 billion acquisition of Talen Energy
■ Pfizer in its $5.2 billion acquisition of Anacor Pharmaceuticals
■ Valspar in its $11.3 billion sale to Sherwin-Williams
■ Abbott Laboratories in its $25 billion acquisition of St. Jude Medical
■ Michael S. Dell and MSD Partners in the $67 billion transaction to combine Dell and EMC
■ The Special Committee of the Facebook Board of Directors in the reclassification of Facebook’s capital structure, including the creation of a new class of publicly listed, non-voting common stock
■ Energy Transfer Equity, L.P. in its $37.7 billion combination with The Williams Companies, Inc.
■ Capital One in its $8.5 billion acquisition of GE Capital’s Healthcare Finance Business
■ Charter Communications in its merger with Time Warner Cable, valuing Time Warner Cable at $78.7 billion, and its $10.4 billion acquisition of Bright House Networks
■ AbbVie in its $21 billion acquisition of Pharmacyclics
■ Motorola Solutions in its strategic partnership with Silver Lake, which included a $1 billion investment by Silver Lake, and self-tender offer
■ McGraw Hill Financial in its $2.225 billion acquisition of SNL Financial
■ United Technologies in its $9 billion sale of its Sikorsky Aircraft Business to Lockheed Martin

Recent major cross-border or non-US representations have included:
■ T-Mobile and Deutsche Telekom in the $146 billion combination of T Mobile and Sprint, in the combination of T-Mobile with MetroPCS at a $30 billion enterprise valuation, and in the $39 billion agreed sale of T-Mobile to AT&T
■ Frutarom in its $7.1 billion sale to International Flavors & Fragrances
■ Marsh & McLennan Companies in its $6.4 billion acquisition of Jardine Lloyd Thompson Group
■ Thermo Fisher Scientific in its $7.2 billion acquisition of Patheon N.V.
■ Broadcom Limited in its $130 billion proposal to acquire Qualcomm Incorporated
■ Actelion Ltd in its $30 billion acquisition by Johnson & Johnson and the spin-off of its drug discovery operations and early-stage clinical assets
■ Harman International Industries, Incorporated in its $8.8 billion acquisition by Samsung Electronics Co., Ltd.
■ Monsanto in its $66 billion acquisition by Bayer AG
■ Spectra Energy Corp in its $28 billion merger of equals with Enbridge Inc.
■ Joy Global Inc. in its $3.7 billion acquisition by Komatsu Limited
■ CST Brands in its $4.4 billion acquisition by Alimentation Couche-Tard
■ Danone S.A. in its $12.5 billion acquisition of The WhiteWave Foods Company
■ Johnson Controls in its $16.3 billion combination with Tyco International plc
■ Lexmark International, Inc. in its $3.6 billion acquisition by a consortium led by Apex Technology Co., Ltd. and PAG Asia Capital
■ Nasdaq, Inc. in its acquisition of International Securities Exchange from Deutsche Börse AG
■ Pfizer, Inc. in its $160 billion agreed combination with Allergan plc 
■ Airgas, Inc. in its $13.4 billion acquisition by Air Liquide S.A.
■ Perrigo Company plc in its successful defence against a $26 billion hostile takeover offer by Mylan N.V.
■ Visa Inc. in its €21.2 billion acquisition of Visa Europe Ltd
■ Altria, SABMiller’s 27% shareholder, in SABMiller’s $104 billion sale to AB InBev
■ Casino Group in its €1.7 billion sale to Grupo Éxito of an 18.8% interest in Companhia Brasileira de Distribuição (GPA) and 100% of Casino’s Argentinian subsidiary, Libertad
■ Chubb in its $28.3 billion acquisition by ACE Limited
■ City National in its $5.4 billion acquisition by Royal Bank of Canada
■ Talisman Energy in its $8.3 billion acquisition by Repsol S.A.
■ Allergan in its $66 billion acquisition by Actavis plc
■ Covidien plc in its $49.9 billion acquisition by Medtronic, Inc.
■ Forest Laboratories in its $28 billion acquisition by Actavis plc
■ Tim Hortons Inc. in its $12.2 billion combination with Burger King Worldwide, Inc.
■ Walgreen Co. in its acquisition of a 45% stake in Alliance Boots GmbH and its later acquisition of the remaining 55% for approximately $27 billion
■ EADS NV in its proposed €35 billion dual-listed-company combination with BAE Systems plc
■ Deutsche Telekom and T-Mobile USA in the $30 billion combination of T-Mobile and MetroPCS
■ Alibaba Group in restructuring its relationship with Yahoo!, including repurchasing $7.8 billion of Yahoo!’s holdings in Alibaba
■ Deutsche Telekom in its $39 billion agreed sale of T-Mobile to AT&T
■ NYSE Euronext in its $11 billion acquisition by IntercontinentalExchange, Inc., and its $23.4 billion agreed merger with Deutsche Börse
Recent spin-off representations have included:
■ EQT Corporation in its spin-off of Equitrans Midstream Corporation, its midstream business
■ ServiceMaster Global Holdings in its spin-off of Frontdoor, its American Home Shield business
■ TEGNA in its spin-off of Cars.com
■ Varian Medical Systems in the spin-off of its Imaging Components business
■ Yum! Brands in its separation into two public companies
■ Alcoa in its separation into two publicly traded companies
■ Energizer Holdings in the spin-off of its Household Products and Personal Care divisions
■ Hewlett-Packard in its separation into two public companies
■ eBay in the separation of eBay and PayPal into two public companies

Shareholder Activism:
Wachtell Lipton is a leading defender of companies that are under attack by shareholder activists. The firm has advised numerous public companies in responding to activist shareholders as well as other hedge fund and corporate governance activists.

Corporate Governance:
The firm is a thought leader in the area of corporate governance. It has represented the NYSE in connection with the Exchange’s listing standards and corporate governance initiatives for listed companies. It has represented numerous major corporations in connection with corporate governance and related matters, as well as boards of directors and special committees in connection with corporate governance investigations and related matters.

National & International Litigation Practice:
Wachtell Lipton’s litigation department routinely handles the highest-profile corporate litigations in the country for clients across a wide range of industries. Far less leveraged than its peers, the 80-lawyer group staffs each case with expert partners and approaches each new matter with creativity and intensity. The group is best known for its takeover and transactional litigation practice, but is equally prominent in other areas of commercial and securities litigation. It also has a leading white collar and regulatory enforcement practice representing companies and individuals in state and federal regulatory and criminal investigations. The firm appears in state and federal courts throughout the US at both trial and appellate levels, as well as in arbitrations and mediations nationally and internationally.

Takeover & Merger Litigation:
The firm is considered one of the leading transaction and takeover litigation firms in the country, having litigated many of the seminal cases establishing US takeover law, including: Moran v. Household Int’l Inc.; Revlon Inc. v. MacAndrews & Forbes Holdings, Inc.; Paramount Communications, Inc. v. Time, Inc.; Paramount Communications, Inc. v. QVC Network, Inc.; and IBP, Inc. v. Tyson Foods.

Recent representations have included:
■ Allergan in its closely watched takeover battle, resulting in a groundbreaking preliminary injunction that set new federal precedent against unfair tactics in takeover bids
■ Sotheby’s in the successful defence of its shareholder rights plan against an activist investor attack
■ Vulcan Materials in its defence of a bid from Martin Marietta Materials, resulting in an unprecedented injunction barring a hostile bid
■ Airgas in its landmark takeover defence against Air Products
■ The group has leading expertise in dealing with activist situations, having handled a substantial portion of the biggest shareholder activism battles in recent years. The firm’s litigators also advise on a range of corporate governance matters and handle derivative demands and other litigation challenging the actions of boards of directors

Complex Commercial & Securities Litigation:
The firm consistently handles some of the nation’s leading commercial disputes covering diverse industries and subject matters.

Recent representations have included:
■ Bank of America in numerous matters relating to mortgage-backed securities, including negotiating its $8.5 billion settlement of claims involving more than 500 trusts for mortgage-backed securities issued by Countrywide and in negotiating its landmark settlement with the Department of Justice, federal agencies and state attorneys general in August 2014 that resolved several pending enforcement investigations and litigations
■ Goldman Sachs in a highly publicised federal civil jury trial involving negligence claims in connection with the sale of Dragon Systems. The unanimous jury verdict absolved Goldman Sachs and rejected all of the plaintiffs’ claims and was affirmed on appeal by the United States Court of Appeals for the First Circuit
■ Hewlett Packard Company in securities litigation and derivative litigation arising from HP’s $11 billion acquisition of Autonomy plc in 2011 and its disclosure in November 2012 that HP had taken an $8.8 billion write-down in connection with the acquisition
■ General Motors Company board of directors in providing advice in connection with ignition switch recalls
■ National Australia Bank in the landmark Morrison case, in which the US Supreme Court held that Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 apply only to purchases and sales of securities in the United States. The decision overturned 40 years of lower-court precedent and eradicated a burgeoning species of securities litigation (so-called ‘foreign-cubed’ and ‘foreign-squared’ class actions) along with billions of dollars in potential liability for foreign securities issuers
■ JPMorgan in ongoing multibillion dollar litigation arising out of the Lehman Brothers Holdings Inc. bankruptcy. The September 2015 summary judgement decision dismissed all but six of the remaining 29 claims against JPMorgan and allowed JPMorgan’s counter claim against Lehman to proceed
■ Iusacell S.A. de C.V., the Mexican mobile-phone provider, in a multibillion-dollar dispute with global IT-outsourcing giant IBM and its Mexican subsidiary in arbitration proceedings before the International Chamber of Commerce and litigation in federal court in the US

White-Collar & Regulatory Enforcement:
The firm has a leading white-collar and regulatory enforcement practice. It has represented major financial institutions and multinational corporations, as well as their boards of directors and senior executives, in a broad range of the most complex and typically high-profile white-collar criminal and regulatory enforcement matters, both nationally and internationally. In the past few years alone, firm litigators have handled both US and foreign governmental investigations, focusing on the Foreign Corrupt Practices Act, criminal tax evasion, criminal transfer pricing, the False Claims Act, insider trading, securities fraud, accounting fraud, criminal antitrust and export control violations. In addition, the firm regularly represents boards, audit committees and special committees charged with conducting special investigations in response to whistleblowers or governmental inquiries.

Pro Bono:
The firm has an active pro bono litigation practice. Attorneys are encouraged to take on pro bono matters with the full support of the firm and many take advantage of this opportunity. A recent representation was on behalf of the Chief Judge of the State of New York in historic litigation over the state’s failure to increase the pay of its judges since 1999. The firm’s efforts helped achieve a decision by the state’s Court of Appeals holding that, as a matter of state constitutional law, judicial pay cannot be treated as a political matter by the executive and the legislature, but rather must be sufficient to attract well-qualified individuals to serve on the bench.

Restructuring & Finance:
Wachtell Lipton has one of the leading restructuring practices in the nation, principally representing banks, hedge funds, private equity funds and other creditors and acquirors in national and multinational bankruptcy cases and out-of-court restructurings. The firm’s restructuring practice regularly handles complicated acquisitions or divestitures of businesses in financial distress or bankruptcy, highly leveraged transactions and other major transactions involving significant debtor/creditor issues.

The group’s attorneys represented the United States Treasury in connection with the rescues of Fannie Mae and Freddie Mac, including the Treasury’s multibillion dollar investment in the Senior Preferred Stock of the GSEs following the commencement of their conservatorships. Recent restructuring engagements include the representation of major lenders, derivatives counterparties and equity holders in the following chapter 11 cases and out-of-court restructurings: Lehman Brothers; General Motors (Motors Liquidation Co.); Energy Future Holdings; Westinghouse; Puerto Rico; Caesars Entertainment; Key Energy; Payless ShoeSource; Sports Authority; True Religion; Gander Mountain; ExGen Texas Power; CHC Helicopter; MF Global; Graceway Pharmaceuticals; Hawker Beechcraft; Innkeepers; Washington Mutual; Lyondell Chemical; Aleris International; and Fairpoint Communications.

The group also represents corporate borrowers in out-of-court restructurings and workouts. For example, the group represented Education Management Corporation in litigation arising out of its out-of-court restructuring, including its precedent-setting appeal in the Marblegate case. Other significant engagements include key litigation arising in chapter 11 cases including Energy Future Holdings, Thornburg Mortgage, Boston Generating, Innkeepers and National Century Financial Enterprises. Wachtell Lipton has a market-leading financing practice, with extensive experience in all types of financing transactions, including investment grade and high-yield senior secured bank facilities, Rule 144A and registered investment grade and high-yield bond offerings, bridge facilities, tender offers, exchange offers and consent solicitations Many of the firm’s financings extend across multiple national borders, and its lawyers are experienced in solving the complex issues that arise in multinational situations and in ensuring that crossborder transactions benefit from the latest developments in the financing markets, which often originate in New York. The firm has led financings involving Europe, Asia, Latin America and Australia.

Recent representations have included:
■ Abbott Laboratories in its $25 billion acquisition of St. Jude Medical, including a $17.2 billion bridge commitment and bridge takeout financing
■ AbbVie in its $21 billion acquisition of Pharmacyclics, including an $18 billion bridge commitment and $16.7 billion notes offering
■ CenturyLink in its $9.9 billion of new secured debt facilities, comprised of a new $2 billion secured revolving credit facility and $7.9 billion of secured term loan facilities, in connection with its acquisition of Level 3 Communications, Inc.
■ Danone S.A. in its $12.5 billion acquisition of The WhiteWave Foods Company, including a $13.1 billion bridge commitment
■ Deutsche Telecom/T-Mobile with $20 billion financing in connection with its combination with MetroPCS
■ Dollar Tree in its $10 billion financing to acquire Family Dollar
■ EQT in its $6.7 billion acquisition of Rice Energy, including a $1.4 billion bridge loan commitment and the amendment and/or refinancing of the parties’ multibillion dollar revolving facilities
■ Hewlett Packard Enterprise in connection with its $8.8 billion Reverse Morris Trust transaction with Micro Focus International, including $2.6 billion in bank financing
■ Johnson Controls in its $16.3 billion combination with Tyco International plc, including a $2.0 billion revolving credit facility and $500 million bilateral term loan facility
■ Walgreen in its $10 billion US dollar, euro and sterling bond offering and $5 billion bank financing to complete its acquisition of Alliance Boots and its initial $3.5 billion bridge financing and subsequent bond take-out in connection with its initial 45% investment
■ Verizon Communications with obtaining a $61 billion bridge facility (the largest bridge financing ever), and $14 billion in permanent facilities, to support its $130 billion acquisition of the remaining interest in Verizon Wireless from Vodafone Group plc.
■ The J.M. Smucker Company on its $3.65 billion senior notes offering and $1.75 billion term facility in connection with its acquisition of Big Heart Pet Brands
■ STERIS in its $1.6 billion financing to acquire Synergy Health in accordance with UK certain funds rules

High-Profile Bankruptcy Litigation:
The firm’s specialised litigators handle high-profile litigation matters involving bankruptcy, restructuring and finance issues. The firm has recently represented JPMorgan Chase in defeating multi-billion dollar claims brought by both the Lehman Brothers estate and Bernard Madoff bankruptcy trustee. The firm is currently representing Credit Suisse in lawsuits arising in the Thornburg Mortgage bankruptcy case, the private equity owners of EFH in litigation arising out of the EFH bankruptcy case, and defenCe of a lawsuit brought by creditors of what was formerly General Motors. Significant prior engagements include key litigation relating to the restructurings or bankruptcy cases of Education Management, Boston Generating, and National Century Financial Enterprises.

Executive Compensation & Benefits:
Attorneys in the executive compensation and benefits group work closely with the most senior executives of the firm’s clients to address some of the most sensitive issues facing public and private companies, both in deal and non-deal contexts. Executive compensation arrangements often are the foundation of people-based businesses, and management succession, board composition and similar issues are essential to the success of business combinations. The practice continues to evolve as corporate governance standards and executive compensation laws change and expand in response to shareholder activism, pressure from the media and recent unprecedented governmental participation in the management of business enterprises.

Antitrust:
Wachtell Lipton’s antitrust practice focuses on mergers and acquisitions and government investigations, including international antitrust and banking antitrust issues. The group analyses transactions to assess potential antitrust issues, develops strategies to address those concerns, and represents clients before the US DOJ’s Antitrust Division, the FTC, the Board of Governors of the Federal Reserve System, state attorneys general and foreign antitrust authorities and in litigation challenging transactions on antitrust grounds.

Tax:

Wachtell Lipton’s tax attorneys regularly advise clients on the tax aspects of corporate reorganisations, acquisitions, spin-offs and other dispositions, financings, restructurings and joint ventures. These transactions frequently involve large multinational businesses and raise complex domestic and multinational tax issues. Indeed, tax considerations often determine the form, and occasionally the viability, of contemplated transactions. The group, working together with the corporate and restructuring and finance departments, frequently is called on to participate in the restructuring of existing financial arrangements, including those arising out of private equity and other leveraged transactions. The group is also involved in creating new financial products and in innovative real estate transactions. Members of the group regularly publish and lecture on emerging tax issues and actively participate in the work of tax policy groups, such as the Tax Section of the New York State Bar Association and the International Fiscal Association.

Real Estate M&A:
Wachtell Lipton’s real estate department has a leading practice focused on mergers and acquisitions, private equity, corporate governance, restructurings and joint ventures across the REIT, real estate, hospitality and gaming sectors. The firm consistently plays an active role in major transactions in these sectors, with particular emphasis on large-scale public company M&A and strategic transactions. It has played a leading role in the redevelopment of the World Trade Center and in many of the significant REIT mergers, buyouts and takeovers over the last decade.

Representations have included:
■ Forest City Realty Trust’s board in its $11.4 billion sale to Brookfield
■ AV Homes in its $1 billion sale to Taylor Morison Home Corp.
■ Gramercy Property Trust in its $7.6 billion sale to Blackstone, and in its $5.7 billion merger with Chambers Street Properties
■ Quality Care Properties in its $4 billion sale to Welltower and agreement with ProMedica Health System to acquire HCR ManorCare at the completion of HCR ManorCare’s Chapter 11 bankruptcy process
■ Regency Centers in its $15.6 billion merger with Equity One
■ Cousins Properties in its merger with Parkway Properties, and the simultaneous spin-off of the Houston-based assets of both companies, creating two publicly traded REITS with a combined gross value of $7 billion
■ Annaly Capital Management in its $1.5 billion acquisition of Hatteras Financial
■ JAVELIN Mortgage Investment in its acquisition by ARMOUR Residential REIT
■ The Special Committee of Starwood Waypoint Residential Trust in its merger with Colony American Homes and internalisation of its manager, to create a combined company that will manage over 30,000 homes and have an aggregate asset value of $7.7 billion
■ Gramercy Property Trust in its merger with Chambers Street Properties to create a premier $5.7 billion net lease REIT
■ Ventas in its spin-off of Care Capital Properties with a portfolio of 355 post-acute/skilled nursing facility properties, and in its $2.6 billion acquisition of American Realty Capital Healthcare Trust
■ Gaming and Leisure Properties in its $5.0 billion proposal to acquire Pinnacle Entertainment’s real estate assets
■ Sears Holdings in its formation of Seritage Growth Properties, a new REIT entering into a $2.5 billion saleleaseback with Sears for 254 stores and in its strategic joint ventures with Simon, General Growth and Macerich
■ Washington Prime Group in its $4.3 billion acquisition of Glimcher Realty
■ Klépierre S.A. in connection with its $9.68 billion acquisition of Corio N.V.
■ Ventas in its $2.6 billion acquisition of America Capital realty Healthcare Trust, its $7.4 billion acquisition of Nationwide Health Properties, Inc., its $3.1 billion acquisition of Atria’s senior housing portfolio and its US$2 billion acquisition of the Sunrise Senior Living REIT
■ Chatham Lodging Trust in its $1.3 billion joint venture restructuring with NorthStar Realty Finance and Cerberus Capital Management, its takeover defence and $1.3 billion acquisition (partly in a joint venture with Cerberus) of the Innkeepers portfolio out of bankruptcy, following the firm’s representation of Innkeepers in its $1.5 billion sale to Apollo
■ Simon Property Group in its spin-off of Washington Prime Group, its €1.5 billion acquisition of a stake in Klépierre from BNP Paribas, its $31 billion bid for GGP and its $2.3 billion acquisition of Prime
■ Cole in its $11.2 billion merger with ARCP to create a $21.5 billion net lease REIT and successful takeover defence of Cole Credit Property Trust III
■ The $14 billion merger of equals of ProLogis and AMB that created the largest global industrial REIT with combined assets of $46 billion
■ Silverstein Properties in the redevelopment of the World Trade Center
■ Tishman Speyer and Lehman in their $22 billion acquisition of the Archstone apartment REIT and the subsequent restructuring of Archstone