October 19, 2015
Weil is advising longtime clients General Electric and Synchrony Financial in connection with the exchange offer to complete the separation of Synchrony from GE. The exchange offer was launched on October 19, 2015, and is expected to expire at midnight, New York City time, on November 16, 2015, unless extended. The exchange offer, if successful, will be the largest transaction of its kind ever completed. It is expected to result in a stock buyback of 6-7% of GE’s outstanding shares and, if fully subscribed would represent the equivalent of approximately $18-21 billion in GE stock buyback, subject to the relative stock price performance of GE and Synchrony during the pendency of the offer.
The Weil team was led by M&A partner Jackie Cohen and included M&A partner Howard Chatzinoff; Capital Markets partners David Lefkowitz and Corey Chivers; Public Company Advisory Group head Ellen Odoner and partner Howard Dicker; Tax partner Chayim Neubort; Executive Compensation & Benefits head Paul Wessel; Public Company Advisory Group counsel Adé Heyliger; M&A associates Jamie Lurie, Daniel Cohen, Dening Kong and Clayton Collett (not yet admitted); Capital Markets associates Jake Schneider and Paul Lee; Tax associate Mark Dundon; and Executive Compensation & Benefits associate Jennifer Britz.