Latham & Watkins advises Ironsource

Latham & Watkins advises Ironsource

Latham & Watkins has advised ironSource on its agreement with Unity Software, the world's leading platform, permits mobile content creators to turn their apps into accessible, successful businesses for creating and operating interactive, real-time 3D (RT3D) content, under which ironSource will merge into a wholly-owned subsidiary of Unity.

At approximately US$4.4 billion, the all-stock transaction, where each ordinary share of ironSource will be replaced for 0.1089 shares of Unity common stock, values ironSource.

Unity's Board of Directors have also approved a 24-month share buyback program of up to US$2.5 billion in connection with the merger, expected to decrease dilution produced by the transaction, it's effective upon closing the merger.

At closing Silver Lake and Sequoia have fully dedicated to purchase an aggregate of US$1 billion in adaptable notes from Unity. Due in 2027, the convertible notes to be issued to Silver Lake and Sequoia, bear an interest rate of 2percent per annum. The conversion price is US$48.89 per share.

Tomer Bar-Zeev will join Unity's Board of Directors upon closing the merger and serve as an important member of Unity's executive leadership team. Two additional ironSource Directors will join the Unity Board of Directors upon closing the transaction.

Led by Tel Aviv/London corporate partner, Joshua Kiernan, Bay Area/New York partner Josh Dubofsky and Chicago partner Max Schleusener, the cross-border multidisciplinary Latham team was with Tel Aviv associate Gilad Zohari, Chicago connections Ariel Cho and Brian Baloun and Boston associate Deborah Hinck.

Tel Aviv counsel Michael Rosenberg, with New York associates Danny Shulman and Adam Deutsch provided advice on capital markets matters; Washington, D.C. partner Nicholas DeNovio, with associate Abigail Friedman on tax matters; Nate Seltzer London partner on regulatory matters and New York partner Jason Hegt, with Washington, D.C. counsel Andrew Galdes, and associates Zachary Eddington and Elizabeth Annis; on employment matters by Washington, D.C. partner Adam Kestenbaum, with Houston associate Dane Rebkowec; on foreign direct investment matters by Hamburg counsel Jana Dammann de Chapto; and on data and technology transactions matters by London partner Gail Crawford, Boston partner Sarah Gagan, and Washington, D.C. partner Clayton Northouse, with London associates Calum Docherty and Alice Brunning, Washington, D.C. associate Sanjana Parikh, and San Francisco associate Ryan Sanders.