Jane Ross, Weil, Gotshal & Manges partner (Jason Doiy / The Recorder)
Weil, Gotshal & Manges represented Australian telecommunications and media giant Telstra Corp. Ltd. in its $270 million acquisition of Mountain View-based Ooyala Inc., the firm announced Tuesday. Telstra, which already owned 23 percent of Ooyala, is purchasing almost all of the outstanding shares.
Redwood Shores-based partner Jane Ross led the Weil team, which included partners Eric Schwartzman, John Brockland and Anne Cappella. Fenwick & West represented Ooyala with a team led by Mountain View-based partner Andrew Luh and partner and firm chairman Richard Dickson. San Francisco-based partners Stephen Gillespie and Gerald Audant and associate Jennifer Johnson also worked on the deal.
Luh and Ross declined comment.
In the past two years, Telstra has invested $61 million into Ooyala. According to a Telstra news release, Ooyala, which was founded in 2007, is reporting expected revenue of $65 million for the 2014 calendar year. In the same release, Telstra CEO David Thodey said the purchase benefits customers and supports Ooyala on its growth track.
“Ooyala delivers a personalised video platform as an end-to-end cloud solution service, which saves customers high upfront investments in online video infrastructure and helps increase the return on their content,” Thodey said. “Our investment allows Ooyala to take their solution to the next level and thereby further accelerate its growth.”
Ooyala will continute to operate as an independent business as a subsidiary to Telstra. CEO Jay Fulcher will remain in his role.
For the Fenwick team, Mountain View-based partner Adam Halpern and associates Ryan Slunaker, Nam Kim, Ana Razmazma, Kelli Newman and Ora Grinberg aided in the deal, along with Seattle-based associate Adriana Sherwood and former Fenwick attorney Elnaz Manoucheri.
On Weil’s side, Redwood Shores-based associates Christopher Moore, Amy Reed and Brian Chang also worked on the team, along with several attorneys in the firm’s New York, Dallas and Boston offices.
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