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Latham & Watkinsbeat out five other firms in a beauty contest to represent Hotwire.com in its acquisition by IAC/InterActiveCorp. The online commerce company bought San Francisco-based Hotwire.com for $665 million in cash, plus the assumption of approximately $20 million of options and warrants. John Newell, a partner in Latham’s San Francisco office, said one of the interesting aspects of the deal was the number of parties involved. “First, we negotiated a deal with Interactive and then went back to the shareholders to get their consent,” Newell said. Hotwire.com offers discount prices on airline tickets, hotel rooms, rental cars, cruises and vacation packages to online buyers who don’t see a specific fare or rate until after purchasing the item. The travel site was founded in 2000 by Texas Pacific Group, a buyout fund, and airlines American, America West, Continental, Northwest, United and US Airways. IAC estimates Hotwire.com will have approximately $700 million in gross bookings this year and net revenue of about $110 million. Initially founded as the Home Shopping Network, IAC grew through several acquisitions. Its operating businesses include Expedia Inc., Hotels.com, Ticketmaster and Match.com. The Latham team also included partners James Barralland Laurence Stein, of counsel Susan Meyer, and associates Andrew Williamson, Deborah Briones, Thomas Egan, Emma Cheungand Heather Field. Hotwire.com’s vice president and legal counsel Kathleen Philipsand corporate counsel Jennifer Namalso worked on the transaction. Thomas Ivey, a partner in Skadden, Arps, Slate, Meagher & Flom‘s Palo Alto office, was counsel to Texas Pacific Group. His team included partners Nicholas Saggeseand Edward Gonzalezand associate Linda Funasaki. Attorneys in Jones Day‘s Dallas office represented the airline group. Of counsel Richard Frelingled the team, which included associates Stuart Chasanoffand Amanda Dake. LEXAR MEDIA INC. Digital film maker Lexar Media Inc. tapped the public markets for $90.2 million in financing with the help of the Silicon Valley offices of Fenwick & Westand Davis Polk & Wardwell. The company sold 5.75 million shares of common stock in a shelf offering that closed Sept. 16. Fenwick represented Lexar in the deal, which priced the stock at $16.50 a share. “This shows the virtues of having a shelf registration statement of a company that we put on file when the stock was substantially lower in value,” says Dennis Debroeck, a partner in Fenwick’s Mountain View office who served as Lexar’s lead counsel on the deal. Davis Polk represented the underwriters, which included J.P. Morgan Securities Inc., SG Cowen Securities Corp. and C.E. Unterberg, Towbin. Fremont-based Lexar develops and sells flash memory cards that are used to store photographs taken with digital cameras. Debroeck was assisted by Robert Freedman, a partner in Fenwick’s Boise City, Idaho, office, as well as Mountain View associates Scott Leichtner, Melissa Trousdaleand Andrew Schultheis. Lexar General Counsel Eric Whitakerand Associate General Counsel Larissa Cochronalso played a large role in the deal. Alan Denenberg, a partner in Davis Polk’s Menlo Park office served as lead counsel for the underwriters. He was assisted by associates Erin Furmanand Kevin Smith. Reporter Brenda Sandburg’s e-mail address is [email protected] . Reporter Alexei Oreskovic’s e-mail address is [email protected] .

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