The $417 million sale of Covad Communications started with an unsolicited e-mail expressing interest in the company from Platinum Equity in August -- right at the beginning of the economy's plunge -- and wasn't completed until mid-April, with the credit crunch in full effect. The deal took nearly six months to complete, thanks to fragmented telecom regulations. "You just bring a lot of different regulators into the soup," says Daniel Winnike, the head of the Fenwick & West team that represented Covad.
May 02, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The timing of the private equity buyout of the publicly traded Covad Communications wasn’t exactly ideal.
The eventual $417 million sale started with an unsolicited e-mail expressing interest in the company from Platinum Equity, a private equity firm, in August — right at the beginning of the economy’s plunge — and wasn’t completed until mid-April, with the credit crunch in full effect.
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