Kirkland & Ellis LLP and DLA Piper LLP worked on the deal to take private Active Network Inc. (ACTV), a company that manages online registration for marathons, business conferences and other events. Vista Equity Partners is buying Active for about $1.05 billion in cash.
Kirkland represented Vista. From the firm are corporate partners David Breach, Sarkis Jebejian, Richard Brand and Noah Boyens and intellectual property partner John Lynn.
Active relied on DLA Piper. From that firm are corporate partners Michael Kagnoff, Daniel Eisner and John Reed. Other partners on the deal were Jamie Knox (debt), Paolo Morante(antitrust), Neil Balmert (tax), Mark Lehberg (intellectual property) and employee benefits partners Jim Telfer and Mark Boxer.
Vista will commence a tender offer to acquire all of the outstanding shares of San Diego-based Active’s common stock for $14.50 a share, according to a statement yesterday. Active’s board endorsed the offer, recommending that all stockholders tender their shares. Under the terms of the deal, any shares not tendered will be acquired in a second-step merger at the same cash price as the original offer.
Active rose 26 percent to $14.31 yesterday in New York trading.
The takeover follows a management shakeup in May, when Chief Executive Officer Matthew Landa and Chairman David Alberga resigned their positions, though they remained on the board.
The deal should close before the end of the fourth quarter, according to the statement.
The company, whose customers range from the state of California to Cisco Systems Inc., had attracted interest from other buyout firms before agreeing to the Vista deal. The company was originally expected to fetch as much as $770 million, a person familiar with the situation said.