Telecom giant Verizon has reached an agreement to purchase Yahoo for $4.83 billion in cash, according to a statement from Verizon on Monday.
The deal comes after months of negotiations, and bids from other high-profile buyers, including AT&T and an investment group backed by billionaire investor Warren Buffett and Quicken Loans founder Dan Gilbert.
At least eight different Big Law firms were involved in the deal, according to a statement from Verizon.
Leading the way for Yahoo was Cravath, Swaine & Moore, which represented the “Strategic Review Committee” of Yahoo’s Board of Directors, formed in February to explore sale options.
The Cravath team was led by Faiza Seed and Eric Schiele, according to a statement from the firm. Earlier this month, Cravath tapped Saeed, co-head of the M&A practice, to lead the nearly 200 year old firm. She’s the first female presiding partner in the firm’s history.
In addition to Cravath, Skadden, Arps, Slate, Meagher & Flom; Wilson Sonsini Goodrich & Rosati; and Weil Gotshal & Manges all advised Yahoo. The Skadden team was led by M&A partner Marc Packer.
On the other side, Wachtell, Lipton, Rosen & Katz; Gibson, Dunn & Crutcher; Covington & Burling; and Winston & Strawn are acting as legal advisors to Verizon.
The Wachtell team was led by Steven Rosenblum and Edward Lee, according to a Wachtell spokesperson. Gibson Dunn was led by partners Rashida La Lande and Daniel Angel.
Lawyers from Wachtell and Weil also advised Verizon on two other big deals in the last two years — its $4.4 billion purchase of AOL, and its purchase of Vodafone’s $130 billion dollar stake in Verizon Wireless.
A Bloomberg Law analysis of Yahoo’s M&A deals over the last three years shows Morrison & Foerster and O’Melveny & Myers have been important firms for the internet pioneer in the past although neither firm appears to be involved in this deal.
(UPDATED: This story has been updated with details about the law firms involved.)