Fenwick & West LLP represented its client Andreessen Horowitz, the venture firm recently launched by Marc Andreessen and Ben Horowitz, in eBay Inc.’s (NASDAQ: EBAY) sale of its Skype communications unit valued at $2.75 billion. eBay will sell a 65 percent stake in its Skype VoIP calling unit to an investor group led by Silver Lake, along with Index Ventures, Andreessen Horowitz and the Canada Pension Plan (CPP) Investment Board.
The group will pay eBay approximately $1.9 billion in cash and a $125 million principal note for the stake in the company, and eBay will retain a 35 percent ownership.
The transaction, which is not subject to a financing condition, is expected to close in the fourth quarter of 2009.
Andreessen Horowitz was established in June 2009 by entrepreneurs and engineers Marc Andreessen and Ben Horowitz, based on their vision for a new, modern VC firm designed to support today's entrepreneurs. Andreessen and Horowitz have a track record of investing in, building and scaling highly successful businesses. Mr. Andreessen is a co-founder and chairman of Ning and an investor in several start-ups including Digg and Twitter. Mr. Andreessen developed Mosaic and co-founded Netscape. Mr. Horowitz is Vice President and General Manager of Business Technology Optimization for Software at Hewlett-Packard Company and a co-founder of Opsware, which was acquired by HP in 2007. Andreessen Horowitz is based in Menlo Park, California.
Fenwick & West provides comprehensive legal services to technology and life sciences clients of national and international prominence. The firm is ranked by MergerMarket as one of the top 5 technology M&A practices in the U.S. and by Bloomberg and FactSet as one of the top dozen M&A legal advisors in the U.S. – across all industries.