Fenwick & West represented Bonobos, Inc., a leading internet apparel brand, in its pending acquisition by Wal-Mart Stores, Inc. (NYSE: WMT), for $310 million in cash. The acquisition, which is subject to regulatory approval, is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year. Following the closing, Andy Dunn, founder and CEO of Bonobos will report to Marc Lore, president and CEO of Walmart U.S. eCommerce, and will oversee the company’s collection of digitally-native vertical brands.
The acquisition of Bonobos and the leadership of Dunn will create more new products for consumers and new ways to buy them. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and ModCloth. More information about Bonobos' acquisition by Walmart can be obtained from the company press release.
The Fenwick transaction team included corporate lawyers Mark Stevens, Ethan Skerry, Ken Myers, Kate Withers, Brady Douglas, Shweta Kumar, Shen Zhang and Patrick Vergara; executive compensation and employee benefits lawyers Scott Spector, Mona Clee, Marshall Mort, Hans Andersson and Patrick Grilli; technology transactions lawyers Stephen Gillespie, Justin Baumli, Ari Fink, Lindsay Tang, Julia Chung, Emily Lippincott and Jalila Sparks; antitrust and regulatory lawyers Mark Ostrau and Ashley Walter; and tax lawyers Adam Halpern, Ora Grinberg and Seevun Kozar.