On March 9, 2020, Twitter announced that Silver Lake, a global leader in technology investing, will purchase $1 billion in aggregate principal amount of Twitter’s 0.375 percent convertible senior notes due 2025. Twitter also entered into a cooperation agreement with Elliott Management Corporation, an investment firm whose affiliated funds own approximately 4 percent of Twitter’s common stock and economic equivalents. Wilson Sonsini represented Twitter in both transactions.
In Twitter’s partnership with Silver Lake, the two firms will collaborate on various operational initiatives with primary focus on accelerating growth and product innovation. Twitter expects to use Silver Lake’s investment, together with cash on hand, to fund a $2 billion share repurchase program that will be executed over time.
In connection with the investment and the cooperation agreement, Egon Durban, co-CEO and managing partner of Silver Lake, and Jesse Cohn, partner at Elliott, will be appointed to the Twitter Board of Directors.
The Wilson Sonsini team representing Twitter in the transactions includes:
Katharine Martin, Partner and Chair of the Board
Martin Korman, Partner
Douglas Schnell, Partner
Lisa Stimmell, Partner
Remi Korenblit, Associate
Gordon Grafft, Associate
Tayler Tanner, Associate
Myra Sutanto Shen, Partner
David Berger, Partner
For more information, please see Twitter's press release.