Akin Gump Advises Cyrus Capital Partners in Virgin America IPO; Ranked Among Q3 Leading Firms

Monday, November 17, 2014 - 13:59

Akin Gump advised Virgin America Inc. shareholder Cyrus Capital Partners in the initial public offering of the airline’s stock, which began trading today on the New York Stock Exchange. Cyrus controls VAI Partners, one of Virgin America’s biggest shareholders. At an offering price of $23 per share, the IPO raised approximately $306 million, meeting expectations.

Concurrent with the IPO, Akin Gump also advised Cyrus Capital in its planned sale with the Virgin Group, another of the airline’s major shareholders, of roughly $52.1 million in shares in Virgin American to PAR Capital.

Trey Muldrow, a partner in Akin Gump’s corporate practice, led the team advising Cyrus. He was joined by corporate partners Zachary Wittenberg and Alice Hsu and corporate associate Marianna Shelenkova.

Akin Gump’s role in this deal was subsequently noted in a Law360 article.

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 Akin Gump has been ranked by several reporting agencies as being among the top law firms for its work in mergers and acquisitions (M&A), bankruptcy and securities for the third quarter of 2014.  In most cases, the firm either improved its ranking – in some cases, dramatically – or appeared in the ranking for the first time.

Among the highlights:

  • Mergermarket, in its legal advisor rankings, places Akin Gump at number three in M&A transactions completed by deal count and value in Russia and by value in Europe.
  • The Deal Pipeline places the firm in the number three spot among the top bankruptcy firms in the U.S. by volume.
  • The firm was number four, according to Thomson Reuters’ legal advisor rankings, in M&A transactions completed by deal count with any MENA involvement announced.
  • In SNL’s legal adviser rankings, the firm ranked fifth in M&A transactions completed by deal count in energy.
  • According to Prospect News, the firm placed sixth among issuer’s counsel on high-yield offerings in the U.S. market.
  • Bloomberg ranks the firm tenth among U.S. equity offering issuer advisers in the U.S. for IPO transactions completed by volume.

Akin Gump was ranked in the top 20 for M&A and securities transactions in a number of other categories by Bloomberg, Mergermarket, SNL and Thomson Reuters, including:

M&A

  • Deals by volume in Canada (Bloomberg – legal adviser rankings)
  • Deals by count in Eastern Europe (Bloomberg – legal adviser rankings)
  • Deals by count in the Hong Kong Mid-Market with undisclosed values & values up to $500 million (Thomson Reuters – legal advisor rankings)
  • Deals by count up to $1 billion among China’s overseas M&A financial advisors (Thomson Reuters – legal advisor rankings).  Deals by count in U.S. South (Mergermarket – legal advisor rankings); Deals by value in energy (SNL – legal adviser rankings); Deals by value in media and entertainment (SNL – legal adviser rankings); Deals by count among insurance brokers (SNL – legal adviser rankings)

Securities

  • Deals by volume among U.S. equity offering issuer advisers in the United States (Bloomberg)
  • Deal by count among U.S. equity offering issuer advisers in the United States (Bloomberg)
  • Deals by volume among U.S. high yield issuer advisers in the United States (Bloomberg)
  • Deal by count among U.S. high yield issuer advisers in the United States (Bloomberg)