Akin Gump innovates: Negotiating a cross-border deal to form the world’s sixth-largest mobile telecommunications company
At the 2011 Financial Times European Innovative Lawyers Awards, Akin Gump took home the “ Corporate Law - Emerging Markets Law Firm of the Year 2011” award for its representation of global telecommunications giant VimpelCom in its acquisition of Wind Telecom. The deal, completed under enormous pressure and against the backdrop of political unrest in Egypt and elsewhere in the region, formed the world’s sixth-largest mobile telecommunications carrier by subscribers, with 181 million subscribers throughout 20 countries.
The Financial Times noted that significant legal difficulties threatened the deal on multiple occasions throughout the 14 months of negotiations. Those difficulties ranged from bridging a gap between the seller’s price and the buyer’s offer, to the formation of a complex spin-off to address risk concerns as well as the challenges of negotiating with Egyptian regulators during immense political turmoil.
“This deal was transformational for VimpelCom. It takes the company to the next stage and positions us as a truly global company,” stated VimpelCom general counsel Jeff McGhie. “To make this deal happen we needed support from a team that not only understood our business, but also had the creativity, skill and determination to get the job done under enormous pressure. We trusted [partner] Dan Walsh and his team at Akin Gump to deliver the result that we needed and they really came through for us. Our entire management team was very pleased with the service and professionalism of Dan and the Akin Gump team.”
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