David Saltzman concentrates his practice on international tax matters and is co-head of the firm’s cross-disciplinary international practice group. He advises multinational business enterprises, financial institutions, investment funds and global investors on the international and domestic tax aspects of cross-border private equity transactions, M&A, spin-offs, and business restructurings. Well-versed in innovative, multi-jurisdictional capital financing structures, David also regularly counsels clients on the tax aspects of financial products, cross-border capital markets transactions and investments in U.S. and non-U.S. real estate.
Recent transactions include:
- Acted for Bain Capital, as controlling consortium member, in connection with the approximately $18 billion (two trillion yen) acquisition and approximately $14 billion (1.5 trillion yen) acquisition and other financing for Toshiba Memory that was sold in a competitive auction. This transaction was awarded the 2018 "Japan Deal of the Year" and "M&A Deal of the Year" by the Asian Legal Business
- Acted for Ironwood Pharmaceuticals, Inc. in connection with the public spinoff of Cyclerion Therapeutics, Inc. and related sponsor equity financing.
- Acted for Pfizer in its $14 billion acquisition of Medivation, a commercial-stage oncology company and in its $17 billion acquisition of Hospira, Inc, as well as in related asset dispositions.
- Represented Advent International in its acquisition of a majority equity stake in Walmart Brazil.
- Acted for The Carlyle Group in the sale of Hermes Transportes Blindados S.A., a company based in Lima, Peru, to investment funds affiliated with CVC Capital Partners for an enterprise value of approximately $400 million.
- Represented Altice USA on $6.75 billion refinancing in connection with the combination of its Suddenlink (Cequal) and Optimum (Cablevision) businesses under a single credit silo.
- Represented Shire plc in connection with its $32 billion cash and stock combination with Baxalta, a business spun out of Baxter International.
- Represent TJX Companies, Inc. in its acquisition of a minority stake in Familia, Russia’s only major off price apparel and home fashions retailer.
- Acted for TPG in its $8 billion sale of Par Pharmaceutical to Dublin based global specialty pharmaceutical company, Endo International plc, for a combination of cash and stock.
- Acted for TESARO, an oncology focused biopharmaceutical, in its $5.1 billion sale to GlaxoSmithKline plc.
- Acted for General Catalyst in its acquisition of a controlling equity stake in Vade Secure, a French company and global leader in predictive email defense against cyber threats.
- Represented Dunkin Brands, Inc. on its $2.6 billion whole-business securitization.
Other recent cross-border matters include:
- Acted for Liberty Global plc in connection with the bank and bond financings for its $23.3 billion acquisition of Virgin Media Inc.
- Acted for Bain Capital in connection with its sale of Blackhawk Specialty Tools, a provider of equipment and services to the oil and gas industries, to Frank’s International, the Dutch oil services company.
- Represented Mattress Firm, the largest U.S. specialty mattress retailer, in connection with its $4 billion sale to South African based international retailer, Steinhoff International.
- Acted for Altice SA in connection with the U.S. $8.6 billion bank and bond financing and related debt and equity issuances in connection with Altice’s acquisition of a majority ownership in Cablevision, a U.S. cable systems operator.
- Acted for Cubist in its sale to Merck for $9.5 billion; previously acted in its simultaneously announced acquisitions of Trius, Optimer, and Adolor, each for cash and contingent value rights as well as in its $1.25 billion convertible note offering.
- Acted for the junior creditors and equity holder of Peermont Group, a South African developer and operator of hotels, resorts and casinos, in connection with its financial restructuring.
- Acted for the ad hoc committee of Senior Unsecured Noteholders of Towergate Insurance, a leading UK insurance intermediary, in connection with its financial restructuring.
- Acted for longtime client Genzyme Corporation, one of the world’s leading biotechnology companies, in a variety of tax matters, including, its sale to Sanofi-Aventis for $20.1 billion in cash plus CVRs.
- Acted for Bain Capital, as selling shareholder, in the initial public offering of Japanese restaurant chain Skylark Co., Ltd., which valued the company at approximately $2 billion. The transaction was awarded the “2015 Equity Deal of the Year” by the ALB. Previously acted in the acquisition of Skylark Co. Ltd.
- Represented the selling shareholders and Mexican based satellite and communications provider Satelites Mexicanos S.A. de C.V.in its 2014 sale to Eutelsat S.A. Previously, represented an ad hoc committee of Second Priority Senior Secured Noteholders in the restructuring of Satelites Mexicanos S.A. de C.V. through a prepackaged Chapter 11 plan.
- Acted for Bain Capital in the sale of Domino’s Pizza Japan, Domino's Australia, and the sale of 49.9% of Bellsystem24 to Itochu Corporation.
- Acted for Shire plc in its acquisition of Dyax Corp. for $5.9 billion and contingent value rights.
- Acted for Novavax in its cross-border tender offer for the outstanding shares of Isconova, a Sweden-based public vaccine adjuvant company.
- Represented Bain Capital in its $1 billion investment in Genpact, Ltd., a Bermuda organized, NYSE listed, global business process and technology management service provider.
- Represented TPG Capital in its investment in Saxo Bank, a Danish investment firm.
- Represented URL Pharma Corp. in its sale for $800 million plus contingent consideration to Takeda Pharmaceutical Company Ltd.
- Represented Ashmore Group plc, the London Stock Exchange listed investment manager, in its acquisition of Emerging Markets Managements.
- Acted Bain Capital in connection with its $1.25 billion acquisition of MYOB in one of the largest private equity divestments ever in Australia. MYOB is Australia’s largest business software developer.
- Represented Russian Standard in connection with its strategic PIPE investment in Central European Distribution Corporation.