Hyatt Hotel’s $1.09 Billion IPO
November 06, 2009
On November 5, 2009, Hyatt Hotels Corporation raised $1.09 billion in its first day of trading on the New York Stock Exchange, making it the second-largest U.S. initial public offering in 2009 to date. Cravath represented Goldman, Sachs & Co., as the sole bookrunning manager, and Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as joint lead managers, in connection with this transaction. The Pritzker family, which controls the hotel chain, sold 38 million Class A shares at $25 each and will receive $950 million of the $1.09 billion of proceeds from the offering. The Company will receive the remaining $143 million of offering proceeds from 5.7 million additional shares the underwriters opted to purchase.
The Cravath team includes partners Craig F. Arcella and Andrew J. Pitts and associates Minji Cho and Timothy Y. Shih on corporate matters; partner Michael L. Schler and associate Kathleen H. Withers on tax matters; and associate Kerry Halpern-Skoglund on executive compensation and benefits matters.
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People
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J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 1995, Duke University
- New York
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M.B.A., 1995, Boston Universitywith High Honors
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J.D., 1994, Boston University School of Lawsumma cum laude
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B.A., 1988, Trinity College
- New York
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LL.M., 1979, New York University
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J.D., 1973, Yale Law School
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B.A., 1970, Harvard Universitymagna cum laude
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