BuzzFeed’s Combination Agreement with 890 Fifth Avenue Partners SPAC

Fenwick & West LLP and Orrick advised BuzzFeed on the deal while Akin Gump Strauss Hauer & Feld LLP represented 890 5th Avenue Partners, Inc.

BuzzFeed, a digital media company that reaches hundreds of millions globally through its cross-platform news and entertainment network, announced its agreement to merge with 890 Fifth Avenue Partners Inc. (Nasdaq: ENFA), a special purpose acquisition company (SPAC) focused on tech, media and telecom, and become publicly listed.

The transaction values BuzzFeed at approximately $1.5 billion. Proceeds from the combination include up to $288 million held in trust by 890 Fifth Avenue Partners and $150 million in convertible note financing from a group of institutional investors. The parent company will be known as BuzzFeed Inc. and listed under the ticker symbol “BZFD.” The transaction is expected to close in the fourth quarter of 2021.

The Fenwick transaction team included corporate partner Mark Stevens (Picture), Ethan Skerry, Dawn Belt, David Michaels and Aman Singh, associates Janiece Jenkins, Eugene Karlik, Kristen Nicol, Rachel Holland, Arielle Trapp and Sarah Hill and law clerks Riddhi Adhikari and Elizabeth Gil; executive compensation and employee benefits partner Gerald Audant, counsel Laura McIntyre and associate Emily Gulyako; technology transactions partner Vejay Lalla and associates Julia Arruda and Barbara Wong; privacy and cybersecurity counsel Helen Christakos; and tax partner Larissa Neumann and associate Michael Knobler.

The Akin Gump team advising 890 was led by corporate partner Alice Hsu, and included: corporate partners Kerry Berchem, Courtney York and Chris Centrich; senior regulatory counsel William Wetmore; associate Alex Schnapp; senior counsel David Lee; tax partner Aimee Adler; senior counsel Desiree Busching; and counsel Stuart Alter.

The Orrick team advising 890 included Mark Mushkin, Travis Cherry, Anjel Bonilla, Peter Elias and Steven Malvey.

Involved fees earner: Aimee Adler – Akin Gump Strauss Hauer & Feld LLP; Stuart Elliot Alter – Akin Gump Strauss Hauer & Feld LLP; Kerry Berchem – Akin Gump Strauss Hauer & Feld LLP; Desiree Busching – Akin Gump Strauss Hauer & Feld LLP; Christopher Centrich – Akin Gump Strauss Hauer & Feld LLP; Alice Hsu – Akin Gump Strauss Hauer & Feld LLP; David Lee – Akin Gump Strauss Hauer & Feld LLP; Alexander Schnapp – Akin Gump Strauss Hauer & Feld LLP; William Wetmore – Akin Gump Strauss Hauer & Feld LLP; Courtney York – Akin Gump Strauss Hauer & Feld LLP; Julia Arruda – Fenwick & West LLP; Gerald Audant – Fenwick & West LLP; Dawn Belt – Fenwick & West LLP; Helen Christakos – Fenwick & West LLP; Emily Gulyako – Fenwick & West LLP; Sarah Hill – Fenwick & West LLP; Rachel Holland – Fenwick & West LLP; Janiece Jenkins – Fenwick & West LLP; Eugene Karlik – Fenwick & West LLP; Michael Knobler – Fenwick & West LLP; Vejay Lalla – Fenwick & West LLP; Laura McIntyre – Fenwick & West LLP; David Michaels – Fenwick & West LLP; Larissa Neumann – Fenwick & West LLP; Kristen Nicol – Fenwick & West LLP; Aman Singh – Fenwick & West LLP; Ethan Skerry – Fenwick & West LLP; Mark Stevens – Fenwick & West LLP; Arielle Trapp – Fenwick & West LLP; Barbara Wong – Fenwick & West LLP; Peter Elias – Orrick Herrington & Sutcliffe LLP; Steven Malvey – Orrick Herrington & Sutcliffe LLP; Mark Mushkin – Orrick Herrington & Sutcliffe LLP;

Law Firms: Akin Gump Strauss Hauer & Feld LLP; Fenwick & West LLP; Orrick Herrington & Sutcliffe LLP;

Clients: 890 Fifth Avenue Partners; BuzzFeed, Inc.;

Martina Bellini

Author: Martina Bellini