Skadden, Arps, Slate, Meagher & Flom represented FirstMark Horizon Acquisition Corp., while Latham & Watkins represented Starry in the transaction.
FirstMark Horizon Acquisition Corp. (“FirstMark”), a special purpose acquisition company sponsored by an affiliate of FirstMark Capital, announced a definitive merger agreement with Starry, a next generation licensed fixed wireless technology developer and internet service provider. Upon completion of the mergers contemplated therein, the combined company will continue to operate as Starry and will be listed on a national exchange under the ticker symbol “STRY.”
The transaction implies a pro forma enterprise value of $1.66 billion and will give Starry $452 million in cash on the balance sheet (assuming no redemptions of the common stock held by FirstMark’s stockholders), including $130 millionfrom a fully committed PIPE and contemporaneous equity round in Starry that includes ArrowMark Partners, Atreides Management, Fidelity Management & Research Company LLC, Tiger Global Management, and affiliates of FirstMark Capital, to fund its growth and the deployment of its services across the United States, and to retire Starry’s existing debt. The transaction is also supported by important execution partners, including Quanta Services, that will help Starry continue its significant growth.
Starry is a next generation licensed fixed wireless technology developer and internet service provider. Headquartered in Boston and backed by world-class investors, Starry is currently available in Boston, New York, Los Angeles, Washington, DC, Denver, and Columbus, and is expanding nationwide.
Goldman Sachs & Co. LLC served as financial advisor to Starry and placement agent to FirstMark Horizon Acquisition Corp. Credit Suisse served as financial advisor and capital markets advisor to FirstMark.
Latham & Watkins represented Starry in the transaction with a corporate deal team led by New York M&A partner Justin Hamill (Picture), Bay Area M&A partner Chad Rolston, Washington, D.C. capital markets partners Rachel Sheridan and Shagufa Hossain, and New York capital markets partner Reza Mojtabaee-Zamani, with associates Adam Rosenthal, Christopher Bezeg, Anika Amin, Aubrey Steiger, Shawn Noh, Christopher Yu, Taylor Allison, and Juan Grana, and special legal consultant Alexander González Castillo. Advice was also provided on tax matters by Houston partner Bryant Lee and Bay Area partner Katharine Moir, with associates Jared Grimley, Christine Mainguy, and Dominick Constantino; on benefits and compensation matters by Bay Area partner Erin Murphy, with associate Anne Bracaglia; and on finance matters by New York counsel Ipek Seniz Yakut, with associate Eric Luo.
The Skadden team included Corporate partner Michael Mies, counsel Christopher Bors, and associates Alexander Jee, Maggie Yiin and Michelle Cho; Labor and Employment Law partner Karen Corman (Los Angeles); Intellectual Property and Technology partner Jose Esteves (New York/Palo Alto); Executive Compensation and Benefits counsel Kristin Davis; Tax partner Victor Hollender (New York) and associate Stephen Gretz (New York). All attorneys are located in Palo Alto unless otherwise noted.
Involved fees earner: Taylor Allison – Latham & Watkins; Anika Amin – Latham & Watkins; Christopher Bezeg – Latham & Watkins; Anne Bracaglia – Latham & Watkins; Dominick Constantino – Latham & Watkins; Juan Grana – Latham & Watkins; Jared Grimley – Latham & Watkins; Justin Hamill – Latham & Watkins; Shagufa Hossain – Latham & Watkins; Ipek Seniz Yakut – Latham & Watkins; Bryant Lee – Latham & Watkins; Qinhan Luo – Latham & Watkins; Christine Mainguy – Latham & Watkins; Katharine Moir – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Erin Murphy – Latham & Watkins; Sang Hyun Noh – Latham & Watkins; Chad Rolston – Latham & Watkins; Adam Rosenthal – Latham & Watkins; Rachel Sheridan – Latham & Watkins; Aubrey Steiger – Latham & Watkins; Christopher Yu – Latham & Watkins; Christopher Bors – Skadden Arps Slate Meager & Flom; Michelle Cho – Skadden Arps Slate Meager & Flom; Karen Corman – Skadden Arps Slate Meager & Flom; Kristin Davis – Skadden Arps Slate Meager & Flom; Jose Esteves – Skadden Arps Slate Meager & Flom; Stephen Gretz – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Alexander Jee – Skadden Arps Slate Meager & Flom; Michael Mies – Skadden Arps Slate Meager & Flom; Maggie Yiin – Skadden Arps Slate Meager & Flom;