Karsten Busby
Overview
Karsten Busby is an executive compensation partner in the Dallas office of Kirkland & Ellis LLP. He advises public and private companies, private equity funds and portfolio companies in connection with mergers and acquisitions, spin-offs and divestitures and public offerings.
Karsten also advises clients on a wide range of compensation and associated tax, securities and corporate governance matters, including the design, disclosure and implementation of equity and cash incentive programs, employment, consulting and severance arrangements, change in control plans and retention programs.
Experience
Representative Matters
Clayton, Dubilier & Rice-backed Veritiv Corporation in its acquisition of Orora Packaging Solutions from Orora (ASX: ORA).
Talen Energy Corporation (NASDAQ: TLN) in its initial listing on the NASDAQ Global Select Market.
Oak Street Health in its $10.6 billion sale to CVS Health.
AbbVie in its $8.7 billion acquisition of Cerevel Therapeutics.
Whiting Petroleum Corp. (NYSE: WLL) in its $6 billion merger of equals with Oasis Petroleum Inc. (NASDAQ: OAS).
Clayton, Dubilier & Rice in its $5.8 billion acquisition of Cornerstone Building Brands.
Clayton, Dubilier & Rice and KKR in their $5.3 billion joint acquisition of Cloudera.
Vista Equity Partners in its $4.6 billion acquisition of KnowBe4.
Acquisition by R1 RCM Inc. (NASDAQ: RCM) of Cloudmed, a leader in revenue intelligence solutions for healthcare providers, for $4.1 billion.
Noble Corporation (NYSE: NE) in its $3.4 billion all-stock merger of equals with Maersk Drilling (CSE: DRLCO).
Noble Corporation in its acquisition of Pacific Drilling Co. LLC in an all-stock transaction.
Twilio in connection with Syniverse’s $2.85 billion proposed merger with M3-Brigade Acquisition II Corp.
Clayton, Dubilier & Rice in its $2.3 billion acquisition of Veritiv.
Vine Energy Inc. (NYSE: VEI) in its $2.2 billion acquisition by Chesapeake Energy Corporation (NASDAQ: CHK).
Warburg Pincus, alongside TA Associates, in its $1.86 billion sale of Procare Software, a provider of child care center management and payment processing software, to Roper Technologies (NASDAQ: ROP).
J.M. Huber Corporation in its $1.8 billion sale of CP Kelco, a provider of nature-based ingredient solutions, to Tate & Lyle (LSE: TATE).
TJC in its $1.8 billion acquisition of the Delrin acetal homopolymer business of DuPont.
Blue Source Sustainable Forests Co., a joint venture between TPG Rise-backed Anew Climate and various equity investors, in its $1.8 billion acquisition of various entities managed by The Forestland Group and its $1+ billion capital raise.
Peridot Acquisition Corp. (NYSE: PDAC) in its $1.67 billion combination agreement with Li-Cycle Corp.
Ryan Specialty Group (NYSE: RYAN), a provider of specialty products for insurance brokers, agents and carriers founded by former Aon chairman and CEO Patrick G. Ryan, in its $1.6 billion Up-C IPO.
BigBear.ai (NYSE: BBAI) in its $1.378 billion business combination with GigCapital4, Inc. (NASDAQ: GIGGU, GIG, GIGGW).
Paya Holdings Inc. in its sale to Nuvei Corporation for approximately $1.3 billion.
Sycamore Partners in its $1 billion acquisition of Chico's FAS (NYSE: CHS), a fashion company.
TPG Rise Climate in the formation of Rubicon Carbon as a next generation carbon solutions provider and Rubicon Carbon’s $1 billion capital raise (including co-investment).
Haynes International (NASDAQ: HAYN), a provider of high-performance alloys, in its $970 million sale to North American Stainless.
Talen Energy Corp. (OTCQX: TLNE) in its $785 million sale of natural gas-fired generation facilities in ERCOT to CPS Energy.
Redwire (NYSE: RDW) in its $615 million business combination with Genesis Park Acquisition Corp. (NYSE: GNPK).
Clayton, Dubilier & Rice in its pending $500 million PIPE investment in Resideo Technologies (NYSE: REZI), in connection with Resideo's acquisition of Snap One Holdings Corp. (NASDAQ: SNPO).
Quantum Energy Partners in its partnership with Houston Energy to form HEQ Deepwater with more than $400 million of equity capital commitments and HEQ’s first major acquisition of oil and gas assets in the Gulf of Mexico.
Vine Energy Inc. (NYSE: VEI), in its initial public offering, resulting in an aggregate net proceeds received by Vine of $324 million.
TPG Rise Climate and TPG Rise, TPG-managed global impact funds, in the $300 million investment in Little Leaf Farms, the leading producer of packaged lettuce sustainably grown through controlled environmental agriculture (CEA) in the United States.
Ontario Teachers' Pension Plan in its $250 million acquisition of Sevana Bioenergy, a developer of biogas projects.
Bain Capital in its $250 million growth investment in Cuisine Solutions.
TPG’s The Rise Fund in its over $200 million investment in Foodsmart, a provider of telenutrition services and a food benefits management platform.
An ad hoc group of unsecured noteholders (the “Ad Hoc Group”) in the Chapter 11 cases of Talen Energy Supply, LLC and its affiliated debtors (“Talen”) in the United States Bankruptcy Court for the Southern District of Texas. Talen is one of the largest competitive power generation companies in North America, with a generation portfolio consisting of 18 facilities that are collectively capable of producing approximately 13,000 megawatts of power. Talen filed for Chapter 11 relief on May 9 to restructure its approximately $4.5 billion of funded debt obligations by way of a new money capitalization generated by an up to $1.65 billion new money capitalization generated by an equity rights offering backstopped by the Ad Hoc Group.
ArcLight Capital Partners in its investment in Elevate Renewable Energy, a newly formed clean energy transition platform focused on the development and installation of utility scale.
Bain Capital-backed Varsity Brands, a provider of customized solutions, services and experiences that support school and team sports, athletics and spirit programs, in its sale to KKR.
Bernhard Capital Partners in its acquisition of Strategic Management Solutions (SMSI), a provider of management and technical consulting services for federal and large industrial clients focused on nuclear programs and projects.
EW Healthcare Partners in its acquisition of Enercon Technologies.
Express (NYSE: EXPR) in its agreement with WHP to acquire Bonobos, a menswear brand, from Walmart (NYSE: WMT).
HARMAN in its acquisition of Roon, a music management, discovery and streaming platform.
KnowBe4, a portfolio company of Vista Equity Partners, in its acquisition of Egress, a provider of cloud email security solutions.
LEMOINE, a Bernhard Capital Partners portfolio company and full-service construction management and disaster recovery firm, in its acquisition of Macro Companies, one of the largest emergency fuel and water suppliers in the world.
Lone Star Funds in a definitive agreement with global investment firm Carlyle (NASDAQ: CG) and private equity firm Stellex Capital Management, which sold Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds.
McDonald’s in its sale of McDTech Labs to IBM.
Resource Environmental Solutions LLC (RES), the largest ecological restoration company in the U.S., and KKR in connection to investments into RES by affiliates of Onex Partners and KKR.
Ryan Specialty in its acquisition of Socius Insurance Services.
Tailwater Capital, together with its portfolio company, Blue Tide Environmental, in the sale of a 49% interest in Blue Tide Environmental to Pennzoil-Quaker State, a subsidiary of Shell plc, to establish a joint venture that builds, owns and operates a global network of lubricant recycling facilities.
Tailwater Capital, together with Waste Management (NYSE: WM) through a newly formed joint venture, in its acquisition of a significant interest in Continuus Materials, a waste-to-product business that transforms discarded plastic and fiber material into engineered building products.
Tailwater Capital in its equity commitment to form Renovo Resources, a sustainable water treatment solution company.
TPG Growth in its sale of Artel, a provider of network solutions to the U.S. Government, to Cydecor.
TPG Rise Climate, a global impact investing platform managed by TPG Global, in its 1/3 equity investment in Monarch Bioenergy, a joint venture between Roeslein Alternative Energy and Smithfield Foods that is a leader in capturing agricultural methane emissions and converting them into carbon-negative renewable natural gas.
TPG Rise, a global impact investing platform managed by TPG Global, and Element Markets, a leading renewable natural gas marketing and environmental commodities company, on the acquisition of Bluesource, the largest carbon credit developer in North America.
TPG Real Estate Partners in its acquisition of Cinespace Studios in Chicago and Toronto. Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses.
Warburg Pincus and its portfolio company Citeline (formerly Pharma Intelligence) on the merger of equals with Norstella to form an end-to-end life sciences solutions provider.
Warburg Pincus on the acquisition of Pharma Intelligence from Informa PLC.
Warburg Pincus in its investment in NetDocuments, the leading secure cloud-based content services and productivity platform for law firms.
Prior Experience
OL Private Counsel, LLC
Vinson & Elkins LLP
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Credentials
Admissions & Qualifications
- 2016Texas
Languages
- English
- Spanish
Education
- Stanford Law SchoolJ.D.2016
- Brigham Young UniversityM.S., Civil & Environmental Engineering2013
- Brigham Young UniversityB.S., Civil & Environmental Engineering2011