Dean S. Shulman, P.C.
Overview
Dean Shulman is a tax partner in the New York office of Kirkland & Ellis LLP. He represents clients on a wide range of U.S. and international tax matters, including mergers, acquisitions, divestitures, tax-free spin-offs, leveraged buyouts, initial public offerings and the formation of funds. Dean has extensive experience advising on and structuring transactions, including partnership workouts and restructurings, and like-kind exchanges, as well as transactions involving the formation and operation of partnerships, limited liability companies, joint ventures, funds and real estate investment trusts. He also has represented regulated investment companies, publicly traded partnerships and investment partnerships and advises clients, including investment advisers, on the tax aspects of structuring financial instruments and other derivatives, as well as in various capital markets transactions.
Experience
Representative Matters
Public Company Representations
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Danaher Corporation in its $9.6 billion acquisition of Aldevron
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Verizon in its $5+ billion sale of Verizon Media to funds managed by affiliates of Apollo Global Management
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Alight Solutions in its $7.3 billion combination with Foley Trasimene Acquisition Corp.
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OnDeck Capital in its sale to Enova International
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Collier Creek Holdings, a special purpose acquisition company, on its agreement to combine with Utz Quality Foods, LLC, a leading U.S. manufacturer of branded salty snacks, to form Utz Brands, Inc.
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Norwegian Cruise Line Holdings Ltd. in its PIPE investment from L Catterton as part of Norwegian’s multi-tranche financing for aggregate proceeds of up to $2.4 billion
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Covetrus in its $250 million convertible preferred equity investment from Clayton, Dubilier & Rice
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EQT Corporation on its 15-year gas gathering agreement with EQM Midstream Partners, LP covering Pennsylvania and West Virginia, and the associated buyback of 25.3 million of EQT’s shares held in Equitrans Midstream Corporation
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Delphi Technologies PLC in its $3.3 billion sale to BorgWarner Inc.
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AbbVie in its $63 billion acquisition of Allergan
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Colfax Corporation in its $1.8 billion sale of its Air and Gas Handling business to KPS Capital Partners
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Danaher Corporation in its $21.4 billion acquisition of the biopharma business of General Electric
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Nexstar Broadcasting Group in its $1.3 billion sale of nineteen stations in fifteen markets to TEGNA and The E.W. Scripps Company
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GlaxoSmithKline in its $12.7 billion joint venture with Pfizer to combine their consumer health businesses
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Bristol-Myers Squibb in its $90 billion acquisition of Celgene and its related $13.4 billion divesture of Celgene’s OTEZLA® program to Amgen
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Colfax Corporation in its $3.2 billion acquisition of DJO Global
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Nexstar Broadcasting Group in its $6.4 billion acquisition of Tribune Media Co., creating the largest local television broadcaster and local media company
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Fortive Corporation in its $2 billion acquisition of Accruent
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Tenneco Inc. in its $5.5 billion acquisition of Federal-Mogul, LLC from Icahn Enterprises
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Special Committee of the Board of Directors of Spectrum Brands in connection with the $10 billion merger of Spectrum Brands and HRG Group
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Wyndham Worldwide in its $1.95 billion acquisition of La Quinta Inns & Suites’ franchise and management businesses
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Spectrum Brands in its $2 billion carve-out sale of its global consumer battery business to Energizer
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Huntsman Corporation in its proposed merger with Clariant in a transaction with a combined enterprise value of approximately $20 billion
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Mead Johnson Nutrition in its $17.9 billion sale to Reckitt Benckiser Group plc
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WGL Holdings, Inc. in its $6.4 billion sale to AltaGas Ltd.
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Teva Pharmaceuticals in connection with its $500 million acquisition of the Anda distribution business of Allergan
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Talen Energy Corporation in its $5.2 billion sale to Riverstone Holdings LLC
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Nexstar Broadcasting Group in connection with its $4.6 billion acquisition of Media General, ending a six-month public takeover battle during which Nexstar jumped Media General’s previously announced transaction with Meredith Corp.
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Baxalta Incorporated in its $32 billion merger with Shire plc
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Molson Coors Brewing Co. in its $12 billion acquisition of SABMiller plc’s interest in MillerCoors joint venture
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Infosys Ltd. in its joint venture with Dreamworks Animation and in the $200 million acquisition of Panaya Ltd.
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Bristol-Myers Squibb in its $1.25 billion acquisition of Flexus Biosciences
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Burger King in its $11.4 billion acquisition of Tim Hortons Inc.
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Infineon Technologies AG in its $3 billion acquisition of International Rectifier Corporation
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Bristol-Myers Squibb in its up to $444 million (including milestones) acquisition of Galecto Biotech AB and up to $475 million (including milestones) acquisition of F-star Alpha Ltd.
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RBC Bearings in its $500 million acquisition of Sargent Aerospace & Defense
Private Equity and Private Company Representations
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FinServ Acquisition Corp. in its $1.0 billion merger with Katapult Holding, Inc.
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Thomas H. Lee Partners, L.P. and Frazier Healthcare Partners in the acquisition of Adare Pharmaceuticals
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Clene Nanomedicine, Inc., a nanotechnology-based biopharma company, in its $542.5 million combination with Tottenham Acquisition I Limited
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Pike Corporation, a leading, integrated provider of construction, repair and engineering services for distribution and transmission power lines and substations, in its Rule 144A/Regulation S offering of $500 million aggregate principal amount of 5.500% senior notes due 2028
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The Blackstone Group in its $22 billion merger of Kronos Incorporated and Ultimate Software
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Duff & Phelps in its $4.2 billion acquisition by a global investor consortium led by funds managed by Stone Point Capital and Further Global
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Alight Solutions in its acquisition of Hodges-Mace
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The Carlyle Group, alongside TA Associates, in its acquisition of Weiman Products
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Alight Solutions in its acquisition of Wipro's Workday and Cornerstone OnDemand business
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Duff & Phelps in its acquisition of Prime Clerk
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Duff & Phelps in its acquisition of Kroll
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Duff & Phelps, the premier global valuation and corporate finance advisor, in its $1.75 billion sale to Permira
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Alerian in its sale to ZZ Capital International
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Pamplona Capital Management in its $5 billion acquisition of PAREXEL International
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Hamilton Insurance Group in the sale of Hamilton USA and expansion of its strategic partnership with AIG and Two Sigma Insurance Quantified
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Pharm-Olam International, Ltd. in Quad-C Management, Inc.’s investment in Pharm-Olam
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The Blackstone Group in its $4.8 billion acquisition of Aon plc's technology-enabled benefits and HR platform, Alight
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nThrive in its acquisition of Adreima
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The Blackstone Group and ArcLight in connection with the $2.17 billion acquisition of four Midwest power plants from subsidiaries of American Electric Power
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The Blackstone Group in its $1 billion capital commitment to Jetta Permian, LP, a Delaware basin-focused oil and gas exploration and production company
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Butterfly Enterprises in its investment alongside KKR in Lemonade Restaurant Group
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Starr Investments in the sale of MultiPlan to Hellman & Friedman
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Blackstone Tactical Opportunities Fund in connection with its preferred equity and warrant investment in Targa Resources Corp.
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The Carlyle Group and WorldStrides on the sale of WorldStrides to Metalmark Capital Partners and Silverhawk Capital Partners
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The Blackstone Group in its $820 million investment in NCR Corporation
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Silver Lake in its acquisition of Cast & Crew Entertainment Services
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KKR in its acquisition of C.H.I. Overhead Doors
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Building Materials Holding Corporation in its all-stock merger with Stock Building Supply Holdings, Inc.
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Ontario Teachers’ Pension Plan in its acquisition of Infiltrator Water Technologies LLC
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KKR in its acquisition, along with Anchor Equity Partners and Ticket Monster management, of a controlling interest in Ticket Monster from Groupon in a transaction based on a fully diluted valuation of $782 million
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EIG Global Energy Partners in its $1 billion equity and debt investment in Breitburn Energy Partners
Corporate Spin-Off / Split-Off / RMT Transactions
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Wyndham Worldwide in its separation via spin-off into two separate publicly traded hospitality companies valued at approximately $11 billion, Wyndham Hotels & Resorts, Inc. and Wyndham Destinations, Inc.
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Micro Focus International plc in its $8.8 billion “Reverse Morris Trust” acquisition of Hewlett Packard Enterprise Company’s software business
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Corning Inc. in connection with the exchange of its 50% ownership interest in Dow Corning Corp. for 100% of the stock of a corporation that will hold an approximately 40% ownership interest in Hemlock Semiconductor Group and other assets including approximately $4.8 billion in cash
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Baxter International Inc. in the tax-free spin-off of its biopharmaceutical business, Baxalta Inc.
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Pulitzer Publishing Company and obtained a private letter ruling from the IRS in connection with Pulitzer’s spin-off of its newspaper publishing operations and subsequent sale of its television broadcasting operations to Hearst Argyle Television, Inc.*
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E.I. du Pont de Nemours and Company and obtained a private letter ruling from the IRS in connection with the initial public offering and split-off of Conoco Inc.*
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Reinsurance Group of America, Inc. and obtained a private letter ruling in connection with its split-off from MetLife and subsequent unwind of its dual class structure*
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Chipotle Mexican Grill, Inc. in connection with the unwinding of its dual class structure (following its split-off from McDonald’s Corporation)*
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Liberty Media Corporation in connection with its split-off from AT&T, as well as Liberty Media in connection with its spin-offs of Liberty Media International and Discovery Holding Company, its split-off of Liberty Entertainment, Inc., which was followed by a combination with DIRECTV, and the spin-off by Starz of Liberty Media Corporation*
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Telecom Corp. of New Zealand in its spin-off of Chorus Ltd.*
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Pfizer Inc. in its IPO and split-off of Zoetis, Inc.*
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ONEOK, Inc. in its spin-off of ONEGAS, Inc.*
*Prior to Kirkland
More
Thought Leadership
Publications and Seminars
Dean has written several bar reports and other articles addressing current issues in corporate taxation. He lectures in continuing legal education programs and is a contributing author to the Practising Law Institute's Federal Income Taxation Seminar.
Recognition
Dean repeatedly has been selected for inclusion in Chambers USA: America’s Leading Lawyers for Business and in The Legal 500 U.S.
Credentials
Admissions & Qualifications
- New York
Education
- New York University School of LawLL.M., Taxation1993
- New York University School of LawJ.D.cum laude1991
- Muhlenberg CollegeA.B.summa cum laude1988