Forest City Announces Sale of Barclays Center and Brooklyn Nets to Onexim
12.23.15
This is only gets display when printing
The Firm is representing Nets Sports and Entertainment, LLC (“NSE”) and its majority owner, Forest City Ratner Companies (“FCRC”), in connection with NSE’s sale of its 55% interest in the Barclays Center, a world-class sports and entertainment venue in Brooklyn, and its 20% interest in the Brooklyn Nets, the NBA basketball franchise, to Onexim Sports and Entertainment Holdings USA, Inc. (“Onexim”), an investment vehicle of Mikhail Prokhorov. In 2009, Onexim acquired a 45% interest in the Barclays Center and an 80% interest in the Brooklyn Nets, in a transaction in which the Firm also represented NSE and FCRC. Following the consummation of the transaction, the Barclays Center and the Brooklyn Nets will be wholly owned by Onexim. The transaction values the Brooklyn Nets at approximately $875 million and the Barclays Center at $825 million, inclusive of debt for each asset.
The Simpson Thacher team includes Eric Swedenburg, Jakob Rendtorff, Matt Gabbard, Michael Guo and Sung Jin (M&A); Patrick Ryan (Credit); and John Creed and Drew Purcell (Tax).