Our Private Equity Group is considered the go-to practice for complex, bespoke and firm-defining transactions. With clients ranging from the world’s leading institutional asset managers to prominent middle-market private equity and growth equity firms, we offer comprehensive advice to general partners, limited partners, co-investors and other equity stakeholders, as well as portfolio companies, lenders and financial sponsor groups. The depth and continuity of our relationships across the industry gives us a nuanced understanding of each client’s objectives and allows us to provide seamless, efficient counsel across the investment lifecycle.
Liberty Strategic Capital to Invest in Satellogic
- Client News
- January 18, 2022
Paul, Weiss is advising Liberty Strategic Capital, a private equity firm founded and led by former Treasury Secretary Steven Mnuchin, in its $150 million investment in Satellogic, Inc., which specializes in high-resolution imagery of the Earth’s surface obtained through a constellation of low earth orbit satellites. The investment is contingent upon the closing of Satellogic’s planned merger with special purpose acquisition company (SPAC) CF Acquisition Corp. V, sponsored by Cantor Fitzgerald, which will take Satellogic public.
In exchange for its investment, Liberty will receive 20 million Class A ordinary shares of Satellogic at $7.50 per share, as well as 5 million warrants with a strike price of $10 per share and 15 million warrants with a strike price of $15 per share. Liberty will also secure two board seats, with Secretary Mnuchin joining Satellogic’s board of directors as non-executive chairman. The investment is Liberty’s third since its founding, and brings Satellogic’s total capital raised to more than $265 million.
The Paul, Weiss team includes corporate partners Ellen Ching, Matthew Abbott, Marco Masotti and Raphael Russo and counsel Philip Heimowitz; tax partners Matthew Jordan and Scott Sontag; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; litigation counsel Peter Jaffe, Steven Herzog and Rachel Fiorill; and international trade counsel Richard Elliott.