Covington Advises USA Interactive in Its Acquisition of Interval International
June 3, 2002
June 3, 2002 -
NEW YORK, NY - Covington & Burling represented USA Interactive (NASDAQ: USAI) in its agreement announced on May 31 to acquire Interval International through the acquisition of its holding company, Interval Acquisition Corp., from Willis Stein & Partners, a Chicago-based private equity investment firm, and other investors. USA Interactive agreed to pay approximately $578 million. The consideration will be paid in cash (50%) and shares of USA common stock (50%), with USA having the option to pay all cash. Miami-based Interval is a membership-services company, providing timeshare exchange and other programs to its timeshare-owner consumer members and resort developers, complimenting USA Interactive’s commerce portfolio.
Covington’s legal team was led by J. D. Weinberg in Covington’s New York office. The Covington team included partners Elizabeth Kessenides (tax), Amy Moore (employee benefits) and Bert Wells (intellectual property), and associates Peter Schwartz, Sean Cote, Terence Brenner, Michael Siegel, Jamaal Lesane (corporate), Michael Francese, Robert Newman (employee benefits), Alison Wang (tax), David Addis (of counsel), James Dean, Jr. (U.S. antitrust) and Michael Cicero (special counsel) (foreign antitrust) and Tuan Samahon (foreign antitrust).
For more information, please contact Noël Decker, ndecker@cov.com, 202.662.6361.
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