Gores Holdings IV’s $16.1 Billion Business Combination with United Wholesale Mortgage

Weil, Gotshal & Manges represented Gores Holdings IV, Inc., while Greenberg Traurig acted as legal advisor to UWM. in the transaction.

Gores Holdings IV, Inc., a SPAC sponsored by an affiliate of The Gores Group, LLC, executed its business combination with United Wholesale Mortgage, at the time the largest wholesale mortgage originator in the United States, in a transaction that values United Wholesale Mortgage at approximately $16.1 billion, making it the largest business combination for a SPAC to date.

Along with approximately $425 million in cash held in Gores Holdings IV’s trust account, additional investors have committed to participate in the proposed business combination via a $500 million private placement, led by Alec Gores, Chairman and CEO of The Gores Group, and including large institutional investors.

The transaction is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions.

Deutsche Bank Securities and Morgan Stanley & Co. LLC acted as lead financial advisors, lead capital market advisors and exclusive private placement agents to Gores Holdings IV, while Moelis & Company LLC acted as financial advisor. Goldman Sachs & Co. LLC acted as financial advisor to UWM.

The Weil team advising Gores was led by Private Equity/M&A partner Kyle Krpata (Picture) and included Private Equity associates Kevin Thomas, Joe Ferrari, Monica Kwok and Tanya Smith. The team also included Mergers & Acquisitions partner James Griffin; Mergers & Acquisitions associates Claudia Lai, Wei Xu and Mark McMonigle; Tax partners Mark Schwed and Helyn Goldstein; Tax associates Adam Arikat and Mary Sommers; Executive Compensation & Benefits partner Amy Rubin; Executive Compensation & Benefits counsel Craig Olshan; Executive Compensation & Benefits associate Manleen Singh (Admitted in Illinois Only); Banking & Finance partner Gabriel Gregson; Banking & Finance associates Conor O’Muiri and Alicia Shen; Capital Markets partner Heather Emmel; Capital Markets counsel Barbra Broudy; Capital Markets associate Natasha Patel; Technology & IP Transactions partner Karen Ballack; Technology & IP Transactions associates Kane Wishart, Olivia Greer, Eliza Cotter and Seowoo Kim; Antitrust counsel Vadim Brusser; Antitrust associate Dan Nobil; Regulatory counsel Timothy Welch; Employment Litigation Head Gary Friedman; and Employment Litigation associate Thomas McCarthy.

Involved fees earner: Adam Arikat – Weil, Gotshal & Manges; Karen Ballack – Weil, Gotshal & Manges; Barbra Broudy – Weil, Gotshal & Manges; Vadim Brusser – Weil, Gotshal & Manges; Eliza Cotter – Weil, Gotshal & Manges; Heather Emmel – Weil, Gotshal & Manges; Joe Ferrari – Weil, Gotshal & Manges; Gary Friedman – Weil, Gotshal & Manges; Helyn Goldstein – Weil, Gotshal & Manges; Olivia Greer – Weil, Gotshal & Manges; Gabriel Gregson – Weil, Gotshal & Manges; James Griffin – Weil, Gotshal & Manges; Seowoo Kim – Weil, Gotshal & Manges; Kyle Krpata – Weil, Gotshal & Manges; Monica Kwok – Weil, Gotshal & Manges; Claudia Lai – Weil, Gotshal & Manges; Thomas McCarthy – Weil, Gotshal & Manges; Mark McMonigle – Weil, Gotshal & Manges; Dan Nobil – Weil, Gotshal & Manges; Craig Olshan – Weil, Gotshal & Manges; Conor O’Muiri – Weil, Gotshal & Manges; Natasha Patel – Weil, Gotshal & Manges; Amy Rubin – Weil, Gotshal & Manges; Mark Schwed – Weil, Gotshal & Manges; Alicia Shen – Weil, Gotshal & Manges; Tanya Smith – Weil, Gotshal & Manges; Mary Sommers – Weil, Gotshal & Manges; Kevin Thomas – Weil, Gotshal & Manges; Timothy Welch – Weil, Gotshal & Manges; Kane Wishart – Weil, Gotshal & Manges; Wei Xu – Weil, Gotshal & Manges;

Law Firms: Weil, Gotshal & Manges;

Clients: Gores Holdings IV;

Author: Ambrogio Visconti