Aurora’s Merger With Reinvent Technology Partners Y

Wilson Sonsini Goodrich & Rosati, P.C. acted as legal counsel to Aurora, while Skadden, Arps, Slate, Meagher & Flom LLP advised Reinvent. Sullivan & Cromwell LLP served as legal counsel to the placement agent. Wachtell, Lipton, Rosen & Katz served as legal advisor to Uber.

Aurora, the self-driving technology company, has entered into a definitive business combination agreement with Reinvent Technology Partners Y (“Reinvent”) (NASDAQ: RTPY), a special purpose acquisition company with the sponsor team that takes a “venture capital at scale” approach to investing. Upon closing of the proposed transaction, the combined company will be named Aurora Innovation, Inc. and be publicly traded, with its common stock expected to be listed on Nasdaq with the ticker symbol AUR.

Investors and Aurora partners have committed $1 billion in a PIPE and the proposed transaction represents an equity value of $11 billion for Aurora. Investors in the PIPE include Baillie Gifford, funds and accounts managed by Counterpoint Global (Morgan Stanley), funds and accounts advised by T. Rowe Price Associates, Inc., PRIMECAP Management Company, Reinvent Capital, XN, Fidelity Management and Research LLC, Canada Pension Plan Investment Board, Index Ventures, and Sequoia Capital, as well as strategic investments from Uber, PACCAR, and Volvo Group.

Founded in 2017 by experts in the self-driving industry, Aurora is on a mission to deliver the benefits of self-driving technology safely, quickly, and broadly. To move both people and goods, the company is building the Aurora Driver, a platform that brings together software, hardware and data services to autonomously operate passenger vehicles, light commercial vehicles, and heavy-duty trucks.

Reinvent Technology Partners Y is a special purpose acquisition company led by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Technology Partners Y was formed to support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating experience as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.

Allen & Company LLC served as financial advisor to Aurora. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Reinvent and as the sole placement agent on the PIPE transaction. Houlihan Lokey Capital, Inc. served as financial advisor to the Reinvent transaction committee.

The Skadden team advising Reinvent included M&A partners Howard Ellin (New York) and Christopher Barlow (New York), and associate Yingchuan (Grace) Mo (Palo Alto); Capital Markets partner Gregg Noel (Palo Alto/Los Angeles) and counsel Robert Goldstein (Los Angeles); Tax partner Victor Hollender (New York); Corporate Restructuring partner Shana Elberg (New York) and associate Bram Strochlic (New York); Investment Management partner Heather Cruz (New York) and counsel David Jain (New York); Executive Compensation and Benefits partner Joseph Yaffe (Palo Alto/Los Angeles); Labor and Employment Law partner Karen Corman (Los Angeles); Intellectual Property and Technology partner Stu Levi (New York); Real Estate partner Audrey Sokoloff (New York); and National Security and CFIUS counsel Brooks Allen (Washington, D.C.).

Wachtell Lipton’s team advising Uber included Andrew J. Nussbaum, Partner, Mark A. Stagliano, Partner (Corporate), Raeesa I. Munshi, Associate, Jodi J. Schwartz, Partner, and Alexandra M. Ferrara, Associate (Tax).

The Wilson Sonsini team included: Damien Weiss, Megan Baier, Mark Bass, Hyo Min Kim, Sean Mahsoul, Norman Zhang, Jessica Earle, Jennifer Gu, Todd Cleary, Ethan Lutske, Catherine Riley Tzipori, Tracy Sevush, Eric Chang, Ryan Greecher, Adrian Broderick, Tiphanie Cascella, Ignacio Salceda, Sriram Krishnamurthy, Matthew Norgard, Dave Strong, Joe Mandry, Chris Paniewski, Barath Chari, Rodrigo Valle, Shivang Patel, James McCann, Jeremiah Nelson, David Perry, Martin Sul, Scott Sher,Todd Hahn, Matt Staples, Daniel Chen, Rebecca Stuart, Heather Diles, John Slafsky, Christine Au-Yeung, Ali Alemozafar, Hin Au, Stephen Heifetz, Seth Cowell, Anne Seymour, Roxana Mondragon-Motta and Tarek Helou.

Involved fees earner: Brooks Allen – Skadden Arps Slate Meager & Flom; Christopher Barlow – Skadden Arps Slate Meager & Flom; Karen Corman – Skadden Arps Slate Meager & Flom; Heather Cruz – Skadden Arps Slate Meager & Flom; Shana Elberg – Skadden Arps Slate Meager & Flom; Howard Ellin – Skadden Arps Slate Meager & Flom; Robert Goldstein – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; David Jain – Skadden Arps Slate Meager & Flom; Stuart Levi – Skadden Arps Slate Meager & Flom; Grace Yingchuan Mo – Skadden Arps Slate Meager & Flom; Gregg Noel – Skadden Arps Slate Meager & Flom; Audrey Sokoloff – Skadden Arps Slate Meager & Flom; Bram Strochlic – Skadden Arps Slate Meager & Flom; Joseph Yaffe – Skadden Arps Slate Meager & Flom; Alexandra Ferrara – Wachtell, Lipton, Rosen & Katz; Raeesa Munshi – Wachtell, Lipton, Rosen & Katz; Andrew Nussbaum – Wachtell, Lipton, Rosen & Katz; Jodi Schwartz – Wachtell, Lipton, Rosen & Katz; Mark Stagliano – Wachtell, Lipton, Rosen & Katz; Ali Alemozafar – Wilson Sonsini Goodrich & Rosati; Christine Au-Yeung – Wilson Sonsini Goodrich & Rosati; Megan Baier – Wilson Sonsini Goodrich & Rosati; Mark Bass – Wilson Sonsini Goodrich & Rosati; Adrian Broderick – Wilson Sonsini Goodrich & Rosati; Tiphanie Cascella – Wilson Sonsini Goodrich & Rosati; Eric Chang – Wilson Sonsini Goodrich & Rosati; Barath Chari – Wilson Sonsini Goodrich & Rosati; Daniel Chen – Wilson Sonsini Goodrich & Rosati; Todd Cleary – Wilson Sonsini Goodrich & Rosati; Seth Cowell – Wilson Sonsini Goodrich & Rosati; Heather Diles – Wilson Sonsini Goodrich & Rosati; Jessica Earle – Wilson Sonsini Goodrich & Rosati; Ryan Greecher – Wilson Sonsini Goodrich & Rosati; Todd Hahn – Wilson Sonsini Goodrich & Rosati; Stephen Heifetz – Wilson Sonsini Goodrich & Rosati; Tarek Helou – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Ethan Lutske – Wilson Sonsini Goodrich & Rosati; Sean Mahsoul – Wilson Sonsini Goodrich & Rosati; Joe Mandry III – Wilson Sonsini Goodrich & Rosati; James McCann – Wilson Sonsini Goodrich & Rosati; Hin Meng Au – Wilson Sonsini Goodrich & Rosati; Roxana Mondragon-Motta – Wilson Sonsini Goodrich & Rosati; Jeremiah Nelson – Wilson Sonsini Goodrich & Rosati; Matthew Norgard – Wilson Sonsini Goodrich & Rosati; Christopher Paniewski – Wilson Sonsini Goodrich & Rosati; Shivang Patel – Wilson Sonsini Goodrich & Rosati; David Perry – Wilson Sonsini Goodrich & Rosati; Catherine Riley Tzipori – Wilson Sonsini Goodrich & Rosati; Ignacio Salceda – Wilson Sonsini Goodrich & Rosati; Tracy S. Sevush – Wilson Sonsini Goodrich & Rosati; Anne Seymour – Wilson Sonsini Goodrich & Rosati; Scott Sher – Wilson Sonsini Goodrich & Rosati; John Slafsky – Wilson Sonsini Goodrich & Rosati; Matt Staples – Wilson Sonsini Goodrich & Rosati; David Strong – Wilson Sonsini Goodrich & Rosati; Rebecca Stuart – Wilson Sonsini Goodrich & Rosati; Martin Sul – Wilson Sonsini Goodrich & Rosati; Rodrigo Valle – Wilson Sonsini Goodrich & Rosati; Damien Weiss – Wilson Sonsini Goodrich & Rosati; Norman Zhang – Wilson Sonsini Goodrich & Rosati;

Law Firms: Skadden Arps Slate Meager & Flom; Wachtell, Lipton, Rosen & Katz; Wilson Sonsini Goodrich & Rosati;

Clients: Aurora; Reinvent Technology Partners Y; Uber;

Author: Martina Bellini