The closing of the transaction is subject to the receipt of certain regulatory approvals, the approval of the magicJack shareholders and the satisfaction of other closing conditions. The transaction is expected to close in the first half of 2018. B. Riley FBR, Inc. served as financial advisor to B. Riley. Sullivan & Cromwell LLP, Wilkinson Barker Knauer LLP and Gross Kleinhendler, Hodak, Halevy, Greenberg & Co. served as legal counsel to B. Riley. Bryan Cave LLP, Wiley Rein LLP and Yigal Arnon & Co. served as legal counsel and BofA Merrill Lynch acted as financial advisor for magicJack.
The transaction price represents a 23% premium over magicJack’s 90-day average stock price. It is anticipated that magicJack will be held by B. Riley’s subsidiary B. Riley Principal Investments, LLC. The transaction is expected to close in the first half of 2018. B. Riley Financial is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth individuals. magicJack VocalTec is a leading Voice over IP cloud-based communications company.
Fried Frank acted as counsel to Bank of America Merrill Lynch as financial advisor to magicJack VocalTec with Philip Richter (Picture) and special counsel Brian Blitz.
Law Firms: Fried Frank Harris Shriver & Jacobson;
Clients: Bank of America Merrill Lynch;