Moody’s $278 Million Acquisition of Reis


Fried Frank acted as counsel to Reis, Inc. in its US$278 million merger with Moody’s Corporation (Moody’s).

Reis is a leading provider of US commercial real estate data. Moody’s provides credit ratings, research, tools, and analysis that contribute to transparent and integrated financial markets. Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for US$23.00 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals, including the tender of a majority of the issued and outstanding shares of Reis common stock and clearance under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction has been approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2018.

Reis, Inc., led by Lloyd Lynford, William Sander and Jonathan Garfield, in 2017 recorded $48.2 Million Revenues.

The Fried Frank team was led by corporate partner Philip Richter (Picture) and included corporate partner Warren S. de Wied; antitrust and competition partner Nathaniel L. Asker; executive compensation & ERISA partner Amy L. Blackman; intellectual property and technology partner Amir R. Ghavi; tax partner Michael J. Alter; corporate special counsel Howard A. Fine and Jose R. Morales; corporate associates Adam B. Cohen, Meka Jegede, and Thomas C. Katsiotas; antitrust and competition associates Matthew E. Joseph and Aleksandr B. Livshits; executive compensation & ERISA associate Jaclyn I. Waters; intellectual property and technology associate Marli Sussman; and tax associate Ryan L. Conley.

Involved fees earner: Philip Richter – Fried Frank Harris Shriver & Jacobson; Warren de Wied – Fried Frank Harris Shriver & Jacobson; Howard Fine – Fried Frank Harris Shriver & Jacobson; Jose Morales – Fried Frank Harris Shriver & Jacobson; Adam Cohen – Fried Frank Harris Shriver & Jacobson; Meka Jegede – Fried Frank Harris Shriver & Jacobson; Thomas Katsiotas – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Matthew Joseph – Fried Frank Harris Shriver & Jacobson; Aleksandr Livshits – Fried Frank Harris Shriver & Jacobson; Amy Blackman – Fried Frank Harris Shriver & Jacobson; Jaclyn Waters – Fried Frank Harris Shriver & Jacobson; Amir Ghavi – Fried Frank Harris Shriver & Jacobson; Marli Sussman – Fried Frank Harris Shriver & Jacobson; Michael Alter – Fried Frank Harris Shriver & Jacobson; Ryan Conley – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Reis, Inc.;

Author: Ambrogio Visconti