This transaction represents a sale of a minority equity interest in Worldwide Fiber Inc. to affiliates of Tyco International; Donaldson, Luftkin & Jenrette; Goldman, Sachs; and Providence Equity Partners, in the principal amount of US$345 million. Worldwide Fiber Inc. is a facilities-based provider of technologically advanced high bandwidth fibre optic communications infrastructure and carrier services in North America and on a transatlantic basis. The transaction is notable for its size. It is likely the largest private equity placement of its kind completed in British Columbia.
Farris, Vaughan, Wills & Murphy was lead counsel to Worldwide Fiber Inc. and worked closely with Worldwide vice-president and general counsel Catherin McEachern. The Farris team was headed by corporate partner Cameron Belsher with assistance from corporate partner Rupert Legge and corporate asociates, Jennifer Farac, Trevor Scott and Christine Coleman. United States counsel for Worldwide Fiber Inc. was Cahill Gordon & Reindel led by corporate partner Roger Andrus with assistance from corporate associate John Cobb. Lead counsel for the investor group was Fried, Frank, Harris, Shriver & Jacobson led by corporate partner Craig Miller with assistance from Neil Rifkind and John Stewart.
Additional U.S. counsel was Latham & Watkins led by corporate partner Steven Della Rocca and corporate associate Michelle Bergman. Canadian counsel for the investors was Osler, Hoskin & Harcourt LLP led by corporate partner Dougal Macdonald with assistance from corporate associate John Black, regulatory lawyer Kirsten Embree and tax advice from Scott Wilkie.