TPG and AT&T to Form $16.25 Billion New Entity to Operate AT&T’s Video Unit

February 25, 2021

Cleary Gottlieb represented TPG Capital on antitrust and fund formation matters related to its formation of a new entity with AT&T Inc. (AT&T) to operate AT&T’s video unit.

AT&T and TPG Capital, the private equity platform of global alternative asset firm TPG, announced on February 25, 2021, that they have signed a definitive agreement under which the two parties will establish a new company to be named DirecTV and will own and operate AT&T’s U.S. video business unit consisting of the DIRECTV, AT&T TV, and U-verse video services. The transaction implies an enterprise value for DirecTV of $16.25 billion.

For more information, please see the press release here.