Latham & Watkins Advises Teamshares on Business Combination with Live Oak Acquisition Corp. V

Latham & Watkins LLP represented Teamshares Inc. in its business combination with Live Oak Acquisition Corp. V. The parties have entered into definitive agreements to combine Teamshares, a tech-enabled acquiror of high-quality small-to-medium-size enterprises, with Live Oak Acquisition Corp. V (NASDAQ: LOKV), a publicly traded special purpose acquisition company sponsored by Live Oak Merchant Partners, with the intention of accelerating Teamshares’ growth as a public company. The business combination values the combined company at a pro forma enterprise value of US$746 million. At closing, the combined company will operate as Teamshares Inc. and is expected to be listed on Nasdaq under the ticker TMS. In connection with the business combination, the parties also entered into subscription agreements for US$126 million of committed common equity PIPE financing from accounts advised by T. Rowe Price Investment Management, Inc. and other institutional investors. There is potential for up to US$237 million in additional gross proceeds from amounts held in the trust account of Live Oak V, assuming no redemptions and prior to accounting for transaction expenses. Latham & Watkins LLP represented Teamshares Inc. with a team composed by: corporate deal team led by Houston partners Ryan Maierson and Nick Dhesi, with associates Sarah Rodrigue, Tasbiha Batool, Mary Kline, and Liem‑Lucas Nguyen; tax advice provided by Houston partners Bryant Lee and Jared Grimley, with associates Dominick Constantino and Molly Elkins; employment, benefits and compensation advice by Los Angeles partner Michelle Carpenter and Chicago counsel Laura Waller, with associates Mary Daniel Morgan and Maddie Bober; antitrust advice by Washington, D.C. partners Jason Cruise and Patrick English, with assistance from Lila Rosenfeld; and capital markets advice by Houston/New York partner John Slater, with assistance from Abby Johnson.

Latham & Watkins Advises Teamshares on Business Combination with Live Oak Acquisition Corp. V

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