Sep. 12, 2013
Stephen J. Venuto
See more on Stephen J. VenutoOrrick, Herrington & Sutcliffe LLP | Menlo Park | Practice type: Corporate
Guiding the wildly popular photo sharing website Instagram Inc. through its $1 billion sale to Facebook Inc. last year was easily the most memorable event for Venuto over the past 18 months. But it's also one that the veteran Silicon Valley attorney said he'll remember for decades to come.
It's not difficult to see why.
Venuto got word of the company's plans on the afternoon of Good Friday last year, as he and many of his colleagues at Orrick's Menlo Park office were readying to depart for the upcoming holiday weekend.
"It was classic, because I had a lot of people in town to visit for an Easter celebration," Venuto said.
But his plans had to be quickly put on hold when he learned that both Instagram and Facebook wanted the definitive merger agreement signed no later than Easter Sunday. Venuto said the deal was an example of how companies in Silicon Valley move faster than anywhere else in the world.
"It moved at light speed because it was so important to get it done," he said. "There was a sense that these two companies would only be in this place one time, and this was the time to get it done. Both sides were very motivated to get the deal done in a way that made sense for everyone."
Venuto led a team of Orrick attorneys who worked around the clock to complete the high-profile deal in just 54 hours from start to finish. The paperwork was signed on time, though the deal didn't officially close until early September, after the Federal Trade Commission closed its antitrust review of the deal.
"It was a fascinating dynamic," Venuto said. "It's one of those transactions where I'll look back in 40 years and it'll still be a top deal for me."
- DOMINIC FRACASSA
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