Mary Ann Todd

Todd has been an advisor to Warren Buffett's Berkshire Hathaway Inc. for more than two decades. She has played a leading role in many of Berkshire's critical growth transactions, most recently guiding the investment powerhouse in one of its largest deals ever — the $37.2 billion acquisition of Precision Castparts Corp. — and one of the largest public offerings of 2016.

In the Berkshire deal, Todd served as lead counsel in its offering of debt in the form of a domestic $9 billion offering and a 2.75 billion euro note. The transactions were announced on March 9 and March 10 respectively. As of July, Berkshire's Class A shares sold for $212,501, making them the highest priced shares on the New York Stock Exchange. The funds from the debt offerings will be used for repaying loans, refinancing other notes, and replacing other notes that have matured and been repaid, according to Securities and Exchange Commission filings.

Portland, Oregon-based Precision is a metal fabrication company with clients in the aerospace, industrial gas turbine and defense industries. One financial media source called Berkshire's buy "a bet on the boom in aerospace manufacturing." Todd worked 10-hour days for a week to make the legal components fall into place. "The speed element keeps the pressure on," she said, alluding to Buffett's desire to complete a deal as quickly as possible once the commitment to buy has been made to avoid media leaks that could complicate negotiations. She and an extensive Munger Tolles team worked by teleconference "out of concerns about confidentiality," she said. The deal was announced in August 2015 and closed in January.

Todd also worked on Berkshire's $46 billion merger of its H.J. Heinz Co. and Kraft Foods Group Inc. to form the third largest food and beverage company in North America. Earlier, she'd guided Berkshire through its $28 billion acquisition of Heinz with Brazil-based 3G Capital.

"It's always terrific to deal with the people at Berkshire," Todd said. "They are the smartest, easiest client you could imagine. A deal for them was the first I ever did, 21 years ago. It had to do with their acquisition of a furniture store. And no, I rarely get to Omaha [location of Berkshire's headquarters]. I only go for the annual shareholders' meetings."

Todd was also on the Munger Tolles team representing Lazard Ltd. as financial advisor to Ryland Group Inc. in a proposed merger with Standard Pacific Corp. that would create the fourth largest homebuilder in the U.S. with an enterprise value of about $8.2 billion across 41 markets in 17 states.

— John Roemer