Seth Traxler, P.C.
Overview
Seth Traxler co-leads Kirkland’s global Technology & IP Transactions practice. He serves as lead counsel in complex or strategic deals where technology assets or opportunities are core to the deal’s value proposition.
Seth has over 20 years’ experience negotiating oftentimes transformative M&A deals, financings, joint ventures, collaborations, licenses, and other strategic commercial agreements. Seth is a key advisor supporting significant M&A transactions for leading public companies and premier private equity sponsors. Over the course of his career, he has worked on more than 200 completed technology-intensive M&A deals, more than 125 completed carve-outs, and more than 40 joint ventures and collaborations. He is particularly experienced on transactions involving business models where commercial matters heavily intersect with technology and legal matters; complicated business separations involving the entanglement of technology and intangible assets; and advising sponsor clients on the full lifecycle of their investments.
Seth’s successful track record of advising companies on technology’s impact on their corporate strategies and business models has earned him a ranking for nine consecutive years in the IAM Patent 1000, which noted that his “tech-intensive M&A experience is virtually second to none” and called him “a master craftsman of complex, international deals of all stripes.” He is recognized by The Legal 500 United States in the areas of “Technology: Transactions,” “Media & Entertainment: Transactional” and “Patents: Licensing.” He has worked on multiple award-winning transactions, including an innovative financing arrangement for United Airlines, which was named IFLR’s Debt Capital Markets U.S. Deal of the Year in 2021, and Blackstone’s transformative partnership with Hipgnosis Song Management that was named IFLR’s Private Equity Deal of the Year in 2022.
Experience
Representative Matters
Seth’s extensive and diverse deal experience spans a range of industries, including the following:
Software & Services
- Thoma Bravo, a premiere private equity firm investing in software and technology, in its investments into and strategic support of more than 100 software companies across all fund strategies (large cap, mid cap, small cap, and growth), including:
- $950 million carve-out acquisition of Veracode from Broadcom
- $1.6 billion take-private acquisition of Barracuda Network
- $950 million carve-out acquisition of Symantec’s SSL business
- Accenture, a leading professional services consultancy, in its:
- carve out acquisition of Symantec’s Cyber Security Services business from Broadcom
- joint venture with Apax Partners from the carve-out of Accenture’s Duck Creek Technologies
- $830 million carve-out sale of its Navitaire travel systems business to, and long-term strategic alliance with, Amadeus SA
- Open Invention Network, a joint venture of eight companies and 3400+ licensing participants, which is the largest patent non-aggression community and supports the freedom of action with respect to the Linux operating system
Life Sciences
- Eli Lilly and its wholly-owned subsidiary Dermira in an outbound license agreement with Evommune for three development programs for the treatment of inflammatory diseases
- Samumed in its exclusive license agreement with United Therapeutics Corporation for North American rights to Samumed's SM04646, being developed for the treatment of idiopathic pulmonary fibrosis (IPF)
- Mazor Robotics in robotic surgery technology strategic alliance with Medtronic
Media & Entertainment
- Blackstone, a leading alternative investment manager, in its:
- transformative partnership with Hipgnosis Song Management to deliver c.$1 billion to acquire and manage song catalogues, with follow-on catalogue purchases from iconic artists including Kenny Chesney, Leonard Cohen, Justin Timberlake, TMS and Justin Bieber
- acquisition of music rights organization SESAC
- carve-out acquisition of Entertainment One Music (eOne Music), a collection of record labels, from Hasbro
- acquisition of Moonbug Entertainment, a global children’s entertainment company, through Blackstone’s next-generation media company Candle Media
- sale of Death Row Records to entertainment and hip hop icon Snoop Dogg
- Metallica in its acquisition of the majority interest in Furnace Record Pressing, a leading provider of high-quality vinyl records and related services, formalizing a long-standing relationship between the band and Furnace
- Cosm, a leading immersive technology, media and entertainment company, in its multi-year partnership with the NBA that will feature a new live game viewing experience for fans
- Abry Partners in its $100 million investment in HARTBEAT, Kevin Hart’s comedy-focused media and entertainment company
- Verizon (NYSE: VZ) on the carve-out sale of Verizon Media to Apollo Global Management, Inc. (NYSE: APO) for $5 billion
- KKR in its:
- investment in the Ultimate Fighting Championship (UFC) league
- strategic investment in PlayOn! Sports, a high school sports media and technology company, and PlayOn! Sports’ subsequent acquisition of GoFan, a digital ticketing company for high school sports and events
- Silversmith Capital Partners and its portfolio company DistroKid, the world’s leading distributor of independent music, on a substantial investment from Insight Partners
- MRC and its portfolio company Billboard in its:
- acquisition of the music-industry data, software and analytics business of Nielsen Holdings (n/k/a Luminate) and joint venture of such business with Penske Media Corporation
- minority stake in Fulwell 73, an Emmy-winning British independent production company involving James Corden
- Naver Corporation, Korea’s largest information technology company, in its $600 million acquisition of social storytelling platform Wattpad and its $1.2 billion acquisition of Poshmark (NASDAQ: POSH), a social e-commerce marketplace for new and secondhand style
- STX Entertainment, a film studio, in its merger with global entertainment company Eros International (NYSE: EROS) and subsequent sale to a consortium led by The Najafi Companies
Sports & Gaming
- The Carlyle Group in its acquisition of British video game studio Jagex
- Krafton in its acquisition of game development studio Unknown Worlds
- Horizon Acquisition Corporation (NYSE: HZAC) in its $1.95 billion business combination with Vivid Seats, a leading concert, sports and theater ticket marketplace
- Various clients in bids for major league sports teams, media rights transactions and strategic commercial agreements with major league teams
Energy & Infrastructure
- Stonepeak Partners LP in the formation of Levo Mobility LLC, a $750 million sustainable infrastructure joint venture with Nuvve Holding Corp. (Nasdaq: NVVE), which will utilize Nuvve’s proprietary vehicle-to-grid platform to accelerate deployment of electric fleets
- Eos Energy Storage in its strategic partnership with Holtec International, Inc., to manufacture and commercialize Eos’ next generation batteries
- TPG Rise Climate in its strategic partnership with and convertible preferred equity investment in Nextracker, a provider of intelligent, integrated solar tracker and software solutions
Travel & Hospitality
- United Airlines in its innovative $6.8 billion financing comprised of $3.8 billion of bonds and $3 billion of term loans secured by the airline’s MileagePlus loyalty program, a first-of-its-kind approach to liquidity
- Norwegian Cruise Lines in its $2.4 billion capital markets transaction, the first-ever four-tranched marketed financing
- Silver Lake and Sixth Street Partners in their $1 billion investment in Airbnb
- Wyndham Destinations on its acquisition of the Travel + Leisure brand and travel clubs from Meredith Corporation, including a long-term license back to Meredith
- Wyndham Worldwide in its spin-off separation into separate publicly traded companies, Wyndham Hotels & Resorts, Inc. and Wyndham Destinations, Inc.
- Wyndham Hotel Group in a joint venture with five other industry participants to launch Room Key, Inc., a digital platform business for the travel industry
- Robert Redford and his affiliate Sundance Partners in the sale of Sundance Mountain Resort to Broadreach Capital Partners and Cedar Capital Partners
- Bain Capital’s capitalization and launch of Virgin Cruises, including the long-term license agreement with Virgin, and Bain’s $3.5 billion acquisition of Virgin Australia
Automotive
- General Motors in its $2.25 billion investment from the SoftBank Vision Fund in GM Cruise, GM’s autonomous vehicle business
- Polestar Performance, an electric performance car company, in its $20 billion business combination with Gores Guggenheim
Consumer Products, Services & Brands
- Victoria’s Secret & Co. (NYSE: VSCO) in its acquisition of Adore Me, Inc., a digitally-native intimates brand
- L Catterton, the largest global consumer-focused private equity firm, in multiple transactions including its:
- acquisition of a majority stake in BIRKENSTOCK Group
- acquisition of Kodiak Cakes and subsequent strategic partnership with actor and producer, Zac Efron
- $900 million sale of ELEMIS to L’Occitane International
- Cerberus Capital Management in six carve-out transactions including its:
- acquisition of Staples’ European business
- acquisition of Avon’s North American business
- Grubhub Inc. on its:
- strategic partnership with Yum! Brands
- $287.5 million carve-out acquisition of Eat24 from Yelp, Inc.
- Fortress Credit Advisors in multiple IP-backed financings, including its:
- $282 million financing for the take-private acquisition of Perry Ellis International, a leading designer, distributor and licensor of a broad line of high quality men’s and women’s apparel, accessories and fragrances
- $300 million term loan to Iconix Brand Group, owner of a diversified portfolio of fashion and home brands
Seth has also represented numerous clients in joint venture and/or brand licensing relationships with well-known brands, including Martha Stewart, Dow Jones, American Girl and The Wall Street Journal.
Clerk & Government Experience
Law ClerkHonorable John GradyUnited States District Court for the Northern District of Illinois1998–1999
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Credentials
Admissions & Qualifications
- 1997Illinois
Courts
- United States District Court for the Northern District of Illinois1998
Languages
- English
- Spanish
Education
- Northwestern Pritzker School of LawJ.D.cum laude1997Articles Editor, Northwestern Law Review
- University of KansasB.A.cum laude1993Phi Beta Kappa
Civic and Pro Bono
Director of the Kirkland & Ellis Foundation
Former board member for Equip for Equality and the highly-acclaimed Writers’ Theatre
Kirkland Pro Bono Service Award for Outstanding Service (2007–2020) for work with many organizations, including A Sense of Home, an organization creating homes for youth aging out of foster care; the American Theatre Wing, the creator of the Tony Awards and a supporter of theater through educational programs, grants and awards; and Ownership Works, a nonprofit partnering with companies and investors to give employees ownership opportunities to share in the value they help their companies create
Angel investor in Broadway productions including Spamalot, History Boys, You’re Welcome America by Will Ferrell, and Mean Girls