Skadden represented the underwriters in connection with the combined IPOs and combined private placements by Pershing Square USA, Ltd. (PSUS) — a closed-end investment company managed by Pershing Square Capital Management, L.P. (PSCM) — and Pershing Square Inc., the parent company of PSCM.
Gross proceeds to PSUS from the combined IPOs and combined private placements, before deducting sales loads, placement fees and offering expenses, were $5 billion, with PSUS investors receiving additional shares of Pershing Square Inc. for no additional consideration. The PSUS (NYSE: PSUS) shares and Pershing Square Inc. (NYSE: PS) shares are listed and traded separately on the New York Stock Exchange.
The Skadden team included Kevin Hardy and Michael Schwartz.