SquareTrade is a provider of consumer electronics and appliance protection plans.
On November 28, Willkie client The Allstate Corporation (NYSE: ALL) announced that it has entered into an agreement to acquire SquareTrade Holding Company, Inc., a provider of consumer electronics and appliance protection plans, for $1.43 billion, using a combination of cash and debt. The proposed transaction provides Allstate with added diversification and expands its customer relationships with 25 million protection plans for consumer electronics and connected devices. It is expected to be completed during the first quarter of 2017.
Allstate is the nation’s largest publicly-held personal lines insurer, protecting approximately 16 million households through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is headquartered in Northbrook, Illinois.
SquareTrade is a highly-rated protection plan provider insuring mobile devices, laptops and tablets, and other consumer electronics and appliances against malfunctions and accidental damage. SquareTrade is headquartered in San Francisco and London.
The deal team was led by partners John Schwolsky and Laura Delanoy and included partners Jordan Messinger, Christopher Peters, Eugene Chang and Daniel Alvarez; UK partner Andrew Tromans; senior counsel Donald Henderson; counsel Jeffrey Clancy and Jonathan Konoff; associates Katherine Lynch, Howard Block, Ginger Ellison, Danielle Thomasma, Geri Ann McEvoy, Robert Larimore, Amir Ghavi, Dunia Rkein, Naomi Parnes, Lucy Pugh and Natalie Whitaker; and law clerks Karolina Majewski, Adam Szklanny, Ruthanne Minoru and Preeta Reddy.