Ballard Spahr Partner Michael R. Kuhn Represents Taylor Corp. in Sale of Minority Interest in Timberwolves
Ballard Spahr Mergers & Acquisitions Partner Michael R. Kuhn represented the Minnesota Timberwolves Limited Partnership in relation to the sale of 20% of the partnership interests owned by Taylor Corporation, which is owned by Glen Taylor. The transaction, with an enterprise valuation of $1.5 billion, closed on July 21, 2021 after the NBA approved the transaction.
Mr. Taylor is selling the stake in the Timberwolves to a company owned by former Major League Baseball player Alex Rodriguez and entrepreneur Marc Lore. Following their purchase of the 20% stake, Messrs. Rodriguez and Lore will have a series of options to purchase the remaining partnership interests in the Timberwolves.
Mr. Kuhn is a Minneapolis-based member of Ballard Spahr’s Business and Transactions Department and Mergers and Acquisitions Group. He regularly represents private and public companies and private equity funds that are acquiring, selling, reorganizing, and merging their businesses. Additionally, he advises clients on day-to-day legal and business matters, including early-stage companies addressing issues related to entity formation, general corporate services, and fund raising. He also represents many of the leading private equity firms in the Twin Cities.