Latham & Watkins Advises Teamshares in Business Combination With Live Oak Acquisition Corp. V

Teamshares Inc., a tech-enabled acquiror of high-quality small-to-medium size enterprises, and Live Oak Acquisition Corp. V (NASDAQ: LOKV), a publicly traded special purpose acquisition company sponsored by Live Oak Merchant Partners, announced that they have entered into definitive agreements relating to a business combination, intending to accelerate Teamshares’ growth as a public company. The Business Combination values the combined company at a pro forma enterprise value of US$746 million. At closing, the combined company will operate as “Teamshares Inc.” and is expected to be listed on Nasdaq under ticker “TMS.” In connection with the Business Combination, the parties have also entered into subscription agreements for US$126 million of committed common equity PIPE financing from accounts advised by T. Rowe Price Investment Management, Inc. and other institutional investors, with the potential for up to US$237 million in additional gross proceeds from amounts held in the trust account of Live Oak V, assuming no redemptions and prior to accounting for transaction expenses.

Latham & Watkins LLP represents Teamshares in the transaction with a corporate deal team led by Houston partners Ryan Maierson and Nick Dhesi, with associates Sarah Rodrigue, Tasbiha Batool, Mary Kline, and Liem-Lucas Nguyen. Advice was provided on tax matters by Houston partners Bryant Lee and Jared Grimley, with associates Dominick Constantino and Molly Elkins; on employment, benefits, and compensation matters by Los Angeles partner Michelle Carpenter and Chicago counsel Laura Waller, with associates Mary Daniel Morgan and Maddie Bober; on antitrust matters by Washington, D.C. partners Jason Cruise and Patrick English, with assistance from Lila Rosenfeld; and on capital markets matters by Houston/New York partner John Slater, with assistance from Abby Johnson.