Overview
International law firm McDermott Will & Emery represented BDO USA, one of the nation’s leading accounting and advisory firms, in the formation of its Employee Stock Ownership Plan (ESOP). By virtue of its complexity and size, the transaction required McDermott lawyers to address contractual, structural, finance and regulatory matters on both federal and state levels. BDO USA is the first large public accounting firm to implement an ESOP, which will:
- Advance BDO’s purpose-driven investment, growth and long-term sustainability while putting its people first.
- Cover more than 10,000 participating employees, making it one of the largest ESOPs in the country.
- Showcase BDO’s innovation in the accounting industry and support its goal to be an employer of choice.
“The ESOP will allow employee participation in company value and expansion through long-term growth, a reflection of BDO’s commitment to its people,” said Allison Wilkerson, partner in the Employee Benefits & Compensation Practice Group at McDermott and co-lead on the deal. “McDermott’s long history advising on ESOPs was instrumental in managing a transaction of this size to deliver an industry-leading benefit to all of BDO’s people.”
McDermott also advised BDO on the debt financing structure and ESOP transaction, arranged by Apollo Capital Solutions, and anchored by certain funds managed by affiliates of Apollo. The ESOP and related transactions became effective August 31, 2023.
The McDermott team was led and supervised by Michael Poulos, with the contract team led by Harris Siskind, the ESOP team led by Allison Wilkerson, the regulatory team led by Seth Friedman, Allyson Riemma, Christina Martini and Nicole Figueroa, and the finance team led by Michael Boykins.
Read BDO’s announcement here.
About McDermott
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