As the Rift created a stir among consumers, a group of Goodwin clients was among those investors who spotted a potential game changer. Oculus had been operating for just 20 months when Facebook made a purchase offer.
That's when the young company's consortium of investors turned to Goodwin for counsel. Working on behalf of Matrix Partners, Spark Capital and a consortium of investors, Goodwin's team negotiated with Facebook alongside Oculus' founders and board to help their clients secure eye-popping returns on their investments while ensuring their interests were adequately protected and a smooth transition to a new parent company.
When it closed in the second quarter of 2014, the sale of Oculus to Facebook included $400 million in cash and 23.1 million shares of common stock. The acquisition gave Facebook a powerful tool to propel its technology into the future and bring its customers closer together. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate," said Facebook founder and CEO Mark Zuckerberg.