Tracy A. Belton | People | Arnold & Porter

Tracy Belton is co-chair of the firm’s global Mergers & Acquisitions practice. She represents strategic and private equity buyers and sellers of public and private companies across a variety of industries, including technology, insurance brokerage, healthcare, medical devices and defense. This breadth of experience allows her to offer innovative and flexible solutions in complex transactions. Understanding there is no “one size fits all” approach to transactions, she takes the time to understand her clients’ concerns and drivers and deliver practical, cost-efficient solutions.

In addition to her M&A experience, she is experienced in securities matters, including initial and secondary public offerings and compliance with SEC, NASDAQ, and NYSE reporting requirements. She also advises publicly held and private companies on a wide variety of corporate governance and day-to-day corporate as well as transactional matters.

In her pro bono practice, Ms. Belton represents tax-exempt organizations in corporate and transactional matters and small business owners in various commercial transactions.

Ms. Belton is the founder of the Arnold & Porter Women in M&A Initiative, which provides guidance and support to female M&A attorneys at the firm through mentorship and training opportunities. She is also active in the firm’s training program, focusing on training deal teams in exceptional client service.

Focus Areas

Experience

BrightSpring Health Services (formerly ResCare), an Onex portfolio company and the leading provider of comprehensive home and community-based health services to complex populations in need of specialized care, in its sale to affiliates of KKR.
Onex Corporation in the sale of USI Insurance Services to an affiliate of KKR & Co. L.P. and Caisse de dépôt et placement du Québec for an enterprise value of $4.3 billion.
American Securities in the sale of portfolio company Robertson Fuel Systems LLC, a leading producer of auxiliary fuel systems for military rotorcraft, to HEICO Electronic Technologies Corp. for $255 million.
Onex Corporation in its investment in Schumacher Group, a leading US provider of outsourced emergency and hospital medicine clinical staffing, as well as healthcare advisory services, and subsequent acquisitions by Schumacher Group of Hospital Physician Partners (HPP), the fourth largest US provider of emergency and hospital medicine clinical staffing services, and ECI Healthcare Partners, a leading US provider of emergency and hospital medicine management.
Onex Corporation in its sale of The Warranty Group, Inc., a leading global provider of warranty solutions and related programs, to private equity firm TPG for an enterprise value of approximately $1.5 billion.

Harbinger Group Inc., a public company, in its acquisition of a majority interest in global consumer products company Spectrum Brands Holdings, Inc.
Harbinger Capital Partners in the acquisition of a 51.29% stake in Zapata Corporation, a public company.

USI Insurance Services in various acquisitions, including its acquisition of Associated Financial Group, an insurance brokerage, from Associated Bank, a subsidiary of Associated Banc-Corp (ABRC), for $266 million in cash (subject to certain adjustments).
ManageYOURiD, a leading software provider of identity management, risk mitigation, and personal privacy services to commercial, government, and individual consumers, in its sale to System High Corporation, a portfolio company of Enlightenment Capital.
AT&T in connection with merger control matters related to Discovery’s $43 billion purchase of WarnerMedia from AT&T.
Sonaca Group, a Belgian aerospace company, in its acquisition of LMI Aerospace Inc., a US-headquartered publicly traded supplier of integrated solutions in aerostructures, engineering, and program management.
Sandoz in its $1.525 billion acquisition of specialty dermatology generics company Fougera Pharmaceuticals from a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking (a Credit Suisse affiliate), and Avista Capital Partners.

Alcon in its acquisition of WaveTec Vision, a privately held company that developed the ORA System, the first commercialized intra-operative guidance system for cataract surgeons implanting intraocular lenses.
Skilled Healthcare Group in its definitive merger agreement with Genesis HealthCare, one of the nation's largest providers of post-acute care services, in a 100 percent stock transaction.
PhotoMedex, a Global Skin Health Solutions™ public company, in its merger with Radiancy, Inc.

Five Oaks Investment, a mortgage real estate investment trust, in its initial public offering and four follow-on offerings, and in subsequent Securities Exchange Act of 1934 ("34 Act") filings.
TMS International, the largest provider of outsourced industrial services to steel mills in North America, in its initial public offering and subsequent 34 Act filings.

Perspectives

July 18, 2023

Indemnification — Who is on the Hook for the Liabilities of the Practice?

Healio News

February 17, 2023

Significant 2022 Decisions Affecting Private Company M&A (pdf)

Advisory

April 12, 2022

Arnold & Porter Wins Merger Control Matter of the Year for Advising AT&T on Discovery’s Purchase of WarnerMedia

March 22, 2020

The Coronavirus Crisis—Consider Your Contract Notice Provisions in Light of Office Closures

Coronavirus: Corporate Advisory

Credentials

Education

J.D., St. John's University School of Law, 2007, cum laude
B.A., International Affairs, George Washington University, 2004, cum laude, with honors

Admissions

New York