Peter E.Izanec

Partner

Cleveland + 1.216.586.1042

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Peter Izanec provides practical, solution-oriented advice in traditional M&A, spin-offs, joint ventures, pension de-risking, commercial agreements, and contests for control. Peter's experience spans many industries, including financial services, consumer goods, pharmaceuticals, food and beverage, retail, industrial products and services, and restaurant chains. He is the coordinator of the Firm's financial services M&A practice.

Among other things, Peter has represented financial services companies such as Fifth Third Bancorp, FirstMerit Corporation, Invesco, KeyCorp, Morgan Stanley, National City Corporation, OneWest Bank, and Wayne Savings Community Bank in a variety of deals including over $5 billion of sales of residential mortgage loans and mortgage servicing rights (MSRs), joint ventures, acquisitions and divestitures of businesses, and governance matters. He has represented Procter & Gamble in more than two dozen transactions with an aggregate value in excess of $25 billion, including P&G's sales of its beauty, IAMS/Eukanuba, Pringles, Folgers, and Duracell businesses. Peter is one of the leaders of the Firm's pension de-risking practice, having represented General Motors and Verizon Communications in their respective groundbreaking $28 billion and $7.5 billion de-risking transactions. He has done substantial work for many other clients, including Atlas Energy, Bennington Marine, Conagra Brands, FirstEnergy Corporation, Goodrich Corporation, Kirtland Capital Partners, Kraft Heinz, Macy's, Materion Corporation, Owens Corning, Peabody Energy Corporation, PepsiCo, PolyOne, Safeguard Properties, The Riverside Company, and Wendy's.

Peter has been recognized in various legal publications for his work, including The American Lawyer's "Dealmaker of the Year" issue and in surveys such as The Best Lawyers in America.

Experience

  • FirstEnergy sells $3.5 billion transmission stake to BrookfieldJones Day advised FirstEnergy Corp. in the $3.5 billion sale of an additional 30.0% equity stake in its subsidiary FirstEnergy Transmission (“FET”), the holding company for FirstEnergy’s three regulated electric transmission businesses, to North American Transmission Company II L.P., FirstEnergy’s existing joint venture partner in FET and a controlled investment vehicle entity of Brookfield Infrastructure Partners.
  • Verizon Completes $5.9 Billion Transfer of Pension Plan LiabilitiesJones Day advised Verizon Communications Inc. in a major pension de-risking transaction that reduced Verizon’s pension benefit obligations by about $5.9 billion, covering a population that includes 56,000 Verizon retirees and their beneficiaries who began receiving benefits before January 1, 2023.
  • Labcorp completes spin-off of FortreaJones Day represented Labcorp (NYSE: LH), a leading global life sciences company, in the spin-off of Fortrea, the newly formed independent Contract Research Organization providing Phase I-IV clinical trial management, market access and technology solutions to pharmaceutical and biotechnology organizations around the world.
  • Evoqua merges with Xylem in $7.5 billion all-stock transactionJones Day advised Evoqua Water Technologies Corp. (NYSE: AQUA) in its $7.5 billion stock-for-stock merger with Xylem Inc. (NYSE: XYL).
  • AAR acquires TraxJones Day advised AAR CORP. in the acquisition of Trax USA Corp., a leading independent provider of aircraft MRO and fleet management software, for a purchase price of $120 million in cash, plus up to a $20 million earn-out payment based on specified adjusted revenues in calendar year 2023 and 2024.
  • Lamb Weston acquires remaining interest in European joint venture Lamb-Weston/Meijer for €700 millionJones Day advised Lamb Weston Holdings, Inc. in the €700 million acquisition of the remaining equity interests in Lamb-Weston/Meijer v.o.f., its European joint venture with Meijer Frozen Foods B.V.
  • Roper Technologies sells majority stake in industrial businesses to Clayton Dubilier & Rice, LLC for $2.6 billionJones Day advised Roper Technologies, Inc. on the sale of a majority stake in its industrial businesses, including its entire Process Technologies segment and the industrial businesses within its Measurement & Analytical Solutions segment, to an affiliate of Clayton Dubilier & Rice, LLC, for $2.6 billion in cash and contingent consideration of up to $51 million.
  • Avient divests distribution business to H.I.G. CapitalJones Day advised Avient Corporation in the $950 million sale of its Distribution business to an affiliate of H.I.G. Capital.
  • Marubeni sells global grain business of Gavilon Agriculture InvestmentJones Day advised Marubeni Corporation in the sale of the global grain business of Gavilon Agriculture Investment, Inc. to Viterra Limited, following a reorganization of Gavilon’s structure.
  • Owens Corning acquires Natural PolymersJones Day advised Owens Corning (NYSE: OC) in the acquisition of Natural Polymers, LLC, an innovative manufacturer of spray polyurethane foam insulation for building and construction applications.
  • Owens Corning acquires WearDeck®Jones Day advised Owens Corning in the acquisition of WearDeck®, a premium producer of composite weather-resistant decking for commercial and residential applications in North America, from JR Plastics Corporation.
  • FirstEnergy sells $2.4 billion minority transmission stake to BrookfieldJones Day represented FirstEnergy Corp. in its $2.4 billion sale of a 19.9% equity stake in its subsidiary FirstEnergy Transmission, the holding company for FirstEnergy’s three regulated electric transmission businesses.
  • FirstEnergy completes $1 billion Common Equity offeringJones Day represented FirstEnergy Corp. in connection with its $1 billion private placement of Common Equity to Blackstone Infrastructure Partners at $39.08 per share.
  • Materion acquires H.C. Starck's electronic materials portfolio for $380 millionJones Day advised Materion Corporation, a world leader in high performing advanced materials, in connection with the acquisition and financing of H.C. Starck Solutions' industry-leading, electronic materials business, located in Newton, Massachusetts ("HCS-Electronic Materials") for $380 million.
  • Altabancorp merges with Glacier BancorpJones Day represented Altabancorp, the bank holding company for Altabank, in connection with its stock-for-stock merger with Glacier Bancorp, Inc., the bank holding company for Glacier Bank.
  • U.S. Bank National Association acquires Debt Servicing and Securities Custody Services client portfolio of MUFG Union BankJones Day represented U.S. Bancorp, a bank holding company and the parent company of commercial bank U.S. Bank National Association, in its acquisition of the Debt Servicing and Securities Custody Services client portfolio of MUFG Bank N.A., a subsidiary of holding company MUFG Americas Holdings Corporation and a member of the Mitsubishi UFJ Financial Group.
  • Conagra Brands sold Peter Pan® peanut butter brand to Post Holdings, Inc.Jones Day advised Conagra Brands, Inc. in the sale of its Peter Pan® peanut butter business to Post Holdings, Inc., a consumer packaged goods holding company.
  • Materion acquires Optics Balzers, AG for $160 millionJones Day advised Materion Corporation, a global supplier of highly engineered advanced enabling materials, in its $160 million acquisition of Optics Balzers, AG, an industry leader in thin film optical coatings.
  • Macy’s completes $1.3 billion Senior Secured Notes offering and $3.15 billion credit facilityJones Day advised Macy's Inc., one of the nation's premier retailers, in connection with the issuance of $1.3 billion in aggregate principal amount of 8.375% Senior Secured Notes due 2025 in a Rule 144A and Regulation S offering and a $3.15 billion asset-based credit facility with Bank of America, N.A., as administrative agent.
  • OMNOVA acquired by Synthomer plc for $824 millionJones Day advised OMNOVA Solutions Inc. in its $824 million acquisition by Synthomer plc, a United Kingdom-based specialty chemical company.
    • View All

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