K&L Gates Advises Deako on Sale to SkyX

Global law firm K&L Gates LLP advised Deako, Inc. on its sale to SkyX Platforms Corp. (NASDAQ: SKYX) in a transaction consisting of cash and stock. Deako is an innovative smart home technology brand best known for inventing the world's first modular, plug-and-play light switch system.

The transaction involved structured payments to Deako’s secured senior lenders, as well as an escrow of shares for future distribution to Deako equity holders once the senior lenders’ claims were satisfied over time through the liquidation of the SkyX stock.  

The K&L Gates team was led by Seattle partner Gary Kocher with support from Seattle partners Francisco Olmedo, Caitlin Velasco, Karrie Johnson Diaz and Robert Starin, Charlotte counsel Enia Gyan, Chicago associate Jake Annunziata, and Seattle associate Devin Woodson.  

“We were pleased to work with Deako on this transaction and to support a longtime client through a complex deal process. The transaction required careful coordination across several structural considerations, including the arrangements involving Deako’s senior lender and its equity holders. We appreciate the trust Deako placed in our team throughout the process,” said Kocher.

Derek Richardson, CEO of Deako, commented “K&L Gates has supported us since our formation in 2015 and we were glad to have them by our side through our entire lifecycle from formation to exit.”

K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices across the globe providing clients with practical legal solutions in the structuring, financing and closing of domestic, international and cross-border transactions.