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Foley & Lardner LLP Partner Louis Lehot is quoted in the The Information article, “Microsoft + OpenAI: Inside Tech’s Hottest Romance,” discussing the complex and unique financial arrangements underpinning the relationship between the two companies.

“I have never seen [it] in venture,” Lehot said. He explained that the deal’s structure implies that OpenAI’s investors think the company may never go public and hence need to recoup their investments by taking a portion of future cash flows.

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