Milbank LLP Global Corporate/M&A partner Iliana Ongun has been featured as a Law360 Mergers & Acquisitions MVP for 2025, one of just five practitioners recognized in the category.
In her interview with Law360, Iliana discussed why she was attracted to M&A work, highlighting the blend of strategic judgment, technical expertise and the dynamic legal landscape surrounding fiduciary duties that the field offers. She said that these elements, together with the opportunity for creative problem-solving, continue to drive her passion for helping clients achieve their business objectives.
"I also enjoy that M&A is a team sport, and I really enjoy the relationships I form in the trenches with my colleagues at Milbank, with clients, with financial advisers and counsel across the table. Even in the middle of a heated negotiation, I look for ways to bridge the gap and reach the best outcome for everyone," she said.
A focal point of her MVP profile was her role guiding U. S. Steel through its $14.9 billion acquisition by Nippon Steel, which encompassed competing bids, regulatory scrutiny, activist investor engagement and evolving governmental priorities, marking one of her biggest accomplishments in her career thus far.
“The deal required technical excellence and strategic judgment as well as a relentless effort to bridge seemingly insurmountable gaps in order to close,” Iliana explained. “It brought together all of my favorite parts of practicing M&A at the highest level."
She also detailed her recent work on high-profile board advisory matters, including leading the H&E Equipment Services sale process, where she structured and executed a strategy that balanced optionality and fiduciary obligations in the face of unsolicited offers.
"As a board of directors, when you get an unsolicited deal, you are often weighing the opportunity that's on the table against the prospects of obtaining a better one," Iliana noted. "It does however come with the risk of losing the initial offer. Insisting on the ability to publicly shop the company after signing the merger agreement was a way to help bridge that gap."
Furthermore, Iliana shared advice for junior attorneys breaking into the M&A field, encouraging them to seek hands-on experience and be “in the room where it happens,” underscoring the ongoing importance of judgment and human insight in complex transactions. She also noted that despite the complexity of today’s dealmaking environment in conjunction with the increasing influence of technology in the legal industry, the core of her work remains grounded in understanding clients and helping them navigate pivotal decisions.
"I find it deeply rewarding to get to know my clients, their business and their objectives to help craft a transaction that meets their needs and also has the highest possible chance of success," she said. "Helping clients navigate these transactions is really what drives me."
