Skadden, Arps, Slate, Meagher & Flom and Sullivan & Cromwell have landed lead outside counsel roles on a deal announced Tuesday under which BNP Paribas Corporate and Investment Banking will sell its so-called reserve-based lending business in the United States and Canada to Wells Fargo & Company.
While terms were not disclosed, the BNP press release announcing the deal said the Houston-based energy business changing hands in the transaction encompasses about 175 customer relationships, some $9.5 billion in loan commitments, roughly $3.9 billion in outstanding loans as of the end of 2011.
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