Shearman & Sterling has taken a role opposite Freshfields Bruckhaus Deringer as Hypo Real Estate scoops up Depfa Bank for €5.7bn (£3.86bn) in the largest-ever corporate acquisition in Ireland.

Shearman is advising Depfa on the recommended bid through London corporate partner Peter King and a German team including high-profile German managing partner Georg Thoma and corporate partner Birgit Reese. Dublin firm McCann FitzGerald has also bagged a role, advising the Irish bank on local law.

Freshfields has been instructed for German property investment bank Hypo, with corporate partner Achim Kirchfeld and banking partner Gunnar Schuster taking lead roles in Germany. City-based corporate partner David Sonter is leading the team in London, while Irish giant Arthur Cox is advising in Dublin.