New York giants lead on $19bn Citi fundraising
Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell are among a clutch of US firms to have claimed advisory roles on a major finance deal that will see sovereign funds totalling $12.5bn (£6.3bn) dispensed to US banking giant Citigroup. Cleary and Sullivan acted as counsel to Citigroup, which has raised $12.5bn through private placements with investors including the investment arms of the Singapore and Kuwaiti governments.
February 01, 2008 at 07:24 AM
2 minute read
Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell are among a clutch of US firms to have claimed advisory roles on a major finance deal that will see sovereign funds totalling $12.5bn (£6.3bn) dispensed to US banking giant Citigroup.
Cleary and Sullivan acted as counsel to Citigroup, which has raised $12.5bn through private placements with investors including the investment arms of the Singapore and Kuwaiti governments.
Two further public offerings – which closed last week worth $3.17bn (£1.59bn) and $3.72bn (£1.87bn) respectively – will add to the investment, which totals $19bn (£10bn).
New York-based corporate and finance partner Jeff Karpf led the team for Cleary, alongside capital markets partner Alan Beller and M&A partner Neil Whoriskey. Firm chairman Rodgin Cohen and corporate finance partner Robert Downes led the team for Sullivan.
Also investing alongside the Government of Singapore Investment Corporation (GSIC) and the Kuwait Investment Authority (KIA) were Saudi prince Alwaleed bin Talal, the New Jersey Division of Investment (NJDI) and Citigroup's former chairman and chief executive, Sandy Weill.
GSIC was advised by Sidley Austin, with investment funds partners Susan Lewis and Prabaht Mehta leading the team for the Chicago giant.
Big four Los Angeles firm Gibson Dunn & Crutcher acted for KIA, fronted by capital markets partner Steven Guynn and tax partner Jeffrey Trinklein.
NJDI used corporate partner Cheryl Gorman of Newark-based firm Gibbons.
Washington DC firm Hogan & Hartson advised Prince Alwaleeed bin Talal, a longstanding client of the firm, with corporate finance partner Bruce Gilchrist and financial investment partner Mark Mazo leading for Hogan.
Former Citigroup chief executive Weill was advised by New York firm Paul Weiss Rifkind Wharton & Garrison, led by corporate partner Robert Schumer.
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