Magic circle duo bag lead roles in €739m clearing house deal
Clifford Chance (CC) and Allen & Overy (A&O) have taken lead roles in a €739m (£589m) deal set to create the world's largest clearing house. CC has been advising long-standing client LCH.Clearnet throughout the discussions that will see US clearing house Depository Trust and Clearing Corporation (DTCC) merging with the UK firm.The deal will see DTCC acquire Clearnet for around €739m, with Clearnet shareholders receiving up to €10 (£7.90) a share.
October 29, 2008 at 10:34 PM
2 minute read
Clifford Chance (CC) and Allen & Overy (A&O) have taken lead roles in a €739m (£589m) deal set to create the world's largest clearing house.
CC has been advising long-standing client LCH.Clearnet throughout the discussions that will see US clearing house Depository Trust and Clearing Corporation (DTCC) merging with the UK firm.
The deal will see DTCC acquire Clearnet for around €739m, with Clearnet shareholders receiving up to €10 (£7.90) a share.
CC's team for Clearnet – one of the firm's oldest clients – was headed by London corporate partner Patrick Sarch assisted by regulatory partner Simon Gleeson and competition partner John Osborne.
The firm also advised the company in the US, with regulatory partner Steve Gatti in Washington DC and corporate partner John Graham in New York leading.
DTCC turned to A&O with London corporate managing partner Andrew Ballheimer and corporate partner Ed Barnett advising. DTCC instructed local firm Thacher Proffitt & Wood in the US for regulatory advice with partners Charles Bethill and Walter Van Dorn leading the team.
If the proposed merger gets the regulatory go-ahead, the deal would be likely to close in the second quarter of 2009. The merger is intended to cut the cost of clearing services in the London equities market, which is around six times as expensive as its Wall Street counterpart.
Sarch told Legal Week: "The competition authorities have been trying to reduce cost of post-trade clearing for years and this is a move by Clearnet to create a cost-effective model."
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