CC leads on Barclays' $6bn iShares auction
Clifford Chance (CC) has scored another top mandate for Barclays, advising the bank on the auction of its asset management business iShares. Corporate finance partner Guy Norman, who handles the Barclays relationship for the firm, is advising the bank on the potential sell-off.Investment bank Goldman Sachs is thought to be a strong contender to pick up iShares in a deal that could raise $6.5bn (£4.5bn) for Barclays.
March 27, 2009 at 08:41 AM
2 minute read
Clifford Chance (CC) has scored another top mandate for Barclays, advising the bank on the auction of its asset management business iShares.
Corporate finance partner Guy Norman, who handles the Barclays relationship for the firm, is advising the bank on the potential sell-off.
Sullivan & Cromwell advised Barclays on the US proceedings of the auctioning of its San Francisco-based asset management arm.
Investment bank Goldman Sachs is thought to be a strong contender to pick up iShares in a deal that could raise £6.5bn (£4.5bn) for Barclays.
JP Morgan Cazenove is acting as auctioneer for Barclays, which is hoping to shed the US-based asset management business in to order to avoid giving up stakes of business to the Government.
This instruction is part of a string of recent Barclays work for CC and Norman (pictured). The firm has a longstanding relationship with the bank, with other recent instructions including advising the bank on a £7bn cash injection from the Middle East.
On that deal, Norman and fellow corporate partner Patrick Sarch led a CC team advising the bank, with regulatory partner Chris Bates and capital markets partner Simon Sinclair assisting.
Other top mandates for the firm include advising Barclays on its historic purchase of Lehman Brothers' US business. Norman, Sarch and Bates advised on that deal, along with restructuring partner Nick Frome and capital markets partner Ed Bradley.
It is unclear who is advising both JP Morgan and Goldman Sachs.
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