CC, Sullivan and Skadden lead on $13.5bn Barclays sell-off
A trio of transatlantic firms have landed plum roles on the $13.5bn (£8.2bn) sale of Barclays' global investment arm to US money manager BlackRock. Blackrock is purchasing Barclays Global Investors - which includes asset management business iShares - for $6.6bn (£4bn) in cash and the remainder in stock.
June 12, 2009 at 07:14 AM
2 minute read
A trio of transatlantic firms have landed plum roles on the $13.5bn (£8.2bn) sale of Barclays' global investment arm to US money manager BlackRock.
Blackrock is purchasing Barclays Global Investors – which includes asset management business iShares – for $6.6bn (£4bn) in cash and the remainder in stock.
Clifford Chance (CC) is advising longstanding client Barclays. The magic circle firm is fielding a large team of partners from its City HQ, led by relationship partner Guy Norman alongside corporate partner Patrick Sarch, corporate finance partner Alison Price, regulatory partner Chris Bates, global tax chief David Harkness, employee benefits partner Daniel Hepburn, pensions partner Clare Hoxey, employment partner Bruce Hedley and competition partner Oliver Bretz.
Barclays has also instructed Sullivan & Cromwell as US counsel. The US firm's team is headed up by Los Angeles chief Alison Ressler and M&A partner Eric Krautheimer, alongside chairman Rodgin Cohen, corporate partners Donald Crawshaw, John Evangelakos and Frederick Wertheim, finance partner Neal McKnight and tax partner Ronald Creamer in New York.
Meanwhile, BlackRock was advised by Skadden Arps Slate Meagher & Flom and Linklaters.
Skadden's New York team was led by investment management chair Richard Prins, M&A partners Franklin Gittes and Sean Doyle and tax partner Barnet Phillips, alongside Moscow corporate partner Linda Davies, Brussels antitrust partner Fred Depoortere and Frankfurt M&A partner Matthias Horbach.
Linklaters acted alongside Skadden on the non-US elements of the deal, with London corporate partner Olivia McKendrick and financial markets chief Michael Kent taking lead roles.
The deal, which closed yesterday, also saw Citi and Credit Suisse act as financial advisers to BlackRock.
Barclays had been expected to sell its iShares business to CVC Capital Partners after accepting a £3bn offer in April, but BlackRock recently entered the bidding with its improved offer.
CVC has been given five days to put forward an alternative transaction superior to the BlackRock offer. The private equity house was advised by SJ Berwin on its initial bid.
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