A&O and Latham win roles on $1bn KBC sell-off
Allen & Overy (A&O) and Latham and Watkins have taken lead roles on Daiwa Capital Markets' $1bn (£662m) buyout of KBC's bond and derivatives businesses. Daiwa Capital Markets, the investment banking unit of Daiwa Securities, was advised by Latham with the US firm fielding a team led by Hong Kong-based corporate partner Simon Berry.
July 09, 2010 at 12:18 PM
2 minute read
Allen & Overy (A&O) and Latham & Watkins have taken lead roles on Daiwa Capital Markets' $1bn (£662m) buyout of KBC's bond and derivatives businesses.
Daiwa Capital Markets, the investment banking unit of Daiwa Securities, was advised by Latham with the US firm fielding a team led by Hong Kong-based corporate partner Simon Berry.
Allen & Overy advised Belgian bank KBC on the sale with a team led by London corporate partner Alun Eynon-Evans, supported by corporate senior associate Ron Kirschner.
Eynon-Evans commented: "This transaction is part of KBC's ongoing divestment programme to free up capital, reduce risk and strengthen its focus on its core bancassurance markets."
Japanese law firm Nishimura & Asahi also took a role on the deal, advising Daiwa Capital Markets alongside Latham with a team led by partner Asa Shinkawa
Daiwa Capital Markets will pay about $200m (£133m) for KBC's global convertible bond and Asian equity derivatives businesses including its staff, IT and infrastructure and around $800m (£530m) for the Belgian bank's trading positions in those businesses.
The acquisition will free up around $200m in capital for KBC, and improve Daiwa's standing in the global convertible bonds and Asian derivatives markets.
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