Skadden and Freshfields advise as LSE agrees to buy Citigroup portfolio for $685m
LSE invests in US analytics business after the collapse of its proposed merger with Deutsche Boerse
May 30, 2017 at 08:16 AM
2 minute read
Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom are advising as the London Stock Exchange (LSE) seals a deal to buy Citigroup's bond analytics business for $685m (£532m).
The proposed transaction, announced today (30 May), comes just a few months after the collapse of LSE's planned merger with German exchange operator Deutsche Boerse.
It includes Citi's analytics platform, The Yield Book, and its associated indexing business.
Freshfields is advising longstanding client LSE with a team led by US managing partner Peter Lyons and London-based intellectual property partner Giles Pratt.
Skadden is representing Citigroup. The firm's New York-based team includes M&A partner Jeffrey Brill, tax partner Stuart Finkelstein, employment partner Erica Schohn and competition partner Kenneth Schwartz.
The deal is expected to be completed by the second half of this year.
Last week, Legal Week reported that Skadden had bolstered its City office with the hire of heavyweight private equity partner Richard Youle from White & Case.
Previously, Freshfields won a mandate in January to act on the sale of LSE's French arm for €510m (£442m), with a team led by corporate partners Philip Richards, Stephen Hewes and Andrew Hutchings.
The firm also advised LSE on its failed merger with Deutsche Boerse, for which LSE is expected to pay out up to £62.4m in legal fees.
Linklaters represented Deutsche Boerse. The German exchange operator anticipates spending between £47.01m and £49.2m on the aborted deal.
The proposed £24bn tie-up would have created Europe's biggest stock exchange. But the European Commission blocked the deal in March on the grounds that it would have resulted in a monopoly in the processing of bond trades.
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