Davis Polk & Wardwell and Sullivan & Cromwell took the lead roles on Citi's acquisition of Wachovia’s banking operations for $2.16bn (£1.16bn). Citi will take on around $53bn (£29bn) worth of Wachovia debt in the rescue deal, backed by the
Sullivan advised Wachovia on the deal, while Davis Polk advised Citi, led by M&A partners John Ettinger and Phillip Mills and financial institutions partner Randall Guynn.
Citi will pay the $2.16bn in stock, with Wachovia to remain a public company and retain its asset management, retail brokerage and certain parts of its wealth management business.
Skadden also took a role advising Citi with a team including
Cleary Gottlieb Steen & Hamilton is counsel to the underwriters in an announced $10bn (£5.5bn) common stock offering in connection with the acquisition. It is also acting as disclosure counsel to Citi, led by
The bank rescue deal came hot on the heels of JPMorgan's purchase of Washington Mutual (WaMu) assets last Friday (26 September), following the US Government seizing the savings and loan association on Thursday (25 September).
Sullivan & Cromwell also took a lead on that deal, led by chairman Rodgin Cohen and flanked by finance and M&A partner Mitch Eitel. Simpson Thacher & Bartlett was understood to have taken the lead mandate advising Washington Mutual.
Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
