Simmons’ role on the high-profile sale will be seen as a coup for the top 10 City firm’s corporate and finance practices, with the partners Jeremy Hoyland (financial markets) and Alan Karter (corporate) brought on board when it became apparent that the bank was in trouble.
Simmons has an existing relationship with Bear Stearns having been appointed to advise the investment bank on its European structured capital markets business in 2006 — offering advice on the securitised equity, credit and fixed income derivatives businesses of Bear Stearns in
Simmons joined Bear Stearns’ main adviser, Skadden Arps Slate Meagher & Flom, in the
Wall Street leader Wachtell Lipton Rosen & Katz won the lead M&A mandate for JP Morgan, despite the bank having close links with rival
The sale saw JP Morgan initially offer to pay just $236m (£117m) for Bear Stearns — a fraction of its previous value — before agreeing to up its bid to around $1bn (£508m), leading to Wachtell’s advice coming in for cricitism. JP Morgan’s rescue bid was backed by the US Federal Reserve, which will lend $30bn (£14.9bn).
