Dechert Financial Services M&A 2019 Highlights

January 08, 2020

Dechert finished 2019 as one of the most active legal advisors in the financial services M&A sector, working on more than 45 deals totaling over US$55 billion. Throughout the year, Dechert’s team of deal-savvy lawyers worked on a number of transactions that are reshaping the financial services sector, including advisement on the largest PE exit of the year, mergers that created some of the industry’s largest business development companies and one of the asset management industry’s largest deals in recent history.

"Our market-leading practices in both the financial services sector and the M&A markets allows us to provide unparalleled service to our clients, and the number and breadth of transactions we advised on last year demonstrates that," said Adam Rosenthal, a partner in Dechert’s corporate and securities practice who focuses on financial services M&A. "We are proud to be a strategic partner with the leaders in the financial services industry and help them grow their businesses, navigate a complicated and dynamic regulatory environment and manage and capitalize on risks in the market."

"In 2019, we advised our financial services clients on a broad range of corporate deals – from seeding arrangements through to exits and manager mergers. These transactions require an in-depth understanding of corporate and tax structuring issues, the impact of those transactions on the underlying funds, their investors and their investments, as well as being across market trends and terms," added Chris Gardner, a partner in Dechert’s financial services and investment management group who advises asset managers on corporate transactions. "We’re delighted that the collaborative efforts spearheaded by our financial services and M&A teams have enabled us to advise on a large number of deals. 2020 looks to be equally active for our clients and our firm globally."

Dechert’s deal highlights from 2019 include:

Assicurazioni Generali S.p.A. (“Generali”), one of the world’s leading insurers, on the acquisition of a majority stake in Sycomore Factory SAS.

CoreVest American Finance Lender LLC, a leading nationwide originator and portfolio manager of business-purpose residential loans, in connection with the US$490 million sale of Corevest to Redwood Trust, Inc.

FS/KKR Advisor, LLC in the US$9 billion merger of four non-traded BDCs, with the combined entity becoming the second largest BDC by assets under management.

Further Global Capital Management on its acquisition of Payment Alliance International (PAI) and GBGI Limited.

GIC in the proposed US$27 billion sale of Refinitiv by a consortium (consisting of Blackstone, an affiliate of GIC, Canada Pension Plan Investment Board and Thomson Reuters) to The London Stock Exchange.

HFF Inc., a capital markets industry leader, in its US$2 billion sale to Jones Lang LaSalle, Inc.

Nicholas Financial, Inc. on its acquisition of substantially all of the assets of ML Credit Group, LLC (d/b/a Metrolina Credit Company), a provider of automobile financing to consumers.

OppenheimerFunds Inc. in its US$5.7 billion acquisition by Invesco Ltd. from Massachusetts Mutual Life Insurance Company.

As a preeminent financial services M&A legal advisor, Dechert’s deep bench of internationally recognized M&A and asset manager lawyers are able to assist clients with full-service advice on all aspects of a transaction. From public M&A transactions to minority investments, clients rely on Dechert to provide a timely and efficient resolution for their corporate needs.

Please see the Financial Services M&A 2019 Highlights brochure for an in-depth look at last year’s notable body of work.

About Dechert

Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.