Dechert Wraps Up Summer with Blockbuster Set of Financial Services M&A Deals

September 04, 2019

Dechert LLP has closed out the summer with a series of significant financial services M&A transactions totaling more than US$30 billion.

“Our corporate and financial services groups were very busy throughout the summer working with clients on merger and acquisition activity within the financial services sector,” said Adam Rosenthal, a partner in Dechert’s corporate and securities practice who focuses on financial services M&A. “We are looking forward to a busy fall and continuing to bring our expertise in both the financial services sector generally, and our M&A expertise more specifically, to bear for our clients across the industry.”

The series of transactions Dechert advised on over the summer includes:

  • 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.
  • Alcentra Capital in its agreement to be acquired by Crescent Capital BDC, Inc., which established a top-15, externally managed, publicly traded BDC with over US$500 million of net assets and a portfolio in excess of US$900 million at close.
  • CIT Asset Management on the formation of a new managed financial vehicle in partnership with an A-rated insurance company.
  • Kudu Investment Management, LLC in its acquisition of a passive minority interest in First Long Island Investors, LLC, which oversees approximately $1.6 billion in assets for high net worth individuals and families. 
  • OHA Investment Corporation on its agreement to merge with and into Portman Ridge Finance Corporation, resulting in a combined company with total assets of approximately US$372 million and net asset value of approximately US$181 million.
  • Public Pension Capital and its portfolio company Viteos, a tech-enabled provider of end-to-end middle and back office administration for asset managers, on Viteos’ sale to Intertrust N.V.
  • Stifel on its acquisition of the public finance operations of George K. Baum & Company, involving George K. Baum’s business structuring, underwriting and marketing municipal bonds.  

Dechert’s multi-disciplinary team of more than 220 legal advisors across its internationally recognized M&A and asset management practices have broad and deep experience in financial services-related transactions. The firm handles the full range of financial services deals, from public M&A transactions to minority investments in investment advisers to fund reorganization transactions. As a result, Dechert is among the world’s most active law firms in advising on significant mergers and acquisitions in the financial services industry.

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.