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It was one hell of a weekend for bankers and lawyers. In order to prevent Credit Suisse from joining the ranks of Silicon Valley Bank and Signature Bank, teams of legal and financial advisers worked day and night to broker a historic, government-backed takeover of the bank by its former rival, UBS.
Now that Credit Suisse has been acquired by UBS for the fire-sale price of $3.2 billion, all of the lawyers that lined up in droves to represent both banks deserve a huge round of applause.
According to Law.com International, Walder Wyss, a Swiss firm, served as lead counsel to Credit Suisse, while Sullivan & Cromwell and Cleary Gottlieb advised on the capital markets and banking & finance aspects of the transaction. On the other side of the deal, UBS was counseled by a host of Biglaw firms, including Davis Polk & Wardwell, Swiss firm Bar & Karrer, and Freshfields. On top of all those firms, sources say that Linklaters, Latham & Watkins, and Fried Frank were likely involved in the deal as well.
So, what does this mean for the merged banks going forward?
In a statement, UBS Chairman Colm Kelleher commented: “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure.”
Uf widerluege, Credit Suisse. Congratulations to all of the firms that helped to see this deal through to the end.
Host of Firms Advise on Historic UBS Takeover of Credit Suisse [Law.com International]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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