We structure, execute and provide regulatory advice for friendly and contested transactions, public acquisitions and divestitures, private equity and joint ventures when the acquirer, target or partner is a U.S. or international financial institution.
Davis Polk has been involved in some of the largest and most important domestic financial institution mergers and acquisitions in history, including The St. Paul Companies in their $26 billion merger with Travelers Property Casualty Corp., J.P. Morgan in its $38.6 billion merger with Chase Manhattan and Morgan Stanley in its $10.6 billion merger with Dean Witter Discover.
We have also been involved in numerous cross-border M&A transactions where the acquirer, target or partner is a financial institution, and a substantial number of our principal financial institution clients are incorporated outside the United States. We have been involved in some of the largest and most important cross-border financial institutions M&A transactions in history, including Citigroup in its $12.5 billion acquisition of Grupo Financiero Banamex-Accival (Banacci), one of the largest banks in Mexico, and Santander in its $15.6 billion acquisition of Abbey National.
Davis Polk has a proven track record of representing acquirers and target financial institutions in contested transactions. We have built a reputation for innovation and creative problem-solving under difficult circumstances. Although it is rare for financial institutions M&A transactions to be contested, we have been involved in some of the most important contested financial institution transactions in history, including Santander in its $2.4 billion strategic minority investment in Sovereign Bancorp, which was contested by Relational Investors, NatWest against a hostile takeover attempt by the Bank of Scotland, ultimately guiding NatWest's $38 billion acquisition by The Royal Bank of Scotland Group and J.P. Morgan as financial adviser to Irving Bank Corporation in the Bank of New York´s landmark hostile bid for Irving in 1987.
Davis Polk´s private equity practice with respect to investments in financial institutions is among the world´s best. Our private equity lawyers assist financial institutions and private equity groups in making acquisitions and dispositions of financial institutions for their own accounts and for the accounts of the funds they sponsor. Our experience covers the entire private equity spectrum, including fund formation and marketing, structuring and making equity investments, negotiating bridge, high-yield and senior debt financing for portfolio companies, structuring management compensation programs, making follow-on investments, executing recapitalization transactions, disposing of investments through private or public sales, making in-kind distributions and negotiating workouts.
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