Sullivan & Cromwell continues to be a perennial leader in financial services M&A in the United States and worldwide. The Firm ranks first by value among law firms advising on financial institutions M&A during the past 10 years (2006-2015), having acted in approximately $1.44 trillion in announced transactions worldwide (source: Bloomberg). Since 2010, S&C has acted on the most bank M&A deals exceeding $1 billion by deal value, comprising 40% market share.
 
The Firm takes a multidisciplinary approach to mergers, acquisitions and dispositions of—and investments in—the full range of financial services companies and businesses. S&C's financial services lawyers work seamlessly in M&A and strategic matters across the banking, asset management, broker-dealer, exchange, financial technology, specialty finance and insurance sectors. The Firm has advised on some of the most complex and innovative transactions in all of these industry segments.
 
S&C's financial services lawyers deliver creativity, teamwork and collaboration for clients in planning and executing transactions. S&C works on M&A and other strategic assignments of all sizes with the full commitment of the Firm's resources.
 
The Firm's regulatory and enforcement expertise is a natural complement to its M&A practice. Clients executing M&A transactions in today's economic landscape rely on the Firm to navigate the transaction, including regulatory obstacles, and manage closing and post-closing risk. This last element has become even more critical to the success of the Firm's clients as the regulatory environment has caused problems for acquirors in relation to the legacy issues of the institutions and assets they acquire.
 

SELECTED REPRESENTATIONS

Selected Sullivan & Cromwell mergers and acquisitions experience includes representing:
 
  • Ally Financial, in its $4.2 billion sale of its operations in Europe and Latin America, as well as its share in a joint venture in China, to General Motors Financial.
     
  • Ally Financial, in its $4.1 billion sale of its Canadian auto finance business, Ally Credit Canada Limited, and ResMor Trust to Royal Bank of Canada.
     
  • Ally Financial, in its $865 million sale of its Mexican insurance business, ABA Seguros, to the ACE Group.
     
  • Bancolombia, in its $2.1 billion acquisition of HSBC (Panama) and its subsidiaries.
     
  • The Bank of East Asia, in the completion of its previously announced sale of an 80 percent interest in its U.S. bank subsidiary, The Bank of East Asia, National Association, to Industrial and Commercial Bank of China.
     
    The approval was the first of its kind for a Chinese bank and paves the way for other leading Chinese banks to acquire control of depository institutions in the United States.
     
  • The Bank of Tokyo-Mitsubishi UFJ, in its $5.75 billion acquisition of a majority stake in Thailand’s Bank of Ayudhya.
     
  • Bankia, in its $883 million sale of its subsidiary, City National Bank of Florida, to Banco de Credito e Inversiones (Chile).

    This transaction marks the first time that a Chilean bank has purchased a U.S. bank and was recognized as “South America Deal of the Year” by M&A Atlas and “Outbound Investment Deal of the Year” by Latin Lawyer.
     
  • EverBank Financial, in its $2.51 billion acquisition of Business Property Lending from GE Capital Real Estate, North America.
     
  • Goldman Sachs Group, in the sale of Goldman Sachs Administration Services, a leading hedge fund administrator, to State Street, for a total purchase price of approximately $550 million.
     
  • Hudson City Bancorp, in its $3.7 billion sale to M&T Bank.
     
  • ING Groep, in the $3.1 billion sale of ING Bank of Canada to The Bank of Nova Scotia.

    This is the largest bank M&A deal in Canada since 1999.
     
  • IntercontinentalExchange (ICE), in its $8.2 billion acquisition of NYSE Euronext.
     
  • KBW, in its $625 million merger with Stifel Financial.
     
  • PacWest Bancorp, in its $2.3 billion merger with CapitalSource.
     
  • U.S. Bancorp, in its acquisition of the Chicago branches of the Charter One Bank franchise owned by RBS Citizens Financial Group.
     
  • PlainsCapital, in its $536 million merger with Hilltop Holdings.
     
  • ConnectOne Bancorp, in its merger agreement with Center Bancorp.
 
S&C's experience in various non-banking sectors is discussed elsewhere with respect to the other components of the Firm's broad Financial Services Group.