UBS-Credit Suisse Deal Aided by Four of Biggest US Law Firms

UBS Group AG purchased embattled rival Credit Suisse Group AG for $3.2 billion with the help of four of the biggest law firms in the US.

Davis Polk & Wardwell and Freshfields Bruckhaus Deringer took the lead for UBS in the deal Sunday, while Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell advised Credit Suisse, along with Swiss law firm Homburger, according to the law firms.

Cleary partners Craig Brod, Sebastian Sperber, David Lopez, Derek Bush, Lisa Schweitzer, and Deborah North led the firm’s work. Cleary counsels Sarah Lewis and Brandon Hammer, and associates Lauren Semrad, Mohamed Taha, Julia Knight, Selene Park, and James Abate also advised.

Managing partner of Sullivan & Cromwell’s financial services group Mitchell Eitel led the team that also included senior chairman H. Rodgin Cohen and partners Ken Li, Catherine Clarkin, Mario Schollmeyer, and associates Ana González and Daniel Rua. Partners Matthew Friestedt, Isaac Wheeler, RuiHui (Rachel) Yu, Juan Rodriguez, Joseph Matelis, counsel Sarah Remmer Long, and associates Ha Jin Lee and William Bekker also advised on the deal.

Freshfields partners Jennifer Bethlehem and Michael Raffan, along with partners Simon Orton, Julian Long, and George Swan, and senior associate Michael Black, took the lead for the firm. Partners Cyrus Pocha, Gunnar Schuster, Christoph Gleske, Doug Smith, Duncan Kellaway and Richard Hart also provided advice, along with senior associate Claire Harrop.

Davis Polk partners Marc Williams, Luigi De Ghenghi and Evan Rosen, along with counsel Shanu Bajaj and Daniel Newman, and associate Jung Eun Choi, led the firm’s work. Partner John Meade provided capital markets advice. Partners Kara Mungovan, Adam Kaminsky and Ronan Harty also advised on the deal.

Switzerland’s largest bank, UBS, agreed to purchase 160 year-old bank Credit Suisse in a government-brokered deal to avoid its failure.

Davis Polk last week represented 11 banks who deposited $30 billion in First Republic in an effort to rescue to struggling regional lender, aimed at stemming the financial panic that has engulfed the banking sector since the collapse of Silicon Valley Bank on March 10.

Sullivan & Cromwell advised First Republic on the deposits. The Wall Street firm on Monday also advised New York Community Bancorp. on its purchase of Signature Bank.