Baker & McKenzie Advises WestLB AG on a Definitive Agreement to Sell Selected Parts of its Structured Finance Activities to Wells Fargo
Deal Announcement
29 June 2012
Frankfurt/Main, Germany, 29 June 2012 – Baker & McKenzie advised WestLB regarding a definitive agreement to sell its Subscription Commitment Facilities (“SCF”) portfolio in the USA and in the UK to the financial services provider Wells Fargo Bank, NA (“Wells Fargo”). This portfolio has been part of WestLB’s global Structured Finance operations.
The transaction comprises the sale of approximately USD6 billion in commitments and approximately USD3 billion in loans outstanding as well as the pertaining infrastructure. In addition, Wells Fargo has entered into an agreement with WestLB/Portigon to provide services for the transition phase.
Baker & McKenzie advised WestLB regarding all aspects of the transaction with an international team from Germany, the UK and the USA.
"In the interest of our client, we successfully concluded the transaction in a timely manner in a challenging environment. Over the course of the transaction, we flexibly tailored our team from Germany, New York and London to the needs of our client," Dr. Matthias Eggert, Baker & McKenzie Banking & Finance Partner in Munich, comments on the transaction.
SCFs provide short to medium-term bridge financing to closed-end private equity funds. SCFs are generally revolving credit facilities and allow a fund manager immediate access to capital on an as-needed basis.
The newly established Munich Finance Team of Baker & McKenzie materially contributed to the success of the transaction.
Legal Counsel WestLB AG:
Baker & McKenzie
Lead:
Corporate: Dr. Sönke Becker (Partner, Düsseldorf)
Banking & Finance: Dr. Matthias Eggert (Partner, Munich), Christopher Horn (Partner, New York)
Further involved attorneys:
Banking & Finance: Ludwig Zesch, Markus Schuster (Both Associates, Munich), Olumide Owoo (Associate, New York)
Corporate Law/M&A: Thomas Koch (Associate, Düsseldorf)
Labour Law: Dr. Bernhard Trappehl (Partner, Munich), Paul Harrison (Of Counsel, London)
Antitrust & Competition: Darrell Prescott (Partner, New York)
IP: Pamela Church (Partner, New York)
Tax: Jonathan Stevens, John Paek (Both Partners, New York)