Leading global law firm Baker McKenzie has acted as legal adviser to UBS Group and UBS AG in the agreement to sell its remaining minority stake (48.8%) in Clearstream Fund Centre (CFC) to Deutsche Börse AG for approximately CHF 390 million. The long-term commercial cooperation arrangements remain in place for the provision of services by Clearstream to UBS, including the collaboration in jointly servicing banks and insurance companies. The transaction follows the successful transition of UBS Fondcenter to Deutsche Börse in September 2020.
Suni Harford, President of UBS Asset Management, said: "With the transition now complete, and the business on a strong growth trajectory, our clients are in good hands and Clearstream Fund Centre is well placed for the future. We look forward to leveraging the platform’s leading capabilities and wish the team every success on the next stage of their journey."
The transaction is subject to certain closing conditions and is expected to complete in June 2021. UBS expects to recognize a post-tax gain of approximately USD 35 million and CET1 capital increase of approximately USD 400 million in the second quarter of 2021.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS is the largest truly global wealth manager, and a leading personal and corporate bank in Switzerland, with a large-scale and diversified global asset manager and a focused investment bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
Baker McKenzie advised UBS in all legal, regulatory and competition law aspects of the transaction. The team was led by Ansgar Schott (Financial Services), Pascal Richard and Petra Hanselmann (both M&A) and included Boris Wenger (Competition Law), Ramon Tissafi (M&A) and Markus Winkler (Financial Services).
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