Clifford Chance has advised long standing client Commerzbank on the sale of its UK asset management business, Jupiter, to management, for a consideration of £740 million. Jupiter’s management is backed by private equity and buy-out firm TA Associates. The transaction is subject to regulatory clearance and is expected to complete by July 2007.
Alison Price, who led the team at Clifford Chance, commented: “We are delighted to have acted for Commerzbank on the sale of the Jupiter asset management business. We advised Commerzbank when it was exploring the range of possible exits. Having decided that a management buy-out was the preferred option, Commerzbank and management agreed a tight timetable to get to signing, which involved a period of intense activity but meant that the deal was signed within an impressively short timeframe.”
The team was led by Alison Price assisted by Alexis Kyriakoulis and James Bole. David Harkness, assisted by Helen Corner advised on tax.