The Board of Directors of National City Corporation, which is headquartered in Cleveland, Ohio, and is one of the nation’s largest financial holding companies, has unanimously approved the raising of $7 billion of additional equity capital to solidify the company’s financial foundation.
The capital raise includes $985 million of private equity capital from Corsair Capital LLC and one other private equity investor. The balance of equity capital, $6.015 billion, is being purchased by other investors, including several of National City’s largest current institutional stockholders. Cravath is representing Goldman Sachs, financial adviser to National City, in this transaction. The lawyers involved in the matter were partners B. Robbins Kiessling, William P. Rogers Jr. and Sarkis Jebejian and associate Cameron P. Taylor. The deal was announced on April 21, 2008.