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Sullivan & Cromwell has represented Chrysler Group on a $1.27bn (£77m) purchase by Italian car maker Fiat of an additional 16 per cent stake in the US car giant.
The firm’s New York-based corporate team worked on the deal, which was announced on 21 April. Key players included corporate partner Scott Miller, partner Marc Trevino and special counsel Michael Katz, who advised on executive compensation and benefits matters, with partner Andrew Solomon advising on tax matters.
US firm Willkie Farr & Gallagher represented Fiat in the high-profile purchase, led by partners Robert Stebbins, Matthew Feldman, Leslie Mazza, Richard Reinhold, Richard Bernstein and James Dugan, along with special counsel Catherine Harrington.
The deal will see Fiat raise its stake in Chrysler to 46 per cent over the next three months.
The Italian company plans to purchase a further 5 per cent stake in Chrysler by the end of the year under a performance-related arrangement that will make it the US car maker’s majority shareholder.
Sergio Marchionne, chief executive of both companies, said the deals indicated that Chrysler and Fiat will eventually become a single entity.
In a statement he said: “We have chosen to accelerate the pace to bring about, in the shortest possible time, the birth of a single group capable of fully leveraging the joint development of [the companies’] respective international activities.”
Fiat acquired its initial stake in Chrysler as the latter emerged from bankruptcy in 2009.