The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The transaction is the latest investment bank equity offering to see sovereign and domestic wealth funds invest into banks since market volatility hit global banks' profits worldwide in recent months.
Lead partner at Cleary Gottlieb, Jeffrey Karpf, said: "These transactions are important because the sovereign wealth funds and in part the domestic investors that have the cash see this as a buying opportunity. These kind of deals are extremely attractive to these kind of investors."
Sullivan & Cromwell, led by Rodgin Cohen also advised Citi on the transaction which saw sovereign funds, Government of Singapore Investment Corporation, the Kuwait Investment Authority and Prince Alwaleed bin Talal bin Abdulaziz Alsaud invest in a $12.5 placement of the $19bn offering.
Citi's former chairman and CEO, Sandy Weill, Capital Research mutual fund and the New Jersey Division of Investment also invested.
Karpf said: "These deals are clearly not as straightforward as a standard capital markets transaction. The regulatory requirements such as Sifius in the US, means that there are more elements of these transactions to consider."
Last year (30 July) The Lawyer reported on Norton Rose advising China Development Bank on its £1.5bn investment in Clifford Chance client Barclays.
At the same time former Lovells partner Hugh Nineham advised Singapore's Temasek Holdings on its purchase of a £1bn stake in Barclays.
In the latest transaction, Susan Lewis led the Sidley Austin team advising the Government of Singapore Investment Corporation. Gibson Dunn's Steven Guynn advised the Kuwait Investment Authority while a Hogan and Hartson team led by Bruce Gilchrist advised Prince Alwaleed bin Talal.