Cleary, Wachtell scoop key roles on MBNA sale

Cleary Gottlieb Steen & Hamilton and Wachtell Lipton Rosen & Katz have scooped the lead advisory roles on Bank of America’s $35bn acquisition of MBNA.

The deal, which was struck yesterday (30 June) will create one of the top US credit card issuers and create a significant rival for US financial services giants JP Morgan Chase and Citigroup.

As part of the deal MBNA shareholders will receive $27.50 a share, representing a 29 per cent premium over the company’s share price on Wednesday (29 June).