Allen & Overy (A&O) and Clifford Chance joined a trio of US firms on Man Group’s $1.6bn (£1.1bn) acquisition of hedge fund GLG partners in a deal that has seen the creation of a combined entity with $63bn of assets under management.
The tie-up has reportedly increased the value of Man’s portfolio by around 50 per cent.
Clifford Chance advised Man on the UK aspects of the transaction, with corporate finance partners David Pudge and Joel Ziff in lead roles.
In the US, Weil Gotshal & Manges acted for Man, fielding a team led by corporate partners Danielle Do and Jane McDonald.
GLG’s principle shareholders, including chairman and CEO Pierre Lagrange, turned to A&O for advice on both sides of the Atlantic. In the UK, corporate partner Mark Dighero took the lead role while M&A head Eric Shube led in the US.
Corporate chief Allen Miller led the Chadbourne & Parke team acting for GLG on the deal, alongside M&A partner Sey-Hyo Lee.
Winston & Strawn acted for a special committee of the GLG board set up to negotiate the deal. Chicago based corporate partner Terry Brady led for the US firm alongside senior counsel Bill Grant.
GLG chairman Noam Gottesman described the deal as “a transformational step”.
He added: “The combination of Man’s outstanding distribution and structuring capabilities together with our industry leading investment teams will benefit all stakeholders, particularly investors in our funds, whose interests will be exceptionally well served from within the combined group.”