Mayer Brown, Wachtell lead in Chevy Chase sale

Latham & Watkins, Mayer Brown and Wachtell Lipton Rosen & Katz have snared key roles advising on US bank Capital One’s acquisition of Chevy Chase Bank.

Partner Ed Herlihy led a team from Wachtell advising Capital One on the $520m acquisition, while Mayer Brown partners Jim Carlson and Scott Anenberg advised Chevy Chase.

Latham partner David Schwartzbaum advised longstanding Latham client Credit Suisse as financial advisers to Capital One.

Under the deal Capital One will acquire the US bank for $445m, as well as acquiring 2.56 million Capital One shares valued at $75m.

The deal is the latest consolidation in the US banking sector. In October Wells Fargo acquired Wachovia for $11.7bn.