Sullivan, Munger Tolles on Buffett Goldman deal

Sullivan & Cromwell and Munger Tolles & Olson have snared the lead roles on Warren Buffett’s $5bn (£2.7bn) cash injection in Goldman Sachs, announced yesterday (23 September).

Sullivan relationship partner for Goldman, John Mead is leading the New York-based firm’s team on the deal. Buffett’s Berkshire Hathaway fund has turned to longstanding adviser Bob Denham at Munger.

As reported by The Lawyer earlier this week (Monday 22 September), Sullivan is also advising Goldman on its conversion to a bank holding company. Buffett’s investment is part of a $7.5bn (£4bn) fund for Goldman.

Denham has advised Berkshire Hathaway on a range of recent deals including its $4.5bn (£2.4bn) acquisition of Marmon Group in 2007.

As part of the deal, Berkshire Hathaway will buy $5bn (£2.7bn) of preferred stock and will be given warrants that will allow the group to purchase $2.5bn (£1.3bn) in common stock through a public offer.