Wachtell and SullCrom step up for Morgan Stanley

Wachtell Lipton Rosen & Katz and Sullivan & Cromwell have snared the lead roles on Morgan Stanley’s $9bn (£5.2bn) injection from Japanese bank Mitsubishi UFJ Financial Group.

Wachtell partner Ed Herlihy lead his firm’s team advising Morgan Stanley on the deal. Davis Polk & Wardwell also picked up a role for regular client Morgan Stanley, with partners John Brandow and Jeffrey Small advising the bank as product counsel on the issued convertible and preferred securities.

Sullivan & Cromwell chairman Rodgin Cohen, partner Donald Toumey and Tokyo partner Stanley Farrar led a team advising Mitsubishi on the deal.

Cravath Swaine & Moore advised the Morgan Stanley board of directors, using a team that included corporate partners Faiza Saeed, Erik Tavzel and litigation partner Francis Barron. Gibson Dunn & Crutcher represented Lazard as financial adviser to Mitsubishi, with New York partners Barbara Becker and Dennis Friedman handling the deal.

Mitsubishi’s investment has been structured as preferred stock, with the majority converting to common stock over time dependent on the share price.