The Firm is representing Barclays in connection with Barclays’ and Bank of America’s agreement to sell their remaining 26.5 percent interest in Archstone to Lehman Brothers Holdings Inc. for a purchase price of approximately $1.58 billion. The agreement is pursuant to Lehman’s exercise of its right of first offer. Equity Residential, which also bid on the stake in Archstone, has agreed to the sale. Archstone is a privately-held owner, operator and developer of multifamily apartment properties.
The Simpson Thacher team included Patrick Naughton, Kevin Lehpamer and Karen Wang (M&A); Peter Pantaleo (Restructuring and Bankruptcy); Gregory Ressa and Patrick Dowd (Real Estate); Petr Kazanoff (Litigation); Nancy Mehlman and Andrew Purcell (Tax).
