Davis Polk is advising Citigroup in connection with the acquisition of a 14% stake in Morgan Stanley Smith Barney Holdings LLC (MSSB) by Morgan Stanley at an implied 100% valuation of $13.5 billion. Morgan Stanley and Citi have also reached agreement with respect to the purchase of Citi’s remaining 35% stake in MSSB no later than June 1, 2015, subject to obtaining the required regulatory approval.
Citigroup, a global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Morgan Stanley is a global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.
The Davis Polk corporate team includes partner John A. Bick and counsel Ajay B. Lele. Partners Neil Barr and Avishai Shachar are providing tax advice. All members of the Davis Polk team are based in the New York office.
