GCM Grosvenor’s $2 Billion Merger with CF Finance Acquisition

Latham & Watkins LLP represented GCM Grosvenor in the transaction, while Hughes Hubbard & Reed LLP served as legal counsel to CF Finance Acquisition Corp.

GCM Grosvenor, a global alternative asset management firm, will become a public company through a merger with CF Finance Acquisition Corp. (CFAC) (NASDAQ: CFFA), a special purpose acquisition company sponsored by Cantor Fitzgerald, a leading global financial services firm.

The companies have entered into a definitive agreement to effect the transaction. The combined company will operate as GCM Grosvenor Inc. and expects its Class A common stock to be listed on the NASDAQ stock exchange. GCM Grosvenor’s existing senior management team, led by Chairman & CEO Michael J. Sacks, will continue to lead the business. The transaction values GCM Grosvenor at $2 billion.

Cantor Fitzgerald, shareholders of CF Finance and other investors will own less than 30 percent of the new company. At the closing of the transaction, an investor group will put an additional $195 million into the new company, while Cantor will invest another $30 million.

CF Finance Acquisition Corp., a special purpose acquisition company backed by New York investment firm Cantor Fitzgerald, was founded in 1945. Cantor Fitzgerald is a leading global financial services group serving more than 5,000 institutional clients around the world. With over 12,000 employees, the company is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York.

Latham & Watkins LLP represented GCM Grosvenor in the transaction with a corporate deal team led by New York partner Justin Hamill (Picture), with associates Nima Movahedi, Daniel Breslin, Shannon Cheng, Daniel Weissman, and Joshua Reisman. Advice was also provided on capital markets matters by Washington, D.C. partner Rachel Sheridan and Orange County partner Drew Capurro, with associates Christopher Bezeg, Lucas Balchun, and Jack Anderson; on tax matters by New York partner Lisa Watts, with associate Alan Kimball; on employee benefits matters by Bay Area partner Erin Murphy, with associates Megan Alessi and Anne Bracaglia; on public company representation matters by Washington, D.C. partner Joel Trotter and New York partner Jenna Cooper, with associate Jonathan Drory; on regulatory matters by New York partner Stephen Wink, Chicago partner Nabil Sabki, London partner Nicola Higgs, and Hong Kong counsel Simon Hawkins, with associates Naim Culhaci, Jackie Rugart, Jonathan Ritson-Candler, Sean Wells, and Kenneth Hui; on investment funds matters by New York partner Andrea Schwartzman, with associates John Reinert, Matthew Wynne, and Rita Astoor; on debt finance matters by New York partner Joshua Tinkelman and counsel Seniz Yakut; on intellectual property matters by Bay Area partner Anthony Klein, with associate Morgan Brubaker; on antitrust matters by Washington, D.C. partner Amanda Reeves, Frankfurt partner Max Hauser, and counsels Peter Todaro and Tomas Nilsson, with associate Anne Haas; on environmental matters by Washington, D.C. partner James Barrett; and on real estate matters by Chicago partner Robert Buday, with associates Zonia Medina and Euna Park.

Ken Lefkowitz and Michael Traube led the HHR team, which advised CF Finance Acquisition Corp. The team also included Andy Braiterman, Philip Giordano, Freddie Goudie, Spencer Harrison, Alexandra Poe, Matthew Syrkin, Erin DeCecchis, Javad Husain, Alexander Rahn, Samuel Hurt and Dena Smith.

Involved fees earner: Christopher Bezeg – Davis Polk & Wardwell; Andy Braiterman – Hughes Hubbard & Reed; Erin DeCecchis – Hughes Hubbard & Reed; Philip Giordano – Hughes Hubbard & Reed; Federico Goudie – Hughes Hubbard & Reed; Spencer Harrison – Hughes Hubbard & Reed; Samuel Hurt – Hughes Hubbard & Reed; Javad Husain – Hughes Hubbard & Reed; Kenneth Lefkowitz – Hughes Hubbard & Reed; Alexandra Poe – Hughes Hubbard & Reed; Alexander Rahn – Hughes Hubbard & Reed; Dena Smith – Hughes Hubbard & Reed; Matthew Syrkin – Hughes Hubbard & Reed; Michael Traube – Hughes Hubbard & Reed; Megan Alessi – Latham & Watkins; Rita Astoor – Latham & Watkins; Lucas Balchun – Latham & Watkins; James Barrett – Latham & Watkins; Anne Bracaglia – Latham & Watkins; Daniel Breslin – Latham & Watkins; Morgan Brubaker – Latham & Watkins; Robert Buday – Latham & Watkins; Drew Capurro – Latham & Watkins; Shannon Cheng – Latham & Watkins; Jenna Cooper – Latham & Watkins; Naim Culhaci – Latham & Watkins; Jonathan Drory – Latham & Watkins; Anne Haas – Latham & Watkins; Justin Hamill – Latham & Watkins; Sebastian Max Hauser – Latham & Watkins; Simon Hawkins – Latham & Watkins; Nicola Higgs – Latham & Watkins; Kenneth Hui – Latham & Watkins; Ipek Seniz Yakut – Latham & Watkins; Alan Kimball – Latham & Watkins; Anthony Klein – Latham & Watkins; Zonia Medina – Latham & Watkins; Nima Movahedi – Latham & Watkins; Tomas Nilsson – Latham & Watkins; Euna Park – Latham & Watkins; Amanda Reeves – Latham & Watkins; John Reinert – Latham & Watkins; Joshua Cole Reisman – Latham & Watkins; Jonathan Ritson-Candler – Latham & Watkins; Jacqueline Marie Rugart – Latham & Watkins; Nabil Sabki – Latham & Watkins; Andrea Schwartzman – Latham & Watkins; Rachel Sheridan – Latham & Watkins; Joshua Tinkelman – Latham & Watkins; Peter Todaro – Latham & Watkins; Joel Trotter – Latham & Watkins; Lisa Watts – Latham & Watkins; Daniel Weissman – Latham & Watkins; Sean Wells – Latham & Watkins; Stephen Wink – Latham & Watkins; Matthew Wynne – Latham & Watkins; Erin Murphy – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Hughes Hubbard & Reed; Latham & Watkins; Simpson Thacher & Bartlett;

Clients: CF Finance Acquisition Corp.; GCM Grosvenor;

Author: Ambrogio Visconti