Centerbridge And Stephen Smith’s Acquisition Of Walmart Canada Bank

Simpson Thacher represented affiliates of Centerbridge Partners, L.P. and the purchaser formed by Centerbridge and Stephen Smith, one of Canada’s leading financial services entrepreneurs, in the closing of the previously signed acquisition of Walmart Canada Bank.

Concurrent with closing, Walmart Canada Bank entered into a program agreement with Walmart Canada Corp. to provide financial services products across Walmart Canada’s footprint. Walmart Canada Bank will be rebranded under the name Duo Bank.

Duo Bank is a Canadian Bank founded on a mission to provide value-driven financial products that are clear and simple, to help Canadians focus on what matters to them. Duo Bank specializes in turnkey and customizable financial services solutions designed to deepen customer loyalty and grow sales.

The Simpson Thacher team for the transaction included Maripat Alpuche (Picture) and Stephen Wiseman (M&A); Katharine Moir (Tax); Keith Noreika (Bank Regulatory); and Steven Klar and Linda Tieh (Funds).

Involved fees earner: Maripat Alpuche – Simpson Thacher & Bartlett; Steven Klar – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Keith Noreika – Simpson Thacher & Bartlett; Linda Tieh – Simpson Thacher & Bartlett; Stephen Wiseman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Centerbridge Partners; Stephen Smith;

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Author: Ambrogio Visconti