Cleary Gottlieb represented Voya Financial in the transaction. Willkie advised Cetera on the transaction.
Voya Financial, Inc. (NYSE: VOYA) has entered into a definitive agreement with Cetera Financial Group, Inc. (Cetera), one of the nation’s largest networks of independently managed broker-dealers, for Cetera to acquire the independent financial planning channel of Voya Financial Advisors (VFA), Voya’s registered investment advisor and broker-dealer.
Through the transaction, approximately 900 independent financial professionals serving retail customers with approximately $40 billion in assets will become part of Cetera. The VFA legal entity and approximately 600 financial professionals who support Voya’s Retirement business and clients will remain with Voya.
Voya, together with its affiliates, is a premier retirement, investment, and insurance company with individual and institutional customers in the United States that offers its customers services to save, grow, protect, and enjoy their wealth. Cetera is one of the nation’s largest networks of independently managed broker-dealers.
Voya expects that the transaction will provide the company with over $300 million in deployable proceeds at closing. The transaction is expected to close in the second or third quarter of 2021, subject to customary closing conditions, including regulatory approvals.
Cetera Financial Group is a shared service organization serving affiliates that comprise the second-largest family of independent broker-dealers in the United States.
Morgan Stanley & Co. LLC served as financial advisor to Voya in connection with this transaction.
The Cleary M&A team advising Voya included partner Glenn McGrory (Picture), associates Charles Allen, Nimat Lawal and Joseph Diaz, law clerk Abdiel Ortiz Carrasquillo and former associate Hilary Ruffer. Partner Craig Brod advised on disclosure matters. Partner Duane McLaughlin and associate Christopher Plante advised on financing matters. Partner Michael Albano and associate Suzannah Golick advised on executive compensation matters. Partners Meyer Fedida and Corey Goodman and associates Anthony Thomas Yanez and Hunter McWinn advised on tax matters. Partner Daniel Ilan, associate Brendan Cohen and law clerk Kyung (Christine) Song advised on intellectual property matters. Partner Kenneth Reinker and associate Richard Huber advised on antitrust matters. Partners Colin Lloyd and Robin Bergen, counsel Carl Emigholz and associates Amber Phillips, Zachary Baum and Adrianna ScheerCook advised on regulatory matters.
Willkie advised Cetera with partners Jeffrey Poss and Manuel Miranda and included associate Thomas Sharkey.
Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Charles Allen – Cleary Gottlieb Steen & Hamilton; Zachary Baum – Cleary Gottlieb Steen & Hamilton; Robin Bergen – Cleary Gottlieb Steen & Hamilton; Craig Brod – Cleary Gottlieb Steen & Hamilton; Brendan Cohen – Cleary Gottlieb Steen & Hamilton; Joseph Diaz – Cleary Gottlieb Steen & Hamilton; Carl Emigholz – Cleary Gottlieb Steen & Hamilton; Meyer Fedida – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Corey Goodman – Cleary Gottlieb Steen & Hamilton; Richard Huber – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Nimat Lawal – Cleary Gottlieb Steen & Hamilton; Colin Lloyd – Cleary Gottlieb Steen & Hamilton; Glenn McGrory – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; Hunter McWinn – Cleary Gottlieb Steen & Hamilton; Amber Phillips – Cleary Gottlieb Steen & Hamilton; Christopher Plante – Cleary Gottlieb Steen & Hamilton; Kenneth Reinker – Cleary Gottlieb Steen & Hamilton; Hilary Ruffer – Cleary Gottlieb Steen & Hamilton; Adrianna ScheerCook – Cleary Gottlieb Steen & Hamilton; Anthony Thomas Yanez – Cleary Gottlieb Steen & Hamilton; Manuel Miranda – Willkie Farr & Gallagher; Jeffrey Poss – Willkie Farr & Gallagher; Thomas Sharkey – Willkie Farr & Gallagher;
Law Firms: Cleary Gottlieb Steen & Hamilton; Willkie Farr & Gallagher;
Clients: Cetera Financial Group; Voya Financial, Inc.;
