Skadden, Arps, Slate, Meagher & Flom and Centerview Partners LLC advised E*TRADE Financial Corporate Services, Inc. on the deal. First Republic Bank was advised by Broadhaven Capital Partners and Arnold & Porter Kaye Scholer LLP.
E*TRADE Financial Corporate Services, Inc. announced the addition of financial wellness capabilities through the purchase of student loan benefit and financial wellness provider Gradifi.
The transaction closed on December 9, 2019 at a base purchase price of approximately $30 million in cash.
First Republic Bank, Gradifi’s previous parent company, will continue to be a lender in Gradifi’s student loan refinance marketplace and offer Gradifi’s popular student loan repayment and college savings benefits to its employees.
Gradifi, Inc. offers single-platform solution for student loan and college savings benefits. The Company enables employers to help employees with student loan refinancing, repayment, and saving for college, as well as providing education and counseling to put employees on a path to a brighter financial future.
E*TRADE Financial Corporation provides online brokerage and financial services. The Company offers common stock and debt information, financial statement filling, analysis, investor presentation, and portfolio management, as well as retirement planning and investment services.
The Skadden team includes M&A partner Katherine Ashley (Picture; Washington, D.C.), counsel Nancy Rubin (Washington, D.C.) and associate Ataefiok Etukeren (Washington, D.C.); Executive Compensation and Benefits partner Joseph Penko (New York); Tax partner Edward Gonzalez (New York) and associate Ryan Rott (New York); and Intellectual Property and Technology counsel Andrew Woodard (New York).
Involved fees earner: Katherine Ashley – Skadden Arps Slate Meager & Flom; Ataefiok Etukeren – Skadden Arps Slate Meager & Flom; Edward Gonzalez – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Ryan Rott – Skadden Arps Slate Meager & Flom; Nancy Rubin – Skadden Arps Slate Meager & Flom; Andrew Woodard – Skadden Arps Slate Meager & Flom;
Law Firms: Skadden Arps Slate Meager & Flom;
Clients: E*TRADE Financial Corporation;