PNC Financial Services Group’s $11.6 Billion Acquisition of BBVA USA

Simpson Thacher represented J.P. Morgan Securities as financial advisor to BBVA in the transaction. Wachtell Lipton Rosen & Katz advised PNC.

The Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) completed the proposed sale of its U.S. banking subsidiary, BBVA USA, to the PNC Financial Services Group, Inc. for $11.6 billion in an all-cash transaction.

BBVA USA, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico.

PNC Financial Services Group, Inc. (PNC) is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 21 states and the District of Columbia with 2,296 branches and 9,051 ATMs.

The Simpson Thacher team advising J.P. Morgan Securities included Lee Meyerson, Ravi Purushotham and Jess Yoon (M&A).

Wachtell Lipton Rosen & Katz advised PNC with a team included Partner Richard Kim (Picture), with of counsel Patricia Robinson in New York advising on bank regulatory, and Partners Edward Herlihy and Nicholas Demmo, with associates Samson Mesele and Fabiola Urdaneta in New York advising on corporate.

Involved fees earner: Lee Meyerson – Simpson Thacher & Bartlett; Ravi Purushotham – Simpson Thacher & Bartlett; Jess JuYoung Yoon – Simpson Thacher & Bartlett; Nicholas Demmo – Wachtell, Lipton, Rosen & Katz; Edward Herlihy – Wachtell, Lipton, Rosen & Katz; Richard Kim – Wachtell, Lipton, Rosen & Katz; Samson Mesele – Wachtell, Lipton, Rosen & Katz; Patricia Robinson – Wachtell, Lipton, Rosen & Katz; Fabiola Urdaneta – Wachtell, Lipton, Rosen & Katz;

Law Firms: Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz;

Clients: J.P. Morgan Securities LLC; PNC Financial Services Group;

Author: Ambrogio Visconti