State Street’s $3.5 Billion Acquisition of Brown Brothers Harriman Investor Services

Davis Polk advised State Street Corporation on the deal, while Sullivan & Cromwell represented Brown Brothers Harriman & Co. Fried Frank acted as counsel to Goldman Sachs as financial advisor to State Street.

State Street Corporation executed its $3.5 billion acquisition of Brown Brothers Harriman & Co.’s Investor Services business, including its custody, accounting, fund administration, global markets and technology services. Completion of the acquisition is subject to regulatory approvals and customary closing conditions.

State Street is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading.

Brown Brothers Harriman & Co. is a privately held, global financial services firm founded in 1818 and headquartered in New York City that counts among its clients institutions, privately held companies, families and wealthy individuals which it serves through its three business lines: Investor Services, Investment Management and Private Banking. Brown Brothers Harriman & Co.’s Investor Services business provides cross-border custody, accounting, administration, execution and technology services to many of the world’s leading asset managers and financial institutions.

The Davis Polk financial institutions M&A team included partners Louis Goldberg (Picture), Luigi L. De Ghenghi and Brian Wolfe, counsel Daniel E. Newman and associates Daisy Wu, Dana E. Seesel, Allison N. First and Jenny Dai. Partner Pritesh P. Shah and associate Samantha Lefland provided intellectual property advice. The executive compensation team included partner Jeffrey P. Crandall and associate Joseph S. Brown. The tax team included partner Michael Mollerus. The antitrust and competition team included partner Howard Shelanski.

The S&C team advising Brown Brothers Harriman included Rodge Cohen, Stephen Salley and Kristin Deliso. Mehdi Ansari advised on intellectual property matters. Heather Coleman advised on executive compensation maters.

The Fried Frank team was led by corporate partner Roy Tannenbaum and included corporate partner Philip Richter and corporate associate Bradley Russian.

Involved fees earner: Joseph Brown – Davis Polk & Wardwell; Jeffrey Crandall – Davis Polk & Wardwell; Jenny Dai – Davis Polk & Wardwell; Luigi De Ghenghi – Davis Polk & Wardwell; Allison First – Davis Polk & Wardwell; Louis Goldberg – Davis Polk & Wardwell; Samantha Lefland – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Daniel Newman – Davis Polk & Wardwell; Dana Seesel – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Howard Shelanski – Davis Polk & Wardwell; Brian Wolfe – Davis Polk & Wardwell; Daisy Wu – Davis Polk & Wardwell; Philip Richter – Fried Frank Harris Shriver & Jacobson; Bradley Russian – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Mehdi Ansari – Sullivan & Cromwell; Rodgin Cohen – Sullivan & Cromwell; Heather Coleman – Sullivan & Cromwell; Kristin Giglia Deliso – Sullivan & Cromwell; Stephen Salley – Sullivan & Cromwell;

Law Firms: Davis Polk & Wardwell; Fried Frank Harris Shriver & Jacobson; Sullivan & Cromwell;

Clients: Brown Brothers Harriman & Co.; Goldman Sachs & Co.; State Street Corporation;

Author: Martina Bellini