JPMorgan, Credit Suisse, HSBC Provide $1.825B in Debt Refinancing for Rent-a-Center

J.P. Morgan Securities, Credit Suisse and HSBC Securities provided $1.825 billion in debt financing for Rent-a-Center’s recent acquisition of Acima, a provider of virtual lease-to-own solutions.

December 21, 2020 Aaron Allred | Acima | Credit Suisse | FT Partners | HSBC Securities | J.P. Morgan Securities | Jason Hogg | Rent-A-Center | Sullivan & Cromwell | Wachtell Lipton Rosen & Katz Phil Neuffer

PNC Agrees to Acquire BBVA USA for $11.6B

The PNC Financial Services Group and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, signed a definitive agreement for PNC to acquire BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion.

November 16, 2020 Banco Bilbao Vizcaya Argentaria | Bank of America | BBVA USA | BBVA USA Bancshares | Carlos Torres Vila | Citi | Evercore | J.P. Morgan Securities | PNC Financial Institutions Advisory | PNC Financial Services Group | Sullivan & Cromwell | Wachtell Lipton Rosen & Katz | William S. Demchak Ellie Delany

KPS Delivers $2.6B Stalking Horse Bid to Garrett Motion in Chapter 11

Garrett Motion obtained approval of stalking horse bidding protections for affiliates of KPS Capital Partners, including a $63 million termination fee and expense reimbursement that is subject to a limit of $21 million.

October 27, 2020 AlixPartners | Garrett Motion Morgan Stanley & Co. | KPS Capital Partners | Olivier Rabiller | Perella Weinberg Partners | Quinn Emanuel Urquhart & Sullivan | Sullivan & Cromwell Ellie Delany

First Citizens and CIT to Merge

First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank, will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.

October 16, 2020 CIT Bank | CIT Group | Ellen R. Alemany | First Citizens BancShares | First-Citizens Bank & Trust Company | Frank Holding Jr. | Keefe Bruyette & Woods | Morgan Stanley | Piper Sandler | Smith Anderson Blount Dorsett Mitchell & Jernigan | Sullivan & Cromwell Phil Neuffer

AlixPartners to Advise LSC Communications During Bankruptcy Process

AlixPartners will serve as restructuring advisor to LSC Communications, which voluntarily filed for business reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

April 13, 2020 AlixPartners | Evercore Group | LSC Communications | Sullivan & Cromwell | Thomas J. Quinlan III Phil Neuffer

S&C Wins Global M&A Deal of the Year Awards

Sullivan & Cromwell (S&C) was recognized by The American Lawyer’s Global Legal Awards, a competition focused on the best cross-border work in disputes, finance, M&A and citizenship.

July 22, 2014 Sullivan & Cromwell ABF Journal