Latham & Watkins and Swiss leader Homburger have picked up the lead roles on the acquisition of a 9 percent stake in UBS by the investment arm of the Government of Singapore -- a deal worth CHF11 billion ($9.7 billion).
Latham is advising the sovereign wealth fund on the deal, fielding teams out of its Singapore and London offices, respectively headed by corporate partners Michael Sturrock and Olof Clausson. London associate Scott Colwell is also advising.
Meanwhile, Zurich-based Homburger is advising the Swiss banking giant, with corporate partner Claude Lambert leading the team. Local rival Niederer Kraft & Frey has also grabbed a slice of the action, advising the bidder on Swiss law issues.
According to press reports, an unnamed Middle Eastern investor is set to inject a further $1.8 billion into the bank.
The deal marks the latest acquisition of a stake in an investment bank by a sovereign wealth fund, following Abu Dhabi's $7.5 billion investment in Citigroup last month.
UBS on Monday became the latest investment bank to announce substantial writedowns following the sub-prime mortgage crisis, when it unveiled $10 billion worth of losses.
In October the group launched a wide-ranging review of its global legal advisers in a bid to slash costs and establish itself as one of the first leading financial institutions to formally grade law firm performance. The review -- the first such move by UBS in five years -- is set to slash the bank's cross-border panel, which currently features London giants Clifford Chance, Allen & Overy and Freshfields Bruckhaus Deringer as well as Baker & McKenzie.