Just days after Lehman Brothers sold off $1.75 billion in assets to the British bank Barclays, the bankrupt giant is in talks to sell its investment management unit to private equity firms Bain Capital and Hellman & Friedman, according to sources familiar with the deal. Weil Gotshal, Lehman's bankruptcy counsel, is handling the deal on Lehman's end. Ropes & Gray is representing Bain, a longtime Ropes client. And Cleary Gottlieb is advising Hellman & Friedman, also a longtime client.
Weil, Ropes, and Cleary on Newest Lehman Sell-Off
The American Lawyer
September 22, 2008