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In the trust custody business, the big get bigger and the small disappear. Deutsche Bank AG has agreed to sell its global trust unit for $1.5 billion to State Street Corporation. The deal will give the Boston bank the world’s largest trust business, with custody of more than $8 trillion in stock. Trust custody is a highly consolidated field in which banks keep stock ownership records for institutional investors, who generally prefer to outsource the labor- and computer-intensive task. The move is part of a Deutsche Bank divestiture campaign. The Frankfurt-based bank is also selling its commercial inventory financing unit to GE Financial Services for $2.9 billion, its passive asset management unit to Chicago’s Northern Trust Corp. for $260 million, and its Ganis Credit Corp. to E*Trade Group for $101 million. For acquiror State Street Corporation (Boston) In-house: Executive vice president and general counsel Maureen Scannell Bateman, senior vice president and associate general counsel Charles Cutrell III, senior vice presidents and counsel Evalyn Lipton Fishbein and Sharon Baker Morin, senior vice president Catherine Shavell, vice presidents Lisa Savage Broderick, Edward Chiu, Royanne Doi, Timothy Fallon, Dorothy Jacobson, Kristen Kennedy, Miriam Librach, Christopher Madden, J. Barry McDonald, Laura Moloney, Stephanie Poster, R. Scott Sawyer, Scott Sefton, Frederick Swanston, Patricia Wallace, and Charles Worth, assistant vice president Claudia Knoche, senior European counsel Barbara Worthen, associate counsel David Shaw, and legal officer Anne Chou-Leung. Wachtell, Lipton, Rosen & Katz (New York): Corporate: Edward Herlihy, Richard Kim, Lawrence Makow, Craig Wasserman, and associates Benjamin Burman, Nancy Greenbaum, Peter Izanec, and Natalie Milani. Tax: Jared Rusman and associates Joshua Holmes and T. Eiko Stange. Benefits: associates Stephen Francis and Jeannemarie O’Brien. State Street is a long-standing client of Wachtell. Linklaters (London): Corporate: G. Timothy Clarke. Asset management: Freddy Braush. Baker & McKenzie (Chicago): Jeremy Pitts. (Pitts is in the Tokyo office.) William Fry Solicitors (Dublin): Brendan Cahill, Dan Morrissey, Patricia Taylor, and associate Ian Dillon. For seller Deutsche Bank AG (Frankfurt) Shearman & Sterling (New York): Corporate: Stephen Besen, Adrian Knight, Peter Lyons, Barney Reynolds, and associates Andrew Abernethy, Salvatore Arena, Esther Jeapes, Roger Kiem, Robert Michels, Denis Rajotte, Timo Rehbock, Kai-Uwe Steck, and Daniel Zimmerman. Antitrust: Bradley Sabel, Annette Schild, counsel Matthew Hendrickson, and associates Nabanita Chaterjee, Nathy Dunleavy, Theresa Kelety, Douglas Landy, and Charles Webb. Executive compensation and employee benefits: Kenneth Laverriere and associates Sharon Lippett and Carrie Serwatka. Litigation: David Klein and associates Lowell Dashefsky, Tamara Hrivnak, and Alexander Kim. Tax: Don Lonczak and associates Christine Bromberg, John Peterson, and Iain Scoon. (Knight, Reynolds, Jeapes, Peterson, and Scoon are in the firm’s London office; Kiem, Michels, and Steck are in Frankfurt; Schild and Dunleavy are in Brussels; and Kelety and Webb are in Washington, D.C.) Shearman’s first M&A assignment for Deutsche Bank came in 2001, in the bank’s $2.5 billion purchase of Zurich Scudder Investments Inc. Shearman is also working on Deutsche Bank’s divestiture of its commercial financing and passive asset management units and Ganis Credit Corp. Hengeler Mueller (Frankfurt): M&A: Daniela Favoccia and Burkhardt Meister. Bank supervisory law: Thomas Paul. Competition: Horst Satzky. Labor and employment: Hans-Joachim Liebers. (Satzky is in the firm’s Brussels office.) Hengeler Mueller, which is handling European aspects of the deal, is one of Deutsche Bank’s regular outside counsel. White & Case (New York): Antitrust: M. Elaine Johnston and associates David Ernst and Stephen Pepper. White & Case handled the Hart-Scott-Rodino filing on the deal. The firm represents Deutsche Bank on numerous issues, including HSR filings. OUTLOOK The deal is expected to close this quarter, pending regulatory approvals. — David Marcus

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