Sullivan & Cromwell’s H. Rodgin Cohen and Mitchell Eitel have been teaming up on banking deals for a couple decades now, but they didn’t have a playbook for the assignment they received from Merrill Lynch & Co. Inc. last year. The financial services giant wanted to shed its investment management business by merging it with BlackRock Inc., a publicly traded investment management company.
- Dealmakers: Mergers & Acquisitions
But Merrill also wanted to come away with a 49 percent equity stake in the new BlackRock and distribute BlackRock products through Merrill’s brokerage network. To get the deal done, Cohen and Eitel had to create a company from scratch and construct an agreement for Merrill that at once resembled a joint venture, a sale and a purchase.
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