Dewey Ballantine and Latham & Watkins have advised on the sale of Hollywood’s largest independent studio, with the purchase of MGM – the studio behind James Bond – by Sony for $5bn (£2.78bn), as the two firms continue to profit from the upturn in US M&A.

The deal sees MGM sell its stock for $12 (£6.68) per share to a consortium led by Sony’s US subsidiary, which will also assume the cinema giant’s debt. It is estimated the total deal is worth $5bn (£2.78bn).