Nomura Holdings has struck a USD1.8 billion buyout deal with A&O Shearman-counselled Macquarie Group to acquire the Australian global financial services entity’s US and European public business. White & Case (W&C) advised Nomura on its biggest overseas deal since the Lehman Brothers asset purchase in 2008.
Stephen Besen, A&O Shearman’s New York-based M&A of counsel with more than 40 years of experience, was one of the lead lawyers on the transatlantic firm’s team advising Macquarie. He told Asia Business Law Journal that A&O Shearman advised on M&A, corporate financial regulatory, tax and other matters in the US and Luxembourg, while using outside counsel in Austria.
“There are a number of regulatory consents required in multiple jurisdictions, including the US, Luxembourg and Austria. We are providing advice and assistance on all the US regulatory approvals, which include antitrust (HSR) and CFIUS, and the approval of the Luxembourg financial regulator, CSSF,” said Besen.
Besen also mentioned that Morgan Lewis provided employment-related advice to Macquarie for certain matters in the US. A&O Shearman’s New York and Toronto-based M&A partner Sean Skiffington, and New York and Frankfurt-based M&A counsel Andreas Piepers were among the lawyers leading the firm’s team representing Macquarie.
Acting as buyer counsel, a multi-jurisdictional White & Case team was led by M&A group global head John Reiss, global M&A practice co-head Michael Deyong and M&A practice group partner Kristen Rohr – all three of whom are based in New York.
The White & Case team also included partners based in Luxembourg, Brussels, London, Paris, Houston and other cities, covering practice areas from M&A, investment funds and employment to tax, commercial litigation and antitrust.
Together, they assisted Nomura in acquiring Macquarie’s US and European public asset management business encompassing equities, fixed income and multi-assets in an all-cash transaction. The agreed buyout involves a full acquisition of the stock of Macquarie Management Holdings in Delaware, Luxembourg and Austria.
Subject to regulatory approvals and customary closing conditions, the transaction is expected to close by the end of the calendar year of 2025.
