Kirkland & Ellis LLP is advising General Motors Corp. (NYSE: GM) in the $14 billion sale of its financial arm to a group led by Cerberus Capital Management LP. Cerberus, along with Citigroup Inc. and Aozora Bank Ltd., agreed to purchase a 51 percent stake in General Motors Acceptance Corp. The world’s largest automaker will receive $7.4 from the consortium at closing and will net $14 billion over the next three years.
The Kirkland deal team was led by partners Stephen Fraidin, Frederick Tanne, R. Scott Falk and Michael Movsovich.
This is the second multi-billion dollar transaction that Kirkland has worked on for General Motors in the past two weeks. Kirkland represented GMAC in the sale of its commercial mortgage unit on March 23, 2006. GMAC's total cash proceeds from the transaction totaled almost $9 billion.
Kirkland & Ellis LLP is a 1,100-attorney law firm representing global clients in complex corporate, restructuring, tax, litigation, dispute resolution and arbitration, and intellectual property and technology matters. The Firm has offices in New York, Chicago, London, Los Angeles, Munich, San Francisco and Washington, D.C.