Kirkland & Ellis advised GTCR LLC and Reverence Capital Partners, L.P. on their definitive agreement with Wells Fargo & Company (NYSE: WFC) to acquire Wells Fargo Asset Management (WFAM). This sale includes Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities. Under the terms of the agreement, the purchase price is $2.1 billion, and Wells Fargo will own a 9.9% equity interest and will continue to serve as an important client and distribution partner. The transaction is expected to close in the second half of 2021.
The Kirkland team was led by corporate partners Mark Fennell, Dan Guerin, Steve Ritchie and Kevin Mausert.