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Simpson Thacher is representing UBS AG in its announced acquisition of Banco Pactual S.A., Brazil's leading independent investment bank. UBS will make an upfront payment of $1 billion and a further payment of up to $1.6 billion in five years, subject to certain performance conditions. In addition, UBS will establish a retention pool of up to $500 million in UBS shares for Banco Pactual and UBS employees payable beginning on the fifth anniversary of closing. The transaction, which is UBS' largest acquisition since its purchase of PaineWebber six years ago, is expected to close in the third quarter and is subject to Brazilian regulatory approval.

The Simpson Thacher team includes Lee Meyerson, Ellen Patterson, Ken Young, Tom Terbell, Justin DeSpirito, Justin Cooke, Dominic Robertson (M&A), Olga Gutman, Ian Schwartz (Investment Management), Gary Mandel, Ben Applestein (Tax), Ken Edgar, Michael Richman (ECEB), Gonzalo Zeballos (International Antitrust) and paralegals Seniz Yakut and Lydia Potter.