Simpson Thacher Represents Corsair Capital in Connection with Acquisition of National City Corporation by PNC Financial Services Group, Inc.
11.03.08
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Simpson Thacher is representing Corsair Capital, a significant shareholder of National City Corporation and the lead investor in National City’s $7 billion capital raise earlier this year, in connection with National City’s announced acquisition by PNC Financial Services Group, Inc. Under the terms of the merger agreement, National City shareholders will be entitled to 0.0392 share of PNC common stock for each share of National City. Additionally, PNC expects to pay $384 million in cash to certain warrantholders. The deal has a total transaction value of approximately $5.2 billion based on PNC’s stock price as of the date of the merger agreement. The transaction is expected to close in the fourth quarter of 2008.
The Simpson Thacher team includes Lee Meyerson, Ellen Patterson, Maripat Alpuche and Anthony Vernace (M&A); Barrie Covit, Bryan McGee and Parker Kelsey (Private Funds); Gary Rice (Bank Regulatory); and Jonathan Youngwood, Marissa Piropato and Edward Bauer (Litigation).