The Firm is representing The Royal Bank of Scotland plc (RBS) in connection with its recently announced agreement to sell the Metals, Oil and European Energy business lines of its RBS Sempra Commodities joint venture to an affiliate of J.P. Morgan for a reported cash purchase price of $1.7 billion, which includes a reported premium of $468 million to the estimated tangible net assets for these business lines as of November 30, 2009. The gross assets to be disposed of are reported to total $17 billion as of November 30, 2009.
RBS Sempra Commodities is a joint venture between RBS and Sempra Energy that conducts the commodities trading and marketing business formerly wholly-owned by Sempra Energy. The Firm previously represented RBS in the formation of RBS Sempra Commodities in April 2008.
The Simpson Thacher team included: Michael Nathan, Mark Pflug, Brian Chisling, Jeremy Saks, Kelly Jin, Richard Kim and Richard David (Corporate M&A), Jason Vollbracht and Chang Choi (Tax), Brian Robbins and Beth Understahl (Executive Compensation and Employee Benefits), Lori Lesser and Mindy Lok (Intellectual Property), Gary Rice and Mark Chorazak (Bank Regulatory), Matthew O’Shea (Corporate Credit) and Carrie Landis, Dara Kanowitz, Mark Rapisarda, Manuel Fermin and Christina Mauricio-Vasquez (Paralegals). Linklaters LLP also assisted on certain UK and other non-U.S. law issues.