Simpson Thacher represented The Royal Bank of Scotland Group plc (RBS) in the previously announced sale by RBS Sempra Commodities LLP (RBSSC), a joint venture with Sempra Energy, of its Metals, Oil and European Energy business lines to J.P. Morgan. These activities were acquired by J.P. Morgan for a total cash consideration of USD$1.6 billion, after interim distributions to the joint venture partners. The transaction closed on July 1, 2010.
The firm continues to represent RBS in connection with the ongoing sales process for RBSSC's remaining North American Power and Gas and Sempra Energy Solutions business lines.
The Simpson Thacher team included: Michael Nathan, Mark Pflug, Brian Chisling, Jeremy Saks, Richard Kim, Kelly Jin, Daniel Bae, Michael Vernace, and summer associate, Austen Heim (M&A), Jason Vollbracht and Chang Choi (Tax), Brian Robbins, Samantha Shipp and David Schneider (Executive Compensation and Employee Benefits), Lori Lesser and Mindy Lok (Intellectual Property), Gary Rice and Mark Chorazak (Bank Regulatory), Erik Hepler (Credit) and Matthew McLaughlin and Desiree Wiggins (Paralegals).