The Firm is representing Massachusetts Mutual Life Insurance Company (“MassMutual”) in connection with its sale of OppenheimerFunds, Inc. to Invesco Ltd. (NYSE: IVZ) in a transaction which will bring Invesco’s total assets under management to more than $1.2 trillion, making it the 13th largest global investment manager and sixth largest U.S. investment manager. The transaction is expected to close in the second quarter of 2019, subject to regulatory and third party approvals and customary closing conditions.
In connection with the transaction, MassMutual and employee shareholders of OppenheimerFunds will receive approximately 81.9 million shares of Invesco common equity and $4 billion in perpetual, non-cumulative preferred shares. Following the consummation of the transaction, MassMutual is expected to own approximately 15.5% in the common equity of Invesco, becoming Invesco’s largest shareholder.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits.
OppenheimerFunds, a leader in global asset management, has assets under management of $246 billion and over 13 million shareholder accounts, as of September 30, 2018.
The Simpson Thacher team includes Elizabeth Cooper, Matt Rogers, Evan Zuckerman and Sara Park (M&A); Ryan Bekkerus (Capital Markets); Greg Grogan, Erin Murphy and Annie Kim (Executive Compensation and Employee Benefits); Rajib Chanda and Nicholas Ridley (Registered Funds); Lori Lesser (Intellectual Property); Jonathan Lindabury (Derivatives); Jonathan Goldstein and Jasmine Hay (Tax); and Adeeb Fadil (Environmental).