Simpson Thacher is representing U.S. Bancorp (NYSE: USB) in connection with its proposed acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (NYSE: MUFG) for approximately $8 billion, including $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.
U.S. Bancorp, with nearly 70,000 employees and $559 billion in assets as of June 30, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services.
The Simpson Thacher team includes Lee Meyerson, Ravi Purushotham, Louis Argentieri, Alisha Tupchong and Benjamin Kloss (M&A); Adam Cohen, Spencer Sloan and Noah DeBlasi (Bank Regulatory); Jeannine McSweeney and Joo Hyun Lee (Executive Compensation and Employee Benefits); Jonathan Goldstein, Tyler Robbins and Gurnaina Chawla (Tax); Lori Lesser, Corina McIntyre and Justin Calderon (IP); David Blass, Meredith Abrams and Billy LeBas (Broker-Dealer); Michael Isby (Environmental); and Peter Guryan and Richard Jamgochian (Antitrust).