We are advising UBS on the transaction

Davis Polk is advising UBS on its acquisition of Credit Suisse, creating a business with more than $5 trillion in total invested assets. Under the terms of the all-share transaction, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of CHF 3 billion ($3.2 billion). The transaction is not subject to shareholder approval. UBS has obtained pre-agreement from FINMA, Swiss National Bank, Swiss Federal Department of Finance and other core regulators on the timely approval of the transaction.

UBS is a leading and truly global wealth manager with focused asset management and investment banking capabilities, and the leading universal bank in Switzerland. UBS enables people, institutions and corporations to achieve their goals by providing financial advice and solutions.

Credit Suisse is one of the world’s leading financial services providers. The bank’s strategy is built on its leading Wealth Management and Swiss Bank franchises, with strong asset management as well as markets capabilities.

The Davis Polk financial institutions M&A team includes partners Marc O. Williams, Luigi L. De Ghenghi and Evan Rosen, counsel Shanu Bajaj and Daniel E. Newman and associate Jung Eun Choi. Partner John B. Meade is providing capital markets advice. Partner Kara L. Mungovan is providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Ronan P. Harty is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.