Davis Polk is advising TIAA on its $2.5 billion acquisition of EverBank. The transaction, which is expected to close in the first half of 2017, is subject to closing conditions, including the receipt of regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System and the approval by EverBank’s common stockholders.
TIAA, headquartered in New York, New York, is a leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $889 billion in assets under management and offers a wide range of financial solutions. EverBank Financial Corp, headquartered in Jacksonville, Florida, has $27.4 billion in total assets and provides a diverse range of financial products and services directly to clients nationwide through multiple business channels through its wholly owned subsidiary, EverBank.The Davis Polk financial institutions M&A team includes partners John L. Douglas, William L. Taylor and Randall D. Guynn and associates Darren M. Schweiger, Kelley L. O'Mara, Nicholas C. Phillips and Madeline L. Sims. Partner Veronica M. Wissel and associate Tricia E. Walsh are providing executive compensation advice. Partner Kathleen L. Ferrell is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.