Wachtell, Lipton, Rosen & Katz served as legal adviser to
Sullivan & Cromwell served as legal adviser to Discover.
Capital One’s purchase of Discover is the largest merger of the year, surpassing Synopsys Inc.'s $34 billion acquisition of software company Ansys Inc. The deal is expected to close in late 2024 or early 2025 and is subject to shareholder and regulatory approvals.
Sullivan & Cromwell senior chair H. Rodgin Cohen led his firm’s team on the deal, along with corporate partners Mitchell Eitel and Jared Fishman, executive compensation partner Marc Treviño, tax partner S. Eric Wang, intellectual property partner Mehdi Ansari, antitrust partner Joseph Matelis and global competition partner Juan Rodriguez.
Buyers and sellers have grappled with expensive credit, uncertainty investors and a weak economy which made 2023 the slowest year for M&A transactions in a decade.
Wachtell placed second in last year’s M&A League Tables, with $294.8 billion in deal volume, according to Bloomberg data. Sullivan & Cromwell came in eighth position with $194 billion in deals.
(Adds Sullivan & Cromwell team in fourth paragraph. )
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