Willkie Farr & Gallagher represented Genstar Capital LLC on its deal to sell an 80% share in Institutional Shareholder Services Inc., a provider of environmental, social and governance data and analytics, to German stock exchange operator Deutsche Börse AG.
Willkie said it also advised ISS, while Cravath, Swaine & Moore said it and German firm Hengeler Mueller represented Deutsche Börse on the deal, which values ISS at around $2.3 billion.
Genstar Capital and current management will continue to hold a stake of approximately 20% of ISS, according to statements.
ISS, which has 4,000-plus clients, provides customers with environmental, social and governance research, fund services and data and analytics, as well as recommendations on how to vote on shareholder proposals.
Deutsche Börse executive board member Stephan Leithner said ISS combines an emphasis on global corporate governance with an increasing focus on a broader definition of ESG standards, where Europe is currently the trend setter.
“In this sense, we see our future partnership as a perfect combination to drive innovation and deliver the best expertise for ISS’ traditional investor clients and Deutsche Börse’s financial intermediary clients,” Leithner said.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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