BlackRock Acquires Merrill Lynch Investment Managers

BlackRock, Inc. completed the US$9.7 billion acquisition of Merrill Lynch & Co., Inc.'s investment management business, Merrill Lynch Investment Managers, on September 29, 2006, creating one of the world's largest asset management firms with nearly US$1 trillion in assets under management. Merrill Lynch received an ownership interest of 49.8 per cent and a voting interest of 45 per cent in the new company, which operates under the BlackRock name. BlackRock is one of the world's largest publicly traded investment management firms managing assets on behalf of institutions and individuals worldwide.

In the US, BlackRock was represented by Skadden, Arps, Slate, Meagher & Flom LLP with a team that included Richard Prins and Thomas DeCapo (investment management); Franklin Gittes, Stephen Arcano, Ralph Arditi and Thomas Greenberg (M&A); Richard Easton and Daniel Stoller (corporate); Richard Muglia (corporate finance); William Sweet, Jr., (banking/regulatory); Stuart Levi (IP and technology); Stuart Alperin (employee benefits); Seth Schwartz and Paul Lockwood (litigation); and Barnet Phillips IV, Paul Oosterhuis and Tim Sanders (tax). Goodmans LLP acted as Canadian counsel with a team that included Allan Goodman (corporate), Glenn Ernst (tax), Rebecca Burrows, Jana Steele and Mariana Silva (employment/privacy).

In the US, Merrill Lynch was represented by Linklaters with a team that included Olivia McKendrick and Sarah Moyles (as to the Canadian aspects of the transaction). Stikeman Elliott LLP acted as Canadian counsel with a team that included Alix d'Anglejan-Chatillon (corporate and securities) and Marie-Andrée Beaudry (tax).