Teams from Bedell Cristin’s London and Jersey offices have advised WisdomTree Investments in its acquisition of ETF Securities’ European exchange-traded commodity, currency and short and leveraged business, which includes $17.6bn of assets under management.
Under the terms of the agreement, WisdomTree will exchange $253 million of cash and stock consideration of 30 million WisdomTree shares for the acquired business. Based on the 10 November market close price, the total consideration is valued at $611 million.
Subject to regulatory approval and other customary closing conditions, the transaction is expected to close late in Q1 of 2018.
WisdomTree Investments, through its subsidiaries in the US, Europe, Japan and Canada, is an exchange-traded fund and exchange-traded product sponsor and asset manager. The acquisition will give it immediate scale in Europe, within European-listed gold and commodity products.
ETF Securities is an exchange-traded products business and provides investment solutions across multiple asset classes to investors around the world.
Bedell Cristin advised WisdomTree on all Jersey law aspects of the deal, including due diligence, acquisition documents, regulatory, competition, employment and financing arrangements, working alongside Goodwin Procter, WisdomTree's lead counsel on the acquisition.
The team from Bedell Cristin is being led by Partner Bruce Scott and includes Senior Associates Guy Westmacott and Will Austin-Vautier, Associate Laura Hendrick and Paralegal Dan McAviney.