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Depository Trust and Clearing Corporation proposal to merge with LCH.Clearnet Group Limited

 

28 October 2008

Allen & Overy LLP is advising the Depository Trust and Clearing Corporation (DTCC) on its plans to merge with LCH.Clearnet Group Limited.  

The proposed merger was announced following the signing of non-binding heads of terms, and aims to create the world's leading clearing house, which would operate a user-owned, user-governed model.

Under the proposed transaction, DTCC will acquire 100 per cent of the ordinary shares in LCH.Clearnet. The transaction will result in LCH.Clearnet shareholders receiving total consideration of up to EUR739 million.

The Allen & Overy team is being led in London by corporate partners Andrew Ballheimer and Ed Barnett and assisted by corporate associates Elvan Hussein and Josh Harvey. 

Tax advice is being provided by partners Patrick Mears, Stephen Fiamma and John Taylor. Antitrust advice is being provided by partner Alistair Lindsay and senior associate Alison Berridge.

Regulatory advice is being provided by senior associate Etay Katz. From the Paris office, counsel Brice Henry and associate Herve Ekue are also providing regulatory advice on the proposed merger.

 

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