Freshfields Bruckhaus Deringer (‘Freshfields’) is advising UBS Group AG (UBS) as global transaction counsel on its acquisition of Credit Suisse Group AG (Credit Suisse).

The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets.

The transaction reinforces UBS’s position as the leading universal bank in Switzerland. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion.

Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, for a total consideration of CHF 3 billion. UBS has obtained pre-agreement from FINMA, Swiss National Bank, Swiss Federal Department of Finance and other core regulators on the timely approval of the transaction.

The Freshfields team is being led by a cross-border, cross-practice team led by partners Jennifer Bethlehem and Michael Raffan, with partners Simon Orton, Julian Long, and George Swan, and senior associate Michael Black. Regulatory advice was provided by partners Cyrus Pocha and Gunnar Schuster, and senior associate Claire Harrop. Equity capital markets advice was provided by partners Christoph Gleske and Doug Smith.

Finance advice was provided by partners Duncan Kellaway and Richard Hart. People & Reward partners Holly Insley and Dawn Heath also advised, and antitrust advice was provided by partners Rafique Bachour and Tone Oeyen. IP advice was provided by partner Richard Lister.