Mayer Brown advises GMAC Commercial Finance on the sale of their invoice financing loan book
27 January 2010
27 January 2010 – Leading international law firm Mayer Brown has advised GMAC Commercial Finance Ltd (UK) on the sale of their invoice financing loan book to the independent merchant bank, Close Brothers Group plc, for up to £98 million. The assets were acquired for a premium to net book value of up to £4 million. The sale included the transfer of 23 staff to Close Brothers.
GMAC is a long-standing client of the firm. It is one of the world's largest financial services companies, with operations in more than 40 countries and with business lines in automotive finance, commercial and residential mortgages, and insurance.
Elana Hahn, Finance partner at Mayer Brown, said: “We are delighted to have acted for GMAC in relation to this sale.”
The Mayer Brown team was led by Finance partner Elana Hahn, with the assistance of Finance associates Nick Glicher and Richard Todd, with corporate law advice from partners Stephanie Bates and Michael Wallin, with the assistance of Corporate associates James Trentham, Sam Webster, and Olivia Yacoub, tax law advice from partner Sandy Bhogal, with the assistance of Tax associate, Stephen Green, and employment law advice from Karen Stewart.
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