Global law firm White & Case LLP has advised ETF Securities Limited on the equity, US and debt financing aspects of the US$611 million sale of its European exchange-traded commodity, currency and short-and-leveraged business to WisdomTree Investments, Inc.
The acquired business has US$17.6 billion of assets under management, and it secures the company's position as the ninth largest exchange-traded product (ETP) sponsor and as the largest global independent ETP provider, with scale in the two largest ETP markets – Europe and the US.
"ETF Securities has built a leading brand in the specialised ETP market," said London-based White & Case partner Marcus Booth, who led the firm's deal team. "Our cross-border and cross-practice team advised on the US aspects of a strategically significant combination of two complementary businesses that are ideally positioned to provide diversified and innovative solutions to investors' evolving needs."
ETF Securities is one of the world's leading ETP innovators, providing investment solutions across multiple asset classes to investors worldwide. It is Europe's largest provider of commodity ETPs, having created the world's first gold ETP in 2003.
WisdomTree Investments, Inc., through its subsidiaries in the US, Europe, Japan and Canada, is an exchange-traded fund and ETP sponsor and asset manager headquartered in New York, offering products covering equities, fixed income, currencies, commodities and alternative strategies.
The White & Case team which advised on the transaction was led by partner Marcus Booth (London) and included partners Michelle Rutta (New York) and Justin Wagstaff (London), counsel Patti Marks (New York) and associates Peter Jones (London), Kathrin Schwesinger, Amy Hutchings and Jason Krause (all New York).
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