The Deal Recognizes Gibbons' Contribution to its "Deal of the Quarter"
February 25, 2008
In its February 24 issue, The Deal magazine selected the Citigroup $18.4 billion financing, announced in January as its Deal of the Quarter and recognized the roles in the financing of Gibbons Corporate Department Chair Frank T. Cannone and Corporate Director Cheryl A. Gorman.
Citigroup’s financing was selected by the magazine as the “Deal of the Quarter” because of its innovations and technical challenges, as well as its significance both to Citigroup’s immediate health and for the implications to the broader financial services market. With funds from four U.S. and offshore institutional investors, as well as two individual investors, the financing package provided a counterbalance to Citigroup’s dwindling capital in the wake of huge subprime mortgage writedowns. The Deal notes the transaction’s particular size and complexity.
Mr. Cannone and Ms. Gorman represented the New Jersey Division of Investment in connection with its $400 million investment in Citigroup.
About the Gibbons Private Equity Practice
The Private Equity practice at Gibbons is one of the nation’s busiest. In its annual rankings of the country’s most active law firms in the private equity arena, Private Equity Analyst, the premier industry publication, Gibbons was named among the top-ranked firms in 2007 for both number of deals completed and number of funds represented with a final close in 2007. Gibbons is the only New Jersey-headquartered law firm to appear on either list.
Gibbons’ Private Equity Practice represents funds at formation and fund investors including institutions, state pension funds, trusts, groups and organizations, with respect to investments in various investment forms, including private equity funds, development companies under the Investment Company Act and a variety of real estate investment structures such as real estate partnerships, funds, and REITS. The group is active at all levels, from raising capital to handling acquisitions and divestitures, securities and governance matters, and general corporate work with respect to portfolio investments.