Shearman & Sterling advised Société Générale, a leading European bank, on its plan to form a joint venture with AllianceBernstein, a leading global investment management and research firm, through the combination of their respective cash equity and equity research businesses.
Société Générale’s and Bernstein Research Services’ clients would have access, through this joint venture, to a comprehensive global suite of world-class services across cash equities and research, combined with Société Générale's integrated equity capital markets, equity derivatives and prime services platforms.
Société Générale would hold a 51% shareholding in the joint venture, with an option to reach a 100% shareholding after five years. The joint venture would be headquartered in London and would carry out its business under the Bernstein name.
The proposed transaction has received the support of Société Générale’s and AllianceBernstein’s boards of directors. The closing is expected to occur before the end of 2023. The transaction is subject to works’ council consultation as well as to regulatory and antitrust approvals.