Bedell Cristin advises WisdomTree on its agreement to acquire ETF Securities' $18bn European business

22 Nov 2017

Teams from Bedell Cristin's London and Jersey offices have advised WisdomTree Investments, Inc. in connection with its definitive agreement to acquire ETF Securities’ European exchange-traded commodity, currency and short-and-leveraged business, which includes $17.6 billion of assets under management. Under the terms of the agreement, WisdomTree will exchange $253 million of cash and stock consideration of 30 million WisdomTree shares for the acquired business. Based on the November 10 market close price, the total consideration is valued at $611 million. Subject to regulatory approval and other customary closing conditions, the transaction is expected to close in late Q1 of 2018.

The acquisition will provide WisdomTree with immediate scale in Europe, an industry-leading position in European-listed gold and commodity products, greater assets under management diversification globally, and profitability at WisdomTree Europe and in its International Operating segment.

WisdomTree Investments, through its subsidiaries in the U.S., Europe, Japan and Canada, is an exchange-traded fund and exchange-traded product sponsor and asset manager.

ETF Securities is one of the world’s leading innovators of exchange-traded products and provides specialist investment solutions across multiple asset classes to investors around the world, enabling them to intelligently build and diversify their portfolios.

Bedell Cristin advised WisdomTree on all Jersey law aspects of the deal, including due diligence, acquisition documents, regulatory, competition, employment and financing arrangements, working alongside Goodwin Procter, WisdomTree's lead counsel on the acquisition. The team from Bedell Cristin is being led by partner Bruce Scott and includes senior associates Guy Westmacott and Will Austin-Vautier, associate Laura Hendrick and paralegal Dan McAviney.