Davis Polk & Wardwell LLP is advising Greenhill & Co., LLC (Greenhill), a New York-based investment bank, on the sale of its merchant banking business to the principals of the business, led by its chairman Robert H. Niehaus, for $25 million. Greenhill has agreed to sell the right to launch successor funds of its merchant banking funds and transition out of merchant banking activities over time. Existing funds will continue to be managed by Greenhill through Mr. Niehaus and other current personnel, all of whom are expected to remain Greenhill employees until transitioned at a later date to the purchasing entity.
The Davis Polk corporate team includes partners Paul R. Kingsley and Danforth Townley and associates James E. Elworth and Aaron Schlaphoff. Partner Barbara Nims and counsel Ada Dekhtyar Karczmer are providing employee benefits advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner William H. Weigel and associate Jason Rubin Sussman are providing tax advice. All lawyers work in the New York office.
DLA Piper is representing the principals of Greenhill’s merchant banking business.
D.C.