On July 22, 2010, General Motors Company and AmeriCredit Corp. (“ACF”) announced that they have entered into a definitive agreement whereby General Motors Company will acquire ACF for a price of $24.50 per share in an all-cash transaction valued at approximately $3.5 billion. Cravath represented J.P. Morgan Securities Inc. in its role as financial advisor to the Board of Directors of ACF in connection with this transaction. The transaction is expected to close by the end of the fourth quarter of 2010, subject to receipt of regulatory approvals and satisfaction of certain other closing conditions.
The Cravath team included partners Andrew R. Thompson and James C. Woolery and associates Joseph Zavaglia and Raffael M. Fiumara on corporate matters.