March 7, 2007
GE announces sale of its holdings of Swiss Re common shares, yielding proceeds of $2.8 billion upon completion.
On March 2, GE announced the sale of its holdings of Swiss Re common shares, yielding proceeds of $2.8 billion upon completion. Willkie advised the underwriters Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS in the transaction. Terms of the sale include GE selling 16.65 million shares at a price of 104 Swiss francs per share. Concurrently with the closing of the offering, Swiss Re also repurchased 16.65 million shares directly from GE for 1.71 billion Swiss francs. The deal was handled by partner Gregory Astrachan, special European counsel Jon Lyman, and associate Jonathan Gatsik.
