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Case Studies

Intricate Cross-Border Transaction Kept On Track

There is no better example of the Bodman High Net Worth Group’s versatility than its recent representation of R.H. Bluestein & Co., a leading investment advisor to ultra-high net worth individuals, in connection with its acquisition by Toronto-based CI Financial Corp.

Bodman’s David Larsen helped form R.H. Bluestein & Co. more than 30 years ago and has served as its outside general counsel since then. Larsen and the Bodman team, working with co-counsel at Proskauer Rose LLP, structured and closed the cross-border transaction, which was unusually complex because it involved a publicly-traded buyer and required foreign regulatory approval. CI is a major player in the global financial services industry, with more than $264 billion in assets.

“The deal was highly intricate,” Larsen said. “Public company transactions are always more complex, especially in a highly regulated environment like investment services. Bodman’s extended M&A support team really helped us keep the deal on track, especially in structuring the tax aspects. Our client was thrilled with the outcome.”

The core Bodman transaction team included Larsen, Gene Bowen and Jacob Simon, with Wayne Roberts advising on tax issues.