Debevoise Advised M&T in the Sale of Its CIT Business to Madison Dearborn Partners

4 May 2023

Debevoise & Plimpton LLP advised M&T Bank Corporation (NYSE: MTB) and its wholly-owned subsidiary, Wilmington Trust, N.A. (“WTNA”), in the sale of WTNA’s Collective Investment Trust business to funds affiliated with Madison Dearborn Partners, LLC ("MDP"). The deal involved the divestiture of WTNA’s CIT business to Great Gray Trust Company, LLC, a Nevada retail trust company and wholly-owned subsidiary of WTNA, and the subsequent sale of Great Gray Trust Company, LLC to funds affiliated with MDP. The transaction, announced in December 2022, closed on April 29, 2023.

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. WTNA provides Corporate and Institutional Services, including institutional trust, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures.

The Debevoise team was led by banking partner Gregory Lyons and includes partners Jeff Robins and Caroline Swett and associates Nariné Atamian, Clare Lascelles, and Zoë Zissuand banking law clerk Jessica Szymeczek, M&A counsel David Iozzi, finance partner Scott Selinger and associate Adam Silverwood, executive compensation and benefits partner Franklin Mitchell and associate Spencer Robbins, tax partner Michael Bolotin and associate Elliot Tuchman and intellectual property partner Henry Lebowitz and associate Louis Sanchez.