Firm News
Schulte Advises Albertsons Companies Inc. in Preferred Equity Investment Led by Apollo Global Management Inc.
May 2020
Schulte advised Albertsons Companies Inc., one of the nation’s largest food and drug retailers operating stores in 34 states and the District of Columbia, in the issuance and sale of $1.75 billion in convertible preferred equity of Albertsons Companies to a group of investors led by Apollo Global Management Inc. Albertsons Companies is backed by an investment consortium led by Cerberus Capital Management LP, which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners LP and Schottenstein Stores Corporation. The transaction was announced in May 2020 and closed in June 2020.
The Schulte team was led by M&A and Securities partner Stuart Freedman. The team also included employment & employee benefits partners Ian Levin and Ronald Richman, special counsel Scott Gold and associate Adam Gartner; litigation partner Michael Swartz; tax partner Alan Waldenberg; M&A and Securities special counsel Gregory Kinzelman, and associate Evan Berger; and former Schulte lawyers Antonio Diaz-Albertini, Travis Gantt, Matthew Gruenberg, Adam El-Sahn, Evelyn Liristis, David Passey and Jaclyn Malmed.
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Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.
Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.