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Our M&A lawyers are among the most experienced and effective in the world. We represent many of the world's largest publicly traded and privately held companies, as well as leading private equity firms, financial advisors and other financial institutions and investors on their most important mergers, acquisitions and takeover transactions.

Oak Hill Advisors to Be Acquired by T. Rowe Price for $4.2 Billion

Paul, Weiss is advising Oak Hill Advisors, L.P. in its $4.2 billion sale to T. Rowe Price Group, Inc. OHA will become T. Rowe Price's private markets platform, accelerating T. Rowe Price's expansion into alternative investment markets and complementing T. Rowe Price's existing global platform and ongoing strategic investments. OHA is a leading alternative credit manager, with $53 billion in capital under management as of July 31, 2021. T. Rowe Price is a global investment management organization with $1.61 trillion in assets under management.

Under the terms of the transaction, T. Rowe Price will acquire 100% of the equity of OHA and certain other entities that have common ownership for a purchase price of up to approximately $4.2 billion, with $3.3 billion payable at closing. The purchase price reflects approximately 74% in cash and 26% in T. Rowe Price common stock, and up to an additional $900 million in cash upon the achievement of certain business milestones beginning in 2025. It also includes the retirement of OHA debt outstanding at closing. The transaction is expected to close late in the fourth quarter of 2021, subject to customary closing conditions.

The Paul, Weiss team includes, among others, corporate partners Ariel Deckelbaum, Marco Masotti, Kenneth Schneider, Conrad van Loggerenberg, Manuel Frey, Raphael Russo and John Kennedy and counsel Erika Detjen, Jyoti Sharma, Maury Slevin, Caitlin Kelly, Hilary Christian, Philip Heimowitz and Corinne Musa; executive compensation counsel Reuven Falik, Jacob Glazeski and Bruce Goldberger; tax partner David Mayo; intellectual property partner Claudine Meredith-Goujon; real estate partner Peter Fisch; litigation partner Andrew Ehrlich and counsel Steven Herzog; antitrust counsel Yuni Sobel and Marta Kelly; and personal representation counsel Alex Segal

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