The transaction is subject to regulatory approval and closing conditions, and is expected to close in the third quarter of 2020. CardWorks in minority investments from private equity funds and in its terminated 2.65 billion sale to Ally Financial Cathay General Bancorp in its. Ally Financial will not be completing its 2.7 billion acquisition of CardWorks, dealing a blow to its plans to diversify beyond auto loans. The companies cited 'the unprecedented economic and market conditions resulting from the COVID-19 global pandemic.' Neither company will incur termination or breakup fees, Ally said. Associates Nathan Baum, Blake Schell, RuiHui Yu, and Jonathan Rhein also provided valuable assistance. Ally Financial and CardWorks are terminating their planned 2.65 billion merger, the companies announced Wednesday in a press release. IP partner Mehdi Ansari is advising on intellectual property issues, and partner Eric Wang is advising on tax matters. Partner Marc Trevino and special counsel Rebecca Coccaro are advising on executive compensation matters. 'I'm incredibly excited for this next chapter of CardWorks, said Chairman.
The S&C team advising Ally in this matter is led by financial services partners Mitch Eitel and Andrew Gerlach. (NYSE: ALLY) today announced that the companies have mutually agreed to. Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with secured and unsecured banking products. (NYSE: ALLY) today announced that the companies have mutually agreed to terminate their merger agreement, previously. WOODBURY, N.Y., J/PRNewswire/ - Cardholder Management Services, Inc. 48 ally financial auto Ally survey reveals heightened ally. Auto lender Ally Financial Inc said it would acquire non-prime credit card and consumer finance lender CardWorks in a transaction valued at about 2.65 billion. The acquisition will further diversify Ally's product offerings, adding an established credit card platform as well as a full-spectrum servicing and recovery operation and a nationwide merchant acquiring business. Ally Financial to Acquire CardWorks in ally financial auto Ally Financial joins Johnson, No. S&C is advising Ally Financial, a leading digital financial services company, in its $2.65 billion acquisition of CardWorks, a non-prime credit card and consumer finance lender. S&C Advises Ally Financial in $2.65B Acquisition of CardWorks
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