Latham, Stephenson Harwood Steer Waterfall's $826M ACI Bet

Law360 (November 3, 2020, 1:17 PM EST) -- New York-based Waterfall Asset Management LLC plans to buy U.K. investment company Alternative Credit Investments PLC for about £639 million ($826 million), the companies said Tuesday, in a deal driven by Latham & Watkins and Stephenson Harwood.

Under the terms of the transaction, an entity called Waterfall EIT UK Ltd. will absorb Alternative Credit Investments, or ACI, for 870 pence in cash per share, according to a statement. ACI is a closed-ended investment company that is based in the U.K. and renamed to its current moniker in October. The company was called PSP Global Investments PLC when it was founded in...

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