Shearman & Sterling represented Citigroup Inc. in its acquisition of Old Lane LP and Old Lane Partners, GP, LLC ("Old Lane"), a global, multi-strategy hedge fund and a private equity fund with total assets under management and private equity commitments of approximately $4.5 billion.  Under the terms of the acquisition agreement, Old Lane will operate as part of Citi Alternative Investments, and Vikram Pandit, co-founder of Old Lane, will become CEO of the unit.  The transaction, which is subject to customary regulatory reviews, is expected to close in the third quarter of this year.  The value of the transaction is confidential.

The Shearman & Sterling attorneys advising Citigroup included partners Creighton Condon (New York – Mergers & Acquisitions), Eliza Swann (New York – Mergers & Acquisitions), Linda Rappaport (New York – Executive Compensation and Employee Benefits), Peter Blessing (New York – International Tax), Azam Aziz (New York – Asset Management) and Barney Reynolds (London- European Finance), counsel Ansgar Simon (New York – Tax), Ann Woo (San Francisco – Mergers & Acquisitions), associates Sara Haskamp (New York – Mergers & Acquisitions), Stephen Penner (New York – Asset Management), Adam Kaminsky (New York – Executive Compensation and Employee Benefits), Garrett Dowd (New York –Executive Compensation and Employee Benefits), Nicola Espie (New York - Asset Management), Gwen Gordon (New York-Asset Management) and Thomas Donegan (London-European Finance).