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10 April 20232 minute read

DLA Piper advises Sound Point Capital Management in acquisition of Assured Investment Management

DLA Piper is representing Sound Point Capital Management, LP (Sound Point), as special counsel, in connection with Sound Point’s agreement to acquire Assured Investment Management, LLC, a subsidiary of Assured Guaranty Ltd. (Assured Guaranty).

As part of the transaction, Assured Guaranty will become a significant equity holder of Sound Point, and certain of Assured Guaranty’s US insurance subsidiaries will commit to invest US$1 billion over time in Sound Point managed vehicles and separately managed accounts. Sound Point will become the sole alternative credit manager for the Assured Guaranty US insurance subsidiaries.

“We are pleased to be assisting Sound Point on this transaction and to have the opportunity to demonstrate our extensive CLO capabilities. As one of the leading legal advisers to CLO managers, arrangers and investors, we are uniquely positioned to provide knowledgeable advice to CLO market participants on a range of activities,” said Richard Reilly, Head of Structured Finance and the DLA Piper partner who led the firm’s deal team.

In addition to Reilly (New York), the DLA Piper team representing Sound Point includes partner Steven Krivinskas (London) and associates Carlo Ingato (Los Angeles), Drew Gallagher and Aaron Kirchner-Loeser (both in New York).

Pryor Cashman also represented Sound Point. Mayer Brown and Milbank represented Assured Guaranty. The transaction is expected to close in Q3.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development.