CAZENOVE GROUP AND J.P. MORGAN AGREE FUTURE OF JOINT VENTURE

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Slaughter and May is advising Cazenove Group Limited ("Cazenove") in relation to the transaction under which J.P. Morgan Cazenove, its investment banking joint venture with J.P. Morgan, will become a wholly owned part of J.P Morgan.

The transaction, which is subject to approval by Cazenove Shareholders, values Cazenove at £1 billion and places an implied valuation of approximately £2 billion on J.P. Morgan Cazenove.

The transaction, which was announced on 19 November 2009, is expected to close early in the new year.

Corporate: Simon Nicholls (partner), Matthew Bowden (associate), John Connell (associate), Jonathan Ford (associate); Share schemes and pensions: Jonathan Fenn (partner), Naeem Noor (associate); Financial Regulation: Jan Putnis (partner)

Tax: Gareth Miles (partner), Liam Kane (associate)