Latham & Watkins Advises on Pzena Investment Management’s Transaction to Become a Private Company

Pzena Investment Management, Inc. (NYSE: PZN) (PZN) has announced that it has entered into an agreement to become a private company through a transaction in which holders of PZN Class A common stock will receive US$9.60 per share in cash. Under the terms of the definitive agreement, PZN will merge with and into a newly formed subsidiary of its operating company, Pzena Investment Management, LLC (PIM), in an all-cash transaction that implies an enterprise value for PZN of approximately US$795 million. Upon completion of the transaction, Pzena Investment Management will be a privately-held company owned by the existing partners of PIM.

Latham & Watkins LLP represented J.P. Morgan Securities LLC, as exclusive financial advisor to PIM, with a finance team led by New York partner Jane Summers, with associate Sarah Lohschelder, and a corporate team led by Orange County and New York partner Charles Ruck, with associate Taylor Ashton. Advice was also provided on funds regulatory matters by Chicago partner Laura Ferrell; on securities regulatory matters by Washington, D.C. partner Marlon Paz; and on tax matters by New York partner Jiyeon Lee-Lim.