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Morgan Stanley Smith Barney & Morgan Stanley	Update Date: 02/09/09
Date Announced: 01/13/09
Value (million $USD): 2.70 billion U.S. Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	01/13/09
Date Originally Announced	01/09/09
Format	Acq. Maj. Int.	Acquisition techniques	Divestiture; Joint Venture; Rumored Deal
Attitude	Friendly	Agency	n/a
Value	2.70 billion U.S. Dollar	Advisor Fees	n/a

SYNOPSIS

US - Morgan Stanley (MS) definitively agreed to acquire a 51% interest in Morgan Stanley Smith Barney (MO), a provider of financial and investment management services, and a joint venture between MS and Citigroup Global Markets Inc, a unit of Citigroup Inc's Citigroup Global Markets Holdings Inc subsidiary, for $2.7 bil in cash. Concurrently, MS was granted an option to raise its interest to 65% from 51% and option to raise its interest to 80% from 65% and option to acquire the remaining 20% stake.

TARGET
Name	Morgan Stanley Smith Barney
Industries	Management investment offices, open-end; Investment offices, nec; Investors, nec
City	New York
State	NY
Nation	United States
Incorporated in	n/a
Public Status	Joint Venture
Business Description	Morgan Stanley Smith Barney, located in New York, New York, provides investment and wealth management services. Founded in 2009.
Advisors	Citi
Target Sales	n/a

ACQUIROR
Name	Morgan Stanley (MS)
Industries	Security brokers, dealers, and flotation companies; Commodity contracts brokers and dealers; Security and commodity services, nec; Investment advice
City	New York
State	NY
Nation	United States
Incorporated in	DE
Public Status	Public
Business Description	Morgan Stanley, is a bank holding company located in New York, New York. It provides global financial services such as investment banking and corporate financial advisory services including securities underwriting, distribution and trading; merger and acquisition, restructuring, real estate, and project finance through its subsidiaries and affiliates services to a group of clients and customers, including corporations, governments, financial institutions and individuals. The company's business segments include Institutional Securities, Global Wealth Management Group and Asset Management. It was founded in 1935.
Advisors	Morgan Stanley
Acquiror Sales	62.26 billion U.S. Dollar

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