Skadden is representing Mr. John Kanas and investors in the May 21 acquisition of the assets and liabilities of BankUnited, FSB from the Federal Deposit Insurance Corporation. The investors included affiliates of WL Ross & Co. LLC, The Blackstone Group, The Carlyle Group and Centerbridge Capital Partners.
The transaction represented the first time that private equity bidders participated in a competitive FDIC auction of an institution expected to be placed into receivership since the sale of institutions in the late 1980s to private investors, such as Ronald Perelman and others.