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Wells Fargo Announces Sale Of Eastdil Secured - Quick Facts

Financial services company Wells Fargo & Co. (WFC) announced Tuesday the sale of Eastdil Secured (Eastdil), its private real estate investment banking division. The terms of the transaction were not disclosed. The transaction, subject to regulatory approvals, is expected to close in the fourth quarter of 2019.

The proposed sale follows Eastdil's management-led recapitalization, in partnership with Guggenheim Investments, on behalf of certain institutional clients, and Temasek, a global investment company head-quartered in Singapore.

Subsequent to the sale, Wells Fargo will retain the public market real estate investment bankers of Eastdil, who will form the Real Estate, Gaming, Lodging, and Leisure (REGAL) industry coverage group within Corporate & Investment Banking (CIB). Additionally, Wells Fargo will retain a minority ownership interest in Eastdil.

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