Wachtell and Simpson Thacher advised on Goldman Sachs’ sale of Apple Card portfolio to JPMorgan Chase.

The Goldman Sachs Group, Inc. Has entered into an agreement to transition the Apple Card program and sell its over USD 20 billion credit card portfolio to JPMorgan Chase Bank, N.A.

The transaction substantially completes Goldman Sachs’ previously announced plan to narrow the focus of its consumer business. Simultaneously, Apple and JPMorgan Chase announced that Chase will become the new issuer of Apple Card following the closing of the transaction, which is expected to occur in approximately 24 months. The sale represents the largest single-retailer credit card portfolio sale in recent years.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Goldman Sachs.

The Wachtell corporate team included Partners Edward D. Herlihy, Jacob A. Kling and Eric M. Feinstein, Of Counsel David M. Adlerstein, and Associates Kailey B. Flanagan and Marie-Alice Legrand. Antitrust advice was provided by Partner Nelson O. Fitts and Associate Jordan Cohen-Kaplan. Executive compensation and benefits matters were handled by Partner Jeannemarie O’Brien and Associate Amy Zeng. Intellectual property advice was provided by Partner Justin R. Orr. Regulatory aspects were advised by Partner Richard K. Kim and Counsel Ledina Gocaj. Tax advice was provided by Partners T. Eiko Stange and Tijana J. Dvornic, with Associate Zachary B. Becker.

Simpson Thacher & Bartlett LLP is representing JPMorgan Chase Bank, N.A. in connection with its agreement to become the new issuer of the Apple Card and its related acquisition of the Apple Card portfolio.

The Simpson Thacher team included Lee Meyerson, Matt Nemeroff, Matthew Rogers, Lisa Morales, Brian Christiansen, Makala Kaupalolo, Collin Janus, Felicity Bell, Carina Brown, Joseph Pucciarelli, Natasha Kandi, Jerry Du, Wells Hamilton, Emily Linares, Scott Turtur, Molly (Yun-Wen) Tsang and Caitlin Cheeseboro on financial institutions and M&A matters; Lori Lesser, Kate Mirino, Chandler Gerard-Reimer and Christina Breitbeil on intellectual property; Peter Guryan and Richard Jamgochian on antitrust; Jonathan Goldstein, Elizabeth Trask and Roberto Arza on tax; Alexander Franchilli on privacy and cybersecurity; Larry Moss, Ryan Stott and Jesslyn Nunez on executive compensation and employee benefits; and Krista McManus on real estate.