Bank of America in $35 Billion MBNA Acquisition; 2005’s Second-Largest U.S. Deal

Cleary Gottlieb is representing Bank of America Corporation in its approximately $35 billion acquisition of MBNA Corporation.  The acquisition combines the United States’ largest domestic bank with a leading provider of credit card and payment products. After the deal, Bank of America will become one of the largest credit card issuers in the United States.  Definitive agreements were signed today, and the deal is expected to close in the fourth quarter of this year.