Slaughter and May and Uría Menéndez, working as an integrated team, are advising Banco Santander, S.A. on an agreement with leading global private equity firms Warburg Pincus and General Atlantic to boost the global growth of its asset management unit, Santander Asset Management ('SAM').
The transaction values SAM at EUR 2,047 million and will generate a net capital gain for the Santander Group of EUR 700 million.
Under the agreement, which was announced on 30 May 2013 and is conditional upon regulatory approvals, Warburg Pincus and General Atlantic will jointly acquire a 50% stake in a holding company which will integrate SAM's asset management companies in eleven different jurisdictions in Europe and Latin America. The transaction is expected to be completed by the end of the year. The agreement also provides that Banco Santander, S.A. will distribute SAM's products and services in the territories in which it has a commercial network; thereby benefitting from SAM's enhanced offering of products.
The new company, which will be based in London, aims to double assets under management in five years and to participate in the consolidation process taking place in the industry. SAM currently has EUR 147 billion assets under management, mainly from European and Latin American markets.
Uría Menéndez has fielded a team with lawyers from its Barcelona, São Paulo, Lisbon, Madrid and Brussels.
CONTACTS
Corporate and Commercial: Roland Turnill (partner), Michael Corbett (partner), Sarah Ullathorne (associate), Lucinda Ingram (associate), Anant Prakash (associate); Financial Regulation: Jan Putnis (partner), Nick Bonsall (associate), Michael Sholem (associate); Financing: Guy O'Keefe (partner), Oliver Wicker (associate), Alex Biles (associate), Alastair McVeigh (associate); IP/IT: Cathy Connolly (partner), Alice McDonald (associate); Tax: Steve Edge (partner), Dominic Robertson (associate), Venetia Jennings (associate); Pensions and Employment: Roland Doughty (partner), Katherine Flower (associate)
Uría Menéndez: Corporate and Commercial: Antonio Herrera (partner), Luis Acuña (partner), Ana Sa Couto (counsel), Eduardo Bagaría (associate), Laura Dieste (associate), José Félix Zaldivar de la Rica (associate), Manuel Cordeiro Ferreira (associate); Securities Market and Financial Regulation: Javier Redonet (partner), Pilar Lluesma (associate), Carolina Albuerne (associate); Competition: Alfonso Gutiérrez (partner), Ana Raquel Lapresta (associate)
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