On October 9, 2016, Banco Santander Rio and Citi announced that they have reached a definitive agreement under which Citi will sell its consumer banking business in Argentina to Banco Santander Rio. The sale involves approximately US$1.4 billion in assets in Argentina and includes credit cards, personal loans and Citi Argentina’s retail brokerage business, as well as deposit accounts. Cravath represents Banco Santander Rio in connection with the transaction.

Herbert Smith Freehills has advised Australian startup SafetyCulture on its Series B capital raising which raised A$30 million from international and domestic investors.

The capital raising, led by international VC firm Index Ventures, will allow SafetyCulture to grow its headcount and develop new products.

Herbert Smith Freehills has advised National Australia Bank Limited (NAB) on the sale of 80% of its life insurance business to Nippon Life Insurance Company (Nippon Life) for A$2.4 billion.

The transaction was completed almost a year after being agreed in October 2015.

NAB retains a 20% interest in the life insurance business, as well as full ownership of its existing investments business which includes superannuation, platforms, advice and asset management.

Monarch secured the largest investment in its 48-year history on 12 October 2016

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising The Monarch Group (‘Monarch’), a leading UK independent airline group, on its continued turnaround.

Monarch secured the largest investment in its 48-year history on 12 October 2016 from its majority shareholder, Greybull Capital. As a result of this investment, Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.

Allen & Overy LLP advises Mr. Andreas Goer on the sale of his 29% shareholding in listed VTG Aktiengesellschaft, Hamburg ("VTG")

With the assistance of Allen & Overy, Mr. Andreas Goer sells his 29% shareholding in VTG to Morgan Stanley Infrastructure for a purchase price of EUR 29 per share, i.e. for nearly EUR 242 million in total. SDAX-listed VTG is the largest private wagon hire company in Europe.

Consummation of the transaction is pending, subject, inter alia, to clearance by the cartel authorities.

ProSiebenSat. 1 Group, one of the largest independent media companies in Europe, and General Atlantic, a leading international growth investor, have invested in the online company KäuferPortal.

Darrois Villey Maillot Brochier advised TowerBrook and KKR for their minority investment of 250 million euros in OVH group, European leader in cloud infrastructures, telecommunications and Web hosting. OVH manages 250,000 servers among 17 data centers in France and Canada and counts more than one million customers worldwide.

The Klaba family keeps a majority stake in OVH capital.

DWF has advised Newcastle-based housebuilders Cussins Limited on its secondary buyout by Northumberland Estates, which will help fund the business’s next phase of growth and development.

Clifford Chance has advised Société Générale as Sole Bookrunner on the sale by AMORIN ENERGIA BV of 5% of the share capital of GALP ENERGIA SGPS, S.A.

The transaction was valued at €484,696,999, corresponding to a price of €11.69 per share, and closed on 20 September 2016.

Norton Rose Fulbright has advised the shareholders of InnoGames, one of the world’s leading developers and operators of online games, on the sale of shares to the Swedish media group Modern Times Group AB (MTG). MTG acquires 35 per cent of InnoGames founders and the financial investor Eight Roads Ventures (formerly Fidelity Ventures), based on a company value of EUR 260 million (100 per cent). The transaction is pending, subject to the approval of German and Austrian antitrust authorities.