Ashurst Spain advised Dobank on the signature of an agreement for the acquisition of 85% of Altamira Asset Management, S.A. DoBank was selected by the seller following a competitive process.

The shareholding involved in the sale may be increased to 100% should Banco Santander S.A., holder of the remaining 15% interest in the share capital of Altamira, decide to exercise its tag-along right provided for in existing agreements before closing in 2019. The transaction closing is subject to the occurrence of certain conditions in line with market practice and is expected to be completed by May 2019.

Altamira is one of the main independent servicers of non-performing loans and real estate assets in Southern Europe, with assets under management of approximately €55 billion, a presence in the Spanish, Cypriot, Portuguese and Greek markets and over 1,000 employees.

The acquisition of 100% of Altamira has been valued at €412 million in enterprise value, plus an earnout of up to €48 million linked to the developments of the business in the international markets.

The Ashurst team was led by corporate partner Jorge Vazquez supported by corporate counsel Francisco de León and associate Celia Gil. Partner Nicholas Pawson and associate Sam Tetlow also advised on English finance matters. Merger Control assistance was provided by partner Rafael Baena and senior associate Javier Torrecilla.