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Santander Asset Management €5.35 billion merger with Pioneer Investments

1/5/2015
Merger
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€ 5.35 billion

$ 5.764 billion

Cancelled

1/5/2015

Overview:

  • Santander Asset Management and UniCredit’s investment business Pioneer Investments put forward a proposal to merge to create a new +€400 billion asset management business.
  • The two parties would each take a 1/3 stake with the remaining stake held by General Atlantic and Warburg Pincus.
  • Key to the deal is the US operations of the business. Santander itself has failed regulatory checks in the US and the new entity would allow it to maintain operations in a different form.
  • UniCredit undertook the deal in order to meet EU core capital requirements.
  • The deal was cancelled in July 2016.

Sam Duke - Editor

Jurisdictions:

Italy
Spain
United Kingdom

Deal type:

Merger

Practice area:

M&A

Industry sectors:

Banking
Financial services
Investment management

Firms:
Cleary Gottlieb Steen & Hamilton

Party: Banco Santander (Merger party)

Party: Warburg Pincus (Merger party)

Party: General Atlantic (Merger party)

Lawyer: Gabriele Antonazzo

Davis Polk & Wardwell

Party: Banco Santander (Shareholder)

Lawyers: Luigi De Ghenghi, Randall Guynn

Linklaters

Party: Unicredit (Shareholder)

Lawyers: Dario Longo, Giorgio Fantacchiotti

Slaughter and May

Party: Banco Santander (Shareholder)

Lawyers: Mark Zerdin, Michael Corbett, Roland Turnill

Uría Menéndez

Party: Banco Santander (Shareholder)

Lawyers: Antonio Herrera, Eduardo Bagaría

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