Banco Santander S.A. Agreement between Banco Popular & Blackstone Fund (4460N)
August 08 2017 - 11:45AM
UK Regulatory
TIDMBNC TIDM0QEU
RNS Number : 4460N
Banco Santander S.A.
08 August 2017
MATERIAL FACT
Banco Santander informs that Banco Popular Español, S.A. ("Banco
Popular") has executed the agreements with the Blackstone Fund
("Blackstone") for the acquisition by the fund of 51% of, and hence
the assignment of control over, Banco Popular's real estate
business (the "Business"), which comprises the portfolio of
repossessed properties, non-performing loans relating to the real
estate sector and other assets related to these activities
(including deferred tax assets) owned by Banco Popular and its
affiliates as at certain dates (either 31 March or 30 April 2017)
(the "Transaction").
The agreements were entered into following receipt of the
European Commission's unconditional authorisation of the
acquisition of Banco Popular by Banco Santander for the purposes of
competition law.
Closing of the Transaction will involve the creation of a
company to which Banco Popular will transfer the Business (with an
aggregate gross book value of approximately EUR30 billion) and 100%
of the share capital of Aliseda Servicios de Gestión Inmobiliaria,
S.A. ("Aliseda"). The valuation attributed to the Spanish assets of
the Business (real estate, loans and tax assets, not including
Aliseda) is approximately EUR10 billion and is subject to final
determination based on the assets remaining within the Business at
closing and the integration of Aliseda. From closing, Blackstone
will undertake the management of the Business.
Closing is expected to occur in the first quarter of 2018 once
all of the conditions to the Transaction, including the relevant
regulatory authorisations and other customary conditions, have been
satisfied.
The Transaction will result in the deconsolidation of the
Business from the balance sheets of Banco Popular and Banco
Santander, with no effect on P&L, and it is estimated that it
will have a positive impact of 12 basis points in the capital (CET
1, "fully loaded") of Santander Group. Moreover, the capital
consumption of 5 basis points which would result from the purchase
of a 51% interest in Aliseda by Banco Popular will be released.
Boadilla del Monte (Madrid), 8 August 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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