Magic circle duo lead €2bn GE-Santander swap
Slaughter and May and Linklaters have bagged the lead advisory roles on the agreement between Banco Santander and GE Money to swap European assets worth a combined value of around €2bn (£1.58bn). Slaughters took the lead for General Electric's finance arm as it reached a preliminary agreement yesterday to acquire Italian bank Interbanca from Santander. Linklaters led for the Spanish banking giant, which under the agreement will acquire the GE Money businesses in Germany, Finland and Austria, as well as its credit card and auto-financing businesses in the UK.
March 28, 2008 at 11:43 AM
3 minute read
The original version of this story was published on Law.com
Slaughters took the lead for General Electric's finance arm as it reached a preliminary agreement yesterday to acquire Italian bank Interbanca from Santander. Linklaters led for the Spanish banking giant, which under the agreement will acquire the GE Money businesses in Germany, Finland and Austria, as well as its credit card and auto-financing businesses in the UK.
Corporate partner Andy Ryde spearheaded the team for Slaughters, working alongside lawyers from Hengeler Mueller in Germany, Hannes Snellman in Finland and Austria's Wolf Theiss.
The Linklaters team was fronted by City-based corporate partner Olivia McKendrick and Madrid corporate partner Miles Curley.
Both Slaughters and Linklaters are longstanding advisers to their respective clients.
Santander gained control of Interbanca as part of a division of assets following the takeover of ABN Amro last year. The Spanish group was part of an RBS-led consortium that acquired the Dutch bank for €71.1bn (£49.5bn), when Linklaters advised RBS and Slaughters was instructed by Santander.
Following the completion of the deal, Santander expects to integrate the GE Money businesses - which have total assets valued at €9bn (£7.1bn) - into its consumer finance and Santander Cards businesses. Interbanca, meanwhile, is set to become part of GE Commercial Finance.
Slaughters took the lead for
Corporate partner Andy Ryde spearheaded the team for Slaughters, working alongside lawyers from Hengeler Mueller in Germany, Hannes Snellman in Finland and Austria's Wolf Theiss.
The
Both Slaughters and
Santander gained control of Interbanca as part of a division of assets following the takeover of ABN Amro last year. The Spanish group was part of an RBS-led consortium that acquired the Dutch bank for €71.1bn (£49.5bn), when
Following the completion of the deal, Santander expects to integrate the GE Money businesses - which have total assets valued at €9bn (£7.1bn) - into its consumer finance and Santander Cards businesses. Interbanca, meanwhile, is set to become part of GE Commercial Finance.
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