Garrigues advises Spanish bank on £557m insurance business sale
Spanish giant Garrigues has advised on a €556.8m (£505.9m) M&A deal in one of the biggest transactions in Spain so far this year. The firm has advised Caixa Catalunya, one of Spain's largest banks, on the sale of half of its insurance business to Spanish insurance company Mapfre.
March 23, 2010 at 09:21 PM
2 minute read
Spanish giant Garrigues has advised on a €556.8m (£505.9m) M&A deal in one of the biggest transactions in Spain so far this year.
The firm has advised Caixa Catalunya, one of Spain's largest banks, on the sale of half of its insurance business to Spanish insurance company Mapfre.
Barcelona M&A partner Ramon Girbau and tax partner Ignacio Calvet led the team for Garrigues, with the pair assisted by corporate senior associate Naiara Bueno.
Mapfre relied on its in-house legal team, with Atlas Capital serving as financial adviser. Morgan Stanley acted as financial adviser to Caixa Catalunya.
The deal, which completed on 5 March, will see Mapfre pay Caixa Catalunya €446.8m (£406.5m) in instalments between 2010 and 2015, with the remaining €110m (£99m) paid provided that a number of specified business goals are achieved.
Caixa Catalunya is in the process of merging with Spanish savings banks Caixa Tarragona and Caixa Manresa, with the other two banks likely to strike up similar deals with Mapfre.
Girbau said: "The merger involves Caixa Tarragona and Caixa Manresa and will give rise to the third [largest] Spanish savings bank. Both Caixa Tarragona and Caixa Manresa are expected to follow the same track by means of their own bank assurance deals with Mapfre."
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