Cleary Gottlieb represented Goldman Sachs in its acquisition of certain U.S. loan and servicing assets of Popular, Inc., a Puerto Rico-based financial institution. The transaction, announced on August 28, is valued at $760 million and is expected to close in the fourth quarter of 2008.
In the transaction Goldman Sachs agreed to acquire $1.1 billion in mortgage, consumer, auto and other types of loans and its subsidiary, Litton Loan Servicing, agreed to acquire additional mortgage servicing rights. Cleary Gottlieb previously represented Goldman Sachs in its acquisition of Litton from Credit-Based Asset Servicing and Securitization (C-BASS) and in Litton’s acquisition of mortgage servicing rights from Fremont Investment and Loan.