Oriental Financial Group in Acquisition of BBVA's Puerto Rico Subsidiaries
July 5, 2012
Cleary Gottlieb represented Oriental Financial Group, a Puerto Rican bank holding company, in connection with its agreement with Banco Bilbao Vizcaya Argentaria to acquire BBVA’s Puerto Rico bank and other subsidiaries, for $500 million in cash. In connection with the acquisition Cleary Gottlieb also advised Oriental on a private placement of non-cumulative convertible perpetual preferred stock. Consummation of the acquisition is targeted for the end of 2012, pending regulatory approvals. Oriental expects to raise additional equity to finance the acquisition.