Santander Asset Management's €5.4 Billion Merger with Pioneer Global Asset Management

Cleary Gottlieb is acting for SAM Investment Holdings Ltd and private equity firms Warburg Pincus LLC and General Atlantic LLC in the combination of SAM with the asset management business of Pioneer Global Asset Management S.P.A.

Warburg Pincus and General Atlantic acquired a 50 percent stake in SAM from Banco Santander S.A. in 2013. Pioneer is owned by Unicredit S.P.A.

The combination will result in the creation of two international asset management businesses: one active in the U.S. and Canada and owned by Unicredit, Warburg Pincus and General Atlantic; and one active outside those jurisdictions and owned by Santander, Unicredit, Warburg Pincus and General Atlantic. The transaction values the two companies, which will have approximately €370 billion of assets under management, at around €5.4 billion.