Warburg Pincus and General Atlantic in Acquisition Integrating Santander’s Global Asset Management Business

Cleary Gottlieb represented Warburg Pincus and General Atlantic in their agreement with Banco Santander to acquire a jointly held 50% stake in a holding company that will integrate Santander’s global asset management business. The remaining 50% will continue to be owned by Banco Santander.

Santander’s asset management business operates primarily in Europe and Latin America and has over €150 billion of assets under management. The deal valued the business at over $2 billion. The completion of the deal is subject to regulatory and antitrust approvals.

Warburg Pincus and General Atlantic are each leading global private equity firms focused on growth investing with, respectively, more than $40 billion and $18 billion in assets under management.