Warburg Pincus and General Atlantic Sell 50% Stake in Santander Asset Management
November 17, 2016
Cleary Gottlieb is representing private equity groups Warburg Pincus and General Atlantic in connection with the sale to Banco Santander of their 50 percent stake in Santander Asset Management, a holding company that integrated Santander’s global asset management business.
Warburg Pincus and General Atlantic acquired their 50 percent stake from Banco Santander in 2013.
The Madrid-based bank will regain 100 percent ownership of Santander Asset Management, which has €170 billion of assets under management and generates €1.1 billion of annual fee income. Completion of the transaction is subject to customary conditions, including regulatory and antitrust approvals.