The transac­tion to con­tri­bute to ear­nings per share growth of ap­pro­xi­ma­tely 3%

Santander Buys 20% Of Santander Consumer USA For $2.48 Billion

Santander Consumer Bank.
Santander Consumer Bank.

Banco Santander has reached an agree­ment to buy the 20% it did not con­trol of Santander Consumer USA at a price of 41.50 do­llars per share in cash (its initial pro­posal was 39 do­llars), a pre­mium of 14% over the clo­sing price on 1 July, be­fore the an­noun­ce­ment of the first of­fer, made th­rough its US hol­ding com­pany SHUSA, which will fi­nally pay 2.48 bi­llion do­llars (about 2.1 bi­llion eu­ros) for 20% of its fi­nan­cial com­pany in the United States.

In a relevant fact sent to the National Securities Market Commission (CNMV), Santander said that the board of directors of Santander Consumer USA has agreed “unanimously” to recommend the offer to its shareholders (other than SHUSA). SHUSA’s board of directors has also unanimously approved the transaction.

The bank expects the transaction to contribute to earnings per share growth of approximately 3% by 2022.

With this move, the Santander Group reinforces its commitment to the United States, where its most direct rival in Spain, BBVA, has stopped providing commercial banking services.

Headquartered in Dallas, Santander Consumer USA is a company specialising in financing vehicle purchases, which was founded in 1997. It has more than 3.1 million customers and debuted on the stock market in 2014.

After Santander, Consumer USA’s shareholders include fund manager Fidelity (4.5%), Vanguard Group (1.92%), BlackRock (1.86%), Goldman Sachs (0.56%) and Norges Bank (0.31%).

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