Hellman & Friedman, Singapore's GIC Buy Allfunds Bank From Santander, Intesa--Update
March 07 2017 - 4:36AM
Dow Jones News
By Giovanni Legorano in Rome and Jeannette Neumann in Madrid
Private-equity firm Hellman & Friedman LLC and Singapore's
sovereign-wealth fund GIC bought Allfunds Bank SA, giving the
buyers access to a fund-distribution network that has EUR250
billion in assets.
The deal values Allfunds Bank at EUR1.8 billion, GIC said in a
statement on its website.
Allfunds is jointly owned by Spain's Banco Santander SA, Italy's
Intesa Sanpaolo SpA and funds Warburg Pincus LLC and General
Atlantic LLC.
Intesa said Tuesday that the sale to Hellman & Friedman and
GIC of its 50% stake in Allfunds Bank would generate a capital gain
of around EUR800 million. Intesa held the stake though Eurizon
Capital SGR, an asset manager it controls.
Santander said the sale of its 25% stake in Allfunds Bank will
general a net capital gain of around EUR300 million for the Spanish
bank.
The remaining 25% will be sold by Warburg Pincus and General
Atlantic, which did not immediately provide details of their gains
from the sale.
-Write to Giovanni Legorano at giovanni.legorano@wsj.com and
Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
March 07, 2017 05:21 ET (10:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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