Spanish banking group Banco Santander is selling a minority stake in its U.S. consumer finance unit for $1.15 billion, The Wall Street Journal reports. The 35 percent stake deal in the car loans specialist unit will be conducted through a capital increase.
As part of the sale, U.S. firms Warburg Pincus, Kohlberg Kravis Roberts & Co. and Centerbridge Partners will acquire a 25 percent stake of the unit Santander Consumer USA, by paying $1 billion. The remaining 10 percent stake will be bought by the CEO of Santander Consumer, Thomas Dundon via Dundon DFS.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Reuters.
Thomas Dundon U.S. Banco Santander Spanish Santander Consumer USA