FILE PHOTO: Signage for Santander bank in London, Britain, February 14, 2012. REUTERS/Luke MacGregor
August 24, 2021
(Reuters) – Santander Consumer USA Holdings Inc said on Tuesday it had agreed to be taken private by its majority shareholder Santander Holdings USA Inc for $41.50 per share in cash, representing an equity value of $12.7 billion.
Santander’s United States arm offered in July to buy the shares it does not own in the consumer finance company for around $2.4 billion at $39 per share.
Tuesday’s offer price represents a premium of about 14% to the company’s last close on July 1, when the deal was first announced.
The transaction has been unanimously approved by the boards of both the companies and is expected to close in the fourth quarter of 2021.
Santander has been trying to consolidate some of its businesses under tighter control. Earlier this year, the bank bought back the minority stake in its Mexican business that it did not already own, having taken full control of it two years earlier when it was delisted.
(Reporting by Ann Maria Shibu in Bengaluru; Editing by Subhranshu Sahu and Shounak Dasgupta)
Source: One America News Network
