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Equity Investments, Other Pre-Announcement, Mergers / Acquisitions

Santander Says Santander Holdings To Buy Santander Consumer's Remaining Shares

Published: 08/24/2021 05:28 GMT
(SC) - Santander Holdings USA Enters Into Definitive Agreement to Buy All Outstanding Shares of Santander Consumer USA Holdings Not Already Owned by Santander Holdings USA.
The Transaction Via an All-cash Tender Offer for $41.50 per Sc Common Share.
Transaction Followed by a Second-step Merger, in Which a Wholly Owned Subsidiary of Shusa Will Be Merged With and Into Sc, With Sc Surviving As a Wholly Owned Subsidiary of Shusa.
Transaction is Currently Expected to Close by Late October Or Otherwise in Fourth Quarter of 2021 Upon Receipt of Regulatory Approval.
All Outstanding Shares of Common Stock of Sc Not Tendered in the Tender Offer Will Be Converted Into the Right to Receive the Offer Price in Cash.
The Offer Price Represents a 14% Premium to the Closing Price of Sc Common Stock of $36.43 As of July 1, 2021.
Transaction is Expected to Immediately Contribute to Banco Santander’s Earnings and Provide Effective Deployment of Capital.
Shusa Currently Owns Approximately 80% of Sc’s Outstanding Shares of Common Stock.
Estimated Capital Impact at Closing to Banco Santander’s Cet1 Ratio Would Be Decline of Around 10 Bps.
The Transaction is Expected to Be Accretive to Its Earnings per Share by Approximately 3% in 2022.
Estimated Capital Impact at Closing to Shusa’s Cet1 Ratio is Decline of 73 Bps.