Warburg Pincus and General Atlantic acquire 50% of SAM

The transaction values Santander AM at €2.047bn and generates a net capital gain of €700m for the Santander Group.

The move comes as Santander AM attempts to boost the global growth of its asset management unit. The company is hoping to double its business volume in the next five years while actively participating in the expected consolidation of the market.

Under the new agreement, Banco Santander will administer products managed by Santander AM in the countries were the group has retail branches. Santander AM also plans to expand the availability of its products and services internationally beyond its current branch network.

The deal follows another partnership between Warburg Pincus and Santander, in which the US private equity house is Banco Santander's partner in Santander Consumer USA, the bank's consumer finance offering in the US.

Company
Santander AM comprises 11 asset management companies, currently managing €152bn, primarily in Europe and Latin America.

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• Topics
• Southern Europe
• Financials
• Expansion
• Santander
• Warburg Pincus
• General Atlantic