Banco Santander Acquired by Banco Santander | Financial Services M&A Deal

Banco Santander has completed the acquisition of Banco Santander, a financial services other business in New York, for $850,000,000. Banco Santander issues 4.750% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities, supporting capital management for the financial services group. The strategic acquisition is structured as an other acquisition tied to a cross-border tender offer process involving Banco Santander’s New York Branch at 437 Madison Avenue. The strategic acquisition is valued at up to $850,000,000 (with references to $1,000,000,000) and is filed as a Schedule TO tender offer statement under SEC rules for financial services M&A and NY acquisitions.