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.
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