Spain: CNMC approves Banco Popular’s Aliseda bid

The National Commission for Markets and Competition (CNMC) has authorized Banco Popular’s bid to acquire the 51% of Aliseda currently woned by investment funds Varde Partners and Kennedy Wilson Holdings.

Santander, the current owner of Banco Popular, will transfer 100% of the capital of Aliseda to a new company, which will be responsible for managing Popular’s participation, consisting in 51% of shares for Blackstone and 49% for Popular as per the framework of the agreement reached by both entities.

Taking into account the current valuation of real estate assets and businesses, which amounts to € 30 billion ($35.7 billion) Blackstone will disburse about € 5.1 billion (US $ 6 billion) for the controlling stake in the new company, although this figure is subject to change.

Full Content: El Español

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.