Simpson Thacher Represents Investor Group in $1 Billion Acquisition of 25% of Santander Consumer USA Inc.
10.21.11
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Simpson Thacher is representing Warburg Pincus, Kohlberg Kravis Roberts and Centerbridge Partners in connection with their agreement to purchase a 25% interest in Banco Santander's US auto finance business for an aggregate purchase price of $1 billion. The transaction is subject to customary closing conditions, including obtaining the relevant regulatory approvals, and is expected to close in the fourth quarter of 2011.
The company in which KKR, Warburg Pincus and Centerbridge Partners are taking a stake, Santander Consumer USA, is a leader in the automotive finance sector. It has a serviced loan portfolio of more than $25 billion and relationships with nearly 13,000 automotive dealers in the U.S.
The Simpson Thacher team working on this deal includes: Lee Meyerson, Elizabeth Cooper, Tom Lamprecht, Anna Schwartz and Kate Yoon (M&A); Laura Palma (Securities); James Cross, Jim Doyle and Mike Vernace (Credit); Steve Todrys and Anthony Minervini (Tax); Jennifer Pepin and Doug Tang (ECEB); Lori Lesser and Mindy Lok (IP); and Michael Naughton, Ellen Frye and Ken Ehrhard (Antitrust). The Simpson Thacher attorneys representing Centerbridge Partners are Wilson Neely and Daniel Layfield.