Mandate

Vinge advises Santander in connection with the acquisition of GE Money Bank

June 25, 2014

Vinge is advising Santander Consumer Finance, S.A. (“Santander”) in connection with its acquisition of GE Money Bank AB (“GE Money Bank”) from GE Money Bank Holding AB. The transaction is conditional upon approval by the Swedish Financial Supervisory Authority and other relevant competition authorities. The purchase price amounts to approximately EUR 700 million following the execution of a pre-closing dividend  from GE Money Bank to the Seller. Santander will also assume GE Money Bank’s intra-group loans on closing. Closing is expected to occur during the second half of 2014.

Pursuant to the terms of the transaction, the Banco Santander’s consumer finance unit will acquire GE Money Bank’s businesses in Sweden, Norway and Denmark. With a loan portfolio of EUR 2.35 billion, GE Money Bank occupies an attractive market position within consumer finance, such as direct loans and credit cards, whereas Santander is a leader in the region within auto financing with outstanding loans amounting to EUR 8.9 billion. Following the transaction, Santander’s Nordic consumer finance unit will have more than 1.2 million customers in the Nordic region.

Vinge’s team consisted of responsible partner Christina Kokko and partner Bo Adrianzon together with associates Jonas Johansson and Maria Dahlin. Partner Fredrik Wilkens and associates Emma Stuart-Beck, Louise Nordkvist and Helena Håkansson provided regulatory advice. Partners Eva Fredriksson and Karin Grauers and associates Anna Möller, Malin Malm and Mathilda Persson provided advice regarding IT, IP and transitional services. Partner Mikael Ståhl and associates Albert Wållgren and Mattias Sköld advised on financing issues. Associates Malin van den Tempel and Axel Hedberg advised on insurance law. Partner Fredrik Dahl and associate Sara Strandberg provided employment law advice. Partner Marcus Glader and associates Grant McKelvey and Isabelle Nilsson provided competition law advice.

Accura provided legal advice in relation to the business in Denmark and Wiersholm provided legal advice in relation to the business in Norway.

 

Sweden proposes a new law on investment screening which will have significant implications for transactions

Contrary to the situation in many other countries, there are currently only limited possibilities to regulate or prevent foreign direct investments in Sweden that could entail risks to Swedish security interests. Existing regulatory frameworks, such as the Protective Security Act (Sw. Säkerhetsskyddslagen), are limited to certain areas, to certain activities and to specific situations. The final report of the Inquiry of foreign direct investments (Sw. Granskning av utländska direktinvesteringar), published on 1 November 2021, puts forward a proposal for new legislation to address this gap.
November 04, 2021

The Swedish Government decides on amendments to regulations on cabotage transports

The Swedish Government has now decided to implement changes in the regulations concerning the conditions for foreign hauliers' freight transport in Sweden and the responsibility for customers ordering such transports. The Government's decision was prompted by a judgment from the Court of Appeal over Skåne and Blekinge in case B 3209-20, on 5 May 2021.
November 02, 2021

Wibeke Sorling appointed as new partner

Commencing 1 January 2022, Wibeke Sorling will become a partner at Vinge’s Gothenburg office.
October 27, 2021