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.