General Atlantic, Warburg Pincus Buy 50% Of Santander Asset Management

May 31 2013 | 12:09pm ET

Two private-equity firms have struck a deal for half of Santander Asset Management.

General Atlantic and Warburg Pincus will pay €700 million for the stake. The two have been in exclusive talks with Banco Santander for more than a month; Santander has been seeking to build or sell the business for years.

With the deal, it will do both: Santander, General Atlantic and Warburg Pincus said they hope to double the unit's assets under management, currently €152 billion, within five years.

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