Thursday, 26 May 2016
Last updated 7 hours ago
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.