Intrum acquire the 80% of Solvia to Banco Sabadell
Our M&A team have advised Intrum Holding Spain, S.A.U. (Spanish subsidiary of Intrum AB, a company listed in Stockholm with a current market cap of SEK 29.07Bn) in the acquisition of 80% stake in Solvia Servicios Inmbiliarios, S.L. (a renowned leading servicer in Spain) from Banco Sabadell, S.A. for an initial price of €241Mn that may be increased in €40Mn depending on the future performance of certain Solvia business lines.
Our advisory included a legal due diligence exercise, the negotiation of a complex SPA with several price elements (including an earn-out) and subject to different CPs (including antitrust authorisation), the negotiation of a new comprehensive SLA with the seller and a Shareholders Agreement between Intrum and Banco Sabadell as shareholders of Solvia. Although it was a hard and complex negotiation, we managed to come up with innovate solutions in order to avoid blockling negotiations.
Although the transaction was boosted and coordinated by Intrum Holding Spain team, the senior management of Intrum AB was also actively involved in the transaction since it was a strategic milestone in Southern Europe for the group.
The SPA was signed on 14 December 2018 and the transaction was closed and completed once all CPs were met on 23 April 2019.
The team was directly led by Carlos Blanco Morillo, partner, and included Alberto Vilalta and Vanesa Garbayo, associates of the Corporate and M&A department.
