Santander Holdings USA’s Acquisition of Santander Consumer USA Holdings

Wachtell, Lipton, Rosen & Katz advised Santander Holdings USA, Inc. in the transaction.

Santander Holdings USA, Inc. (“SHUSA”) had made a proposal to acquire all of the outstanding shares of common stock of Santander Consumer USA Holdings Inc. not already owned by it for $39.00 per share.  

Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a global banking group with 149 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander’s U.S. businesses, SHUSA is the parent organization of five financial companies with more than 15,000 employees, 5 million customers, and $150 billion in assets as of December 2020.

Santander Consumer USA Holdings Inc. (NYSE: SC), headquartered in Dallas, is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3.1 million customers across the full credit spectrum. SC, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $64 billion (for the first quarter ended March 31, 2021).

J.P. Morgan Securities LLC acted as financial advisor to SHUSA.

Wachtell Lipton’s team was led by partners Edward D. Herlihy (Picture), Richard K. Kim and Mark F. Veblen and included Alon B. Harish, Associate (Corporate), Joshua M. Holmes, Partner, Liam N. Murphy, Associate (Tax), and David E. Kahan, Partner (Executive Compensation and Benefits).

Involved fees earner: Alon Harish – Wachtell, Lipton, Rosen & Katz; Edward Herlihy – Wachtell, Lipton, Rosen & Katz; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; David Kahan – Wachtell, Lipton, Rosen & Katz; Richard Kim – Wachtell, Lipton, Rosen & Katz; Liam Murphy – Wachtell, Lipton, Rosen & Katz; Mark Veblen – Wachtell, Lipton, Rosen & Katz;

Law Firms: Wachtell, Lipton, Rosen & Katz;

Clients: Santander Holdings USA, Inc.;

Author: Martina Bellini