Cravath Helps Santander Sell Auto Unit Stake To PE Firms

Law360, New York (October 21, 2011, 2:37 PM EDT) -- Banco Santander SA will sell a 35 percent stake in its U.S. automotive financing unit for $1.15 billion to Warburg Pincus LLC, Kohlberg Kravis Roberts & Co. and other private equity firms to strengthen its balance sheet, the Spanish bank said Friday.

Centerbridge Partners, along with Warburg and KKR, will invest $1 billion for a 25 percent share in Fort Worth, Texas-based Santander Consumer USA, the bank said in a statement. Dundon DFS LLC, associated with the auto finance unit's CEO Thomas G. Dundon, will pay $150...
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