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Santander Eyes $1.15B From Unit Stake Sale

Spanish banking group Banco Santander is selling a minority stake in its U.S. consumer finance unit for $1.15 billion.

    Spanish banking groupBanco Santanderis selling a minority stake in its U.S. consumer finance unit for $1.15 billion,The Wall Street Journalreports. The 35 percent stake deal in the car loans specialist unit will be conducted through a capital increase.

    As part of the sale, U.S. firmsWarburg Pincus,Kohlberg Kravis Roberts & Co.andCenterbridge Partnerswill acquire a 25 percent stake of the unitSantander Consumer USA, by paying $1 billion. The remaining 10 percent stake will be bought by the CEO of Santander Consumer,Thomas Dundonvia Dundon DFS.

    Click here for the story fromThe Wall Street Journal.

    Click here for additional coverage fromReuters.

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