Davis Polk & Wardwell LLP advised Banco Santander, S.A. in connection with its cash tender offer for any and all of the Series 2 $1.5 billion guaranteed perpetual step-up subordinated notes issued by Santander Perpetual, S.A. Unipersonal. Approximately $1.1 billion aggregate principal amount of the notes were validly tendered in the tender offer, representing 95% of the outstanding notes not held by Santander.

Headquartered in Madrid, Banco Santander, S.A. is the leading financial institution by market capitalization in the euro zone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partner Nicholas A. Kronfeld and associates Y. Jung Choi and Gregory C. Scott (not yet admitted) of the New York office. Partner Samuel Dimon and associate Devasish Majumdar of the New York office provided tax advice.