Davis Polk advised Banco de Sabadell, S.A. (Banco Sabadell) as to U.S. federal and English law in connection with its offering of 1,085,510,925 new ordinary shares pursuant to a public rights offering in Spain and private placements to institutional investors outside Spain, including in the United States. The offering raised gross proceeds of approximately €1.607 billion. Banco Sabadell intends to use the net proceeds of the offering to fund its tender offer for TSB Banking Group plc.
Banco Sabadell is the fifth-largest privately owned banking group in Spain measured by total assets, with total consolidated assets of €163.3 billion as of December 31, 2014. Banco Sabadell offers a wide range of banking and financial services, including deposit taking, asset management, personal loans, mortgage lending, short- and medium-term business financing, insurance, brokerage, electronic payment transmission and credit and debit card operations.
The Davis Polk corporate team included partners Jeffrey M. Oakes, Michael J. Willisch and Simon Witty and associates Ester del Valle Izquierdo, Kennard L. Noyes and Nathan Lee. Partner John D. Paton, counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Associate Elina Teboul provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.