Hellman & Friedman, GIC complete bond issuance to acquire Allfunds

LHC3 Plc, the consortium formed by private equity investor Hellman & Friedman and Singapore sovereign wealth fund GIC, has completed the issuance of senior pay-in-kind toggle bonds -worth €575m and maturing fixed in 2024- for the purchase of Allfunds Bank SA.

The operation, aimed at financing the acquisition of the Spanish investment fund distribution platform, comes after Santander and its partners of Allfunds announced in March they had reached an agreement for the sale of 100% of Allfunds to affiliated funds.

To date Allfunds’ shareholders are Banco Santander with 25% of the capital through Santander Asset Management, the Warburg Pincus and General Altlantic funds also holding 25% (through Santander AM), and Eurizon Capital SGR, a subsidiary of Italian Intesa Sanpaolo which holds the remaining 50%.

 

ABOUT THE AUTHOR
Eugenia Jimenez
Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as assisting with coverage of Italy. She holds a UK NCTJ- accredited Multimedia News Reporting course and studied Journalism at the University of Sevilla. She has worked for local media organisations in Sevilla and Málaga, mainly in broadcasting as a news reporter, among other roles. She has also worked for a local newspaper in Sevilla, reporting on current affairs, local government and culture.

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