Tressis and Haitong Capital terminate acquisition deal

Tressis and Haitong Capital, the private equity arm of Haitong Bank, have called off a deal to carry out the management buyout of the Spanish asset manager and Haitong’s acquisition of a minority stake in Tressis.

The transaction, advised by Haitong Bank and announced in August last year, was pending of authorisation from the Bank of Portugal. Both parties have now agreed to cancel the agreement after the Bank of Portugal said this operation would have an impact on the ongoing restructuring of the Haitong Bank group.

The Spanish asset management firm said in a statement that Tressis and the Haitong Bank group will continue to collaborate for business development opportunities in the future.

In August last year, Tressis announced a management buyout to acquire a majority stake in the Spanish asset manager for an undisclosed sum.

After the transaction, Haitong Capital, would become a shareholder with a minority stake in Tressis, the asset manager said at the time.

 

ABOUT THE AUTHOR
Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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