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.