Deals
Unicaja to Buy Rival Liberbank in Boost to Spanish Deals
- Transaction set to create Spain’s fifth largest bank
- Unicaja issue as much as $1.3 billion of new stock for deal
The combined Unicaja and Liberbank will have assets of 109 billion euros, making it the fifth-largest banking operation in Spain if regulators approve the takeover of Bankia by CaixaBank.
Photographer: Paul Hanna/BloombergThis article is for subscribers only.
Spain’s Unicaja Banco SA agreed to buy rival Liberbank SA in an all-share deal, adding to a flurry of deal-making in the nation’s finance industry.
Unicaja will pay 1 new share for every 2.7705 of Liberbank shares, issuing as much as 1.08 billion euros ($1.3 billion) of stock to fund the purchase, according to a statement on Tuesday. Unicaja shareholders will have 59.5% of voting rights in the new bank compared to 40.5% for Liberbank’s investors.