March 1, 2017
Hunton & Williams LLP advised global banking institution Banco de Sabadell, S.A. and its US subsidiary, Sabadell United Bank, a national banking association, in its $1.025 billion acquisition by Lafayette-based IBERIABANK Corporation (IBKC).
The $1.025 billion agreement, announced on February 28, is a definitive agreement under which IBKC will acquire Sabadell United Bank from Banco de Sabadell, S.A. in a stock and cash transaction. Upon completion of the acquisition, Sabadell United Bank will be merged with and into IBERIABANK. The transaction, expected to close in the second half of 2017, is subject to customary closing conditions which include required regulatory approvals.
“We are pleased to have assisted our long-term client, Banco de Sabadell S.A. in the sale of its US subsidiary, a bank we witnessed develop and grow over the years into a premier Florida banking institution and for which we handled several acquisitions, said partner Fernando C. Alonso. “It is gratifying to be part of that success story and play a role in assisting our Spanish client realize good value on its sale at a propitious time.”
The Hunton & Williams team was led by Fernando C. Alonso and Uriel Mendieta in Miami. The team included the support from Miami lawyers Juan Enjamio, Robert Rausch, Stefano D’Aniello, Rail Seoane and Andrew Spector; David R. Yates, Robert King and L. Scott Austin in Atlanta; Peter Weinstock in Dallas and Heather Archer Eastep in Washington, DC. The team took direction and worked closely throughout the transaction process with Anna Oestereicher, Sabadell’s general counsel in Miami.
Keefe, Bruyette & Woods served as financial advisor to Banco de Sabadell S.A. and Sabadell United Bank, N.A. and Hunton & Williams LLP served as legal advisor. Goldman, Sachs & Co. and UBS Investment Bank served as financial advisors to IBKC and Simpson Thacher & Bartlett LLP served as legal advisor.
Hunton & Williams has an established and diverse banking practice, consisting of lawyers and consultants who regularly represent global financial institutions operating in the United States and internationally.