Davis Polk advised Grupo Financiero Santander México, S.A.B. de C.V. in connection with Grupo Financiero Santander México’s $4.1 billion global offering. The global offering included a $3.3 billion SEC-registered initial public offering of 39,750,000 shares of Series B common stock and 265,963,200 ADSs, each representing five Series B shares. The ADSs include 35,681,039 ADSs purchased pursuant to the international underwriters’ over-allotment option. The Series B shares were listed on the Mexican Stock Exchange under the symbol “SANMEX” and the ADSs were listed on the New York Stock Exchange under the symbol “BSMX.” The global coordinators of the international offering were Santander Investment Securities Inc., UBS Securities LLC, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The offering was the second-largest registered initial public offering in the United States so far this year.
Concurrently with the SEC-registered initial public offering, the selling shareholders sold 319,977,408 Series B shares in an approximately $780 million offering in Mexico, including 41,736,184 Series B shares purchased pursuant to the Mexican underwriters’ over-allotment option.
Grupo Financiero Santander México is the second-largest financial services holding company in Mexico based on net income and the fourth-largest financial services holding company in Mexico based on total assets. Through its bank and other subsidiaries, it provides a wide range of financial and related services, principally in Mexico. Grupo Financiero Santander México is a member of the Santander Group, one of the largest financial groups in the world in terms of market capitalization.
The Davis Polk corporate team included partner Nicholas A. Kronfeld, associates Alain Kuyumjian and Meghan Maloney and foreign temporary associate Eduardo Postlethwaite. Partners Samuel Dimon and Mario J. Verdolini and associate Changsheng (Eric) Song provided tax advice. Partner Jean M. McLoughlin and associate Rachel Antler provided employee benefits advice. Partner Arthur S. Long and associates Cristina Victoria Regojo and E. Ashley Harris provided bank regulatory advice. Inés Velasco was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and Washington DC offices.
