Allen & Overy advising Banco Sabadell on €2.4bn TSB deal

Allen & Overy is advising Banco Sabadell on its proposed takeover of the UK bank TSB.

A Banco Sabadell statement said price agreed on for the operation was £1.7 billion (approximately €2.4 billion).

The statement added that the public offering of Banco Sabadell is 340 pence per share (approximately €4.70 per share) which “signifies a premium of 29 per cent compared to the price of TSB before the operation was announced”.

The current executive team of TSB has advised its shareholders to accept Banco Sabadell´s offer, the statement said.

Herbert Smith Freehills is advising TSB.