Akin Advises Intrum in €1 Billion Asset Sale to Cerberus
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(London and New York) – Akin advised Intrum AB, one of Europe’s largest non-performing loan servicers, in its agreement to sell a material portion of its investment portfolio to affiliates of Cerberus Capital Management L.P. for more than €1 billion.
This transaction involved over 10,000 portfolios in 13 jurisdictions across Europe with a nominal value of €33 billion, as of September 30, 2023. As part of the transaction, Intrum retains a 35% ownership stake in the purchasing entity owning these assets and has entered into a minimum of 5-year exclusive agreement to retain the servicing of the full portfolio.
Akin assisted Intrum on all aspects of this transaction, including the asset sales, pre-sale reorganization, pan-European servicing arrangements, financing, joint venture matters, tax structuring, regulatory advice and overall transaction management.
The deal closed on June 28 and marks the second significant private capital transaction to close for Akin this week.
The cross-practice Akin team advising Intrum was led by special situations & private credit co-head Ranesh Ramanathan and corporate partner David Sewell and included:
Corporate
Counsel Dougall Meston, Christopher Beardmore, Chris Parrott, George Burt and Akito Watkin, and associates Laura McCrea and Callum James
Special Situations
Partners Sam Brodie and Amy Kennedy.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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