M&A Deal Summary

Popular Acquires Wells Fargo - Auto Finance Business

On February 14, 2018, Popular acquired financial services company Wells Fargo - Auto Finance Business from Wells Fargo for 1.7B USD

Acquisition Highlights
  • This is Popular’s 2nd transaction in the Financial Services sector.
  • This is Popular’s largest (disclosed) transaction.
  • This is Popular’s 1st transaction in Puerto Rico.

M&A Deal Summary

Date 2018-02-14
Target Wells Fargo - Auto Finance Business
Sector Financial Services
Buyer(s) Popular
Sellers(s) Wells Fargo
Deal Type Divestiture
Deal Value 1.7B USD

Target

Wells Fargo - Auto Finance Business

San Juan, Puerto Rico
Wells Fargo & Co. - Auto Finance Business portfolio has credit characteristics that are similar to Banco Popular’s existing self-originated portfolio. Banco Popular will also acquire certain other assets and assume certain liabilities of Reliable.

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Buyer(S) 1

Buyer

Popular

Hato Rey, Puerto Rico

Category Company
Founded 1893
Sector Financial Services
Employees9,241
Revenue 2.6B USD (2023)
DESCRIPTION

Popular is a banking institution by both assets and deposits in Puerto Rico and in the United States ranks among the 50 largest banks and thrifts by total assets. In the United States, Popular has established a community banking franchise providing a broad range of financial services and products with branches in Florida, New Jersey and New York. Popular was founded in 1893 and is based in Hato Rey, Puerto Rico.


DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 2 of 2
Type (Divestiture) 1 of 1
Country (Puerto Rico) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-27 Banco Popular de Puerto Rico 10 Branches

United States

Banco Popular de Puerto Rico 10 Branches offers retail and commercial banking services.

Sell -

Seller(S) 1

SELLER

Wells Fargo

San Francisco, California, United States

Category Company
Founded 1852
Sector Financial Services
Employees222,544
Revenue 82.6B USD (2023)
DESCRIPTION
Wells Fargo's corporate headquarters in downtown San Francisco, California.
Wells Fargo's corporate headquarters in downtown San Francisco, California.

Wells Fargo is a diversified financial services company that provides retail, commercial and corporate banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 US states, the District of Columbia and in other countries. Wells Fargo provides other financial services through subsidiaries engaged in various businesses, principally: wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. Wells Fargo was formed in 1852 and is based in San Francisco, California.


DEAL STATS #
Overall 11 of 15
Sector (Financial Services) 5 of 6
Type (Divestiture) 10 of 14
Country (Puerto Rico) 3 of 3
Year (2018) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-12 Shareowner Services

Mendota Heights, Minnesota, United States

Shareowner Services is a provider of shareowner services in the U.S., including stock transfer agent, corporate action, and investment plan services to more than 1200 public and private companies across the U.S.

Sell $227M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-09 Wells Fargo - Institutional Retirement & Trust Business

San Francisco, California, United States

Wells Fargo & Co. - Institutional Retirement & Trust Business offers comprehensive services for 401(k) and other retirement plans that include a wide range of investment options, participant communication, and fiduciary support.

Sell $1.2B