Deals
Santander to Sell 5% Stake in Brazil Unit to Qatar
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Banco Santander SA agreed to sell $2.7 billion of bonds that must be converted into stock in its Brazilian unit to Qatar Holding LLC as Spain’s biggest bank seeks to raise funds following acquisitions.
The exchange price for the three-year bonds will be 23.75 reais ($14.22) a share, Santander said today in a filing to regulators in Madrid. The bonds pay an annual coupon of 6.75 percent, it said. The converted stock represents a 5 percent stake in Santander’s Brazilian unit, which closed at 24.88 reais a share on Oct. 15.