This transaction is the result of the process that Haya announced in October 2022 to seek different strategic alternatives, with the aim of strengthening the company’s position in a potential consolidation of the sector.
This transaction will mean the integration of Haya into Intrum’s structure in Spain, to which it will contribute the nearly 11,000 million euros it currently manages, including 105,000 real estate assets. In addition, it will add to Intrum’s business in Spain Haya’s team of more than 550 highly specialised professionals, thus strengthening its commercial and operational capabilities.
Enrique Dancausa, CEO of Haya Real Estate, said: “This transaction is a reflection of the great interest generated in the market for Haya’s activity and gives our company a great advantage in the consolidation of the servicing industry in our country. We are very proud to have reached this agreement with one of the leading international players in the credit, collection and real estate asset management sector. From this position of strength, we will continue to maintain a high level of demand in our activity, in addition to continuing to offer a service of excellence to our clients”.
José Luis Bellosta, managing director of Intrum in Spain, said: “We are very pleased with this agreement, as it will allow us to broaden our client base in the Spanish market and deepen our relationship with leading financial institutions, as well as add an excellent team of professionals to our business in Spain.
The transaction is expected to be completed in the third quarter of 2023, subject to the approval of the Spanish competition authority and the formal cancellation of the guarantees on the company’s shares and assets.
Haya Real Estate achieved, at the end of 2022, a transaction volume of €2,438 million and recorded revenues of €173.7 million. In addition, the company announced in 2022 the successful completion of its refinancing and financial recapitalisation process, reflecting the company’s commitment to greater financial stability.
Haya RE in-house Legal team was led by general counsel Ana Suárez Garnelo. On this transaction, she said: “Thanks to everyone that made this milestone possible: our extraordinary internal team, our shareholders and the outstanding professionals that supported us at Ashurst Milbank LLP and Deutsche Bank.”
On the other hand, Gómez-Acebo & Pombo has advised Intrum on the €140 million acquisition of Spanish asset management platform HAYA Real Estate from Cerberus Capital Management.
This transaction expands Intrum’s strong franchise in Spain, one of its main markets and second most profitable country, addresses one of its strategic priorities set out for 2023 “Grow and Transform” and accelerates its commercial development while strengthening the business of providing secured lending and asset management services to key clients.
GA_P’s team advising on the transaction were: Augusto Piñel, Valentina Rodríguez Hernández, Sergio Gómez López and Miren Josu Ibáñez Sustacha Ibáñez, partner, of counsel and associates of Mercantil respectively.
Ashurst advised on the signing of a binding agreement to sell 100% of Haya Real Estate S.A.U., owned by Haya Holdco 2 plc (HH2), to Intrum Holding Spain, S.A.U. (a company listed on the Swedish stock exchange), as well as 100% of the Shareholder loan.
Ashurst’s team advising Haya RE was formed by Corporate Transactions partner in London Molly Woods (pictured left) and Corporate and M&A partner and managing partner of the Madrid office Jorge Vázquez (pictured right).
PwC has also advised Intrum as M&A Advisor and advisor on the Due Diligence process.
The team that has advised on the process as M&A Advisor has been led by partner Jaime Bergaz and senior manager Ignacio Ibarrola, both from PwC Deals.
The Due Diligence process has been approached from an integral perspective, involving different PwC business lines. The legal part was led by partner Beltrán Gómez de Zayas, together with senior manager Emilio Aparicio Marina and manager Álvaro del Caño Durán. The Labour part has been led by partner María Eugenia Guzmán, together with senior associates Virginia Ramírez and Jaime Esteve.
Additionally, the Financial Due Diligence has been led by partner Eric Monsó, partner of PwC and senior manager Jaime García-Riestra, both also from PwC Deals.
