Grupo Mutua Madrileña, a Spain-based insurance group, has agreed to acquire an additional 24.4% in Alantra Wealth Management from Alantra Partners and 1.8% from minority shareholders.
The approximate deal value is €17.8m. Following this acquisition, Grupo Mutua Madrileña increases its stake to 76.3% of the share capital. The remaining 23.7% of Alantra Wealth Managementremains in the hands of the main executives.
The acquisition adds to the initial purchase, made at the end of 2018, of 50.01% of the entity’s capital. The Mutua Group has also acquired an additional 1.8% of minority shareholders, bringing its stake to 76.3% of the capital. The remaining 23.7% of Alantra WM remains in the hands of the main executives.
Alantra Wealth Management is a company specialised in advising high net worth individuals. It has offices in Bilbao, San Sebastián, Madrid, Barcelona, Seville, Coruña, Vitoria and Zaragoza and more than 3,330 million euros in revenues at the end of 2021.
“The excellent results obtained in recent years support the acquisition by Mutua, which has allowed us to boost the development of Alantra WM’s differential project in the field of asset management and high net worth advisory services. Furthermore, the transaction reinforces the Mutua Group’s diversification and growth strategy in asset management, as set out in our current 2021-202 strategic plan,” said Ignacio Garralda, chairman and CEO of the Mutua Group, which also holds a 20% stake in Alantra Asset Management.
Uría Menéndez advised Mutua Madrileña and Alantra Partners with a team led by Madrid partner and co-head of the M&A and Private Equity practice areas Francisco San Miguel Barbón.