S&C Advise On $1.1 Billion Acquisition Deal
Safra Group, Brazilian banking company, agreed Friday to pay about $1.1 billion in cash to acquire Switzerland's Bank Sarasin. Rabobank Group of the Netherlands will be handing over the Sarasin stake to Safra. It holds a 46 percent equity interest and 68.6 percent of the voting rights through its two classes of stock ownership in Sarasin. After the acquisition, Safra will have expanded its private banking business beyond its current market in Europe and the Americas into the Middle East and Asia. Sullivan & Cromwell and the Swiss firm Lenz & Staehelin are hired by Safra.