Hunton & Williams advised global banking institution Banco de Sabadell, S.A. and its U.S. subsidiary Sabadell United Bank in its $1.025 billion acquisition by Lafayette-based IBERIABANK Corporation.
Simpson Thacher & Bartlett in New York represented IBERIABANK.
In the $1.025 billion agreement, announced in February and closed this summer, IBKC acquired Sabadell United Bank from Banco de Sabadell, S.A., in a stock and cash transaction. Sabadell United Bank merges into IBERIABANK. The branch and operating systems conversions are expected to be completed this month.
Sabadell United had 25 offices serving the Dade, Broward, and Palm Beach county area and three offices in Hillsborough, Sarasota, and Collier counties. At the end of June, Sabadell United reported total assets of $5.7 billion, gross loans of $4.1 billion, and total deposits of $4.4 billion. Upon completion of the acquisition at the end of July, IBERIABANK Corporation had approximately $28 billion in total assets.
The Hunton & Williams team representing Sabadell was led by Fernando C. Alonso and Uriel Mendieta in Miami, and included the support of several other Miami lawyers Juan Enjamio, Robert Rausch, Stefano D’Aniello, Rail Seoane and Andrew Spector; David R. Yates, Robert King and L. Scott Austin in Atlanta; Peter Weinstock in Dallas; and Heather Archer Eastep in Washington D.C. The team took direction and worked closely throughout the transaction process with Sabadell’s general counsel in Miami, Anna Oestereicher.
The Simpson Thacher team representing IBERIABANK included partners Lee Meyerson, Elizabeth Cooper, Andrew Keller, Jonathan Goldstein, Gregory Grogan, Lori Lesser and Sasan Mehrara; associates Matthew Rogers, Jodi Schneider, Alina Grinman, and Spencer Sloan; and counsels Mark Chorazak and Krista McManus, all of New York.
Keefe, Bruyette & Woods served as financial adviser to Banco de Sabadell S.A. and Sabadell United Bank, N.A. Goldman Sachs & Co. and UBS Investment Bank served as financial advisers to IBKC and Simpson Thacher & Bartlett served as legal adviser.