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Pepper Group makes ties with Spain

Pepper Group makes ties with Spain

Philippa Stone, Herbert Smith Freehills

A global firm advised Pepper Group on the Australian aspects of its strategic partnership with Banco Popular.

Firms: Herbert Smith Freehills (Pepper Group Limited); Allens (Banco Popular)

Deal: Pepper Group Limited made an international consumer finance alliance with Banco Popular Español S.A.

Value: Undisclosed

Area: Joint venture

Key players: The Herbert Smith Freehills team was led by partner Philippa Stone (pictured), assisted by executive counsel Hemang Shah and solicitor Ben Robinson.

Deal significance: Pepper Group Limited (Pepper) made an international consumer finance alliance with Banco Popular Español S.A (Banco Popular), the fourth-largest banking group in Spain.

The alliance arrangement involves the establishment of a 50/50 joint venture between Pepper and Banco Popular in the Spanish unsecured consumer finance market.

It also includes an agreement to pursue new business opportunities internationally, with the aim of building a global unsecured consumer finance business, focusing on opportunities in Europe, Asia and the Americas.

The joint venture will be the fifth-largest provider in the Spanish point of sale finance market.

Banco Popular has also agreed to acquire an initial 5 per cent interest in Pepper and has entered into a committed five-year equity funding facility under which Banco Popular has agreed to subscribe for additional equity in Pepper of up to $100 million (subject to certain caps, restrictions and conditions precedent) to support future growth.

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Pepper Group makes ties with Spain
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