Cerberus and Intrum are in talks to acquire from Hoist a portfolio of 2,000 million euros in unsecured non-performing loans. The negotiations remain open and, although the expectation is that the operation will be signed in the coming days, it has not yet been resolved, according to reports. Bloomberg.
The transaction would be one of the first to be closed by both partners since they signed their alliance and would be resolved through a type of joint venture 70% owned by Cerberus and the remaining 30% by Intrum, being subsequently distributed the management of the new assets 50/50 between the latter company and GCBE Advanced Solutions, property of the American fund.
Hoist, a Swedish debt recovery and restructuring expert, is a long-term investor in the Spanish credit sector. The sale it is negotiating with Cerberus is part of its strategy of regularly selling assets to free up the balance sheet for new deals, he said. Bloomberg.
Cerberus scales the business after closing the Zolva macro-operation in August. its servicer gcbe bought Zolva Platform, the group’s platform in Spain, and its subsidiary in Portugal; and Cerberus a company portfolio of 6,000 million in bad debt. With the transaction, GCBE integrated almost 350 Zolva professionals, and reached 25,000 million euros in assets under management.
GCBE began operations focusing on the recovery of debt exclusively from consumer credit, but in recent years it has been expanding its activity to other types of assets. At the end of 2023, 55% of the portfolio under management was made up of debt with SMEs.
Among other operations, last year Cerberus also bought a portfolio of 2,000 million nominal value from Blackstone, it kept another 800 million from the Santander Spirit Project, more than 100 million in Unicaja properties and another 1,600 million acquired years ago by Deutsche Bank , with mortgages originating from BBVA.
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