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Owner of Novobanco buys 7% stake in Spanish Sabadell

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Briefings

French bank BPCE acquired a 7% stake in Spanish bank Sabadell via market purchases, with plans to become a long-term shareholder. The deal is valued at approximately 1.19 billion euros based on current market prices, though the exact transaction value was not disclosed. This acquisition follows Sabadell's strategic focus on autonomy after selling its UK subsidiary TSB and rejecting a hostile public takeover offer from rival BBVA in the previous year. BPCE aims to secure a seat on Sabadell's board of directors, with a maximum stake capped at 9.9%. The acquisition is expected to trigger discussions with Spanish and European regulators regarding administrator appointments, which are subject to regulatory approval. Market reactions were positive, with Sabadell's stock rising 2.50% to 3.64 euros per share. Prior to this, BPCE completed the acquisition of Novobanco in April 2026 for 6.7 billion euros, acquiring all capital and majority stakes in Lone Star and state/fund holdings.

Key points

• French bank BPCE acquired a 7% stake in Spanish bank Sabadell through market purchases, with plans to become a long-term shareholder.
• The deal is valued at approximately 1.19 billion euros based on current market prices, though the exact transaction value was not disclosed.

Context

French bank BPCE acquired a 7% stake in Spanish bank Sabadell through market purchases, with plans to become a long-term shareholder. The acquisition follows Sabadell's strategic focus on autonomy after selling its UK subsidiary TSB and rejecting a hostile public takeover offer from rival BBVA in the previous year.

Limitations

The exact transaction value of the Sabadell acquisition was not disclosed, though current market prices suggest a valuation of approximately 1.19 billion euros. The timeline for the Sabadell acquisition is not specified, only the April 2026 Novobanco deal is dated. Regulatory approval for administrator appointments is pending, and specific dates for regulatory discussions are not provided.

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