M&AFinancial ServicesRUMOURED
ING and CaixaBank Compete for Cetelem in Final Bidding Stage
Value
€1.0Bn
Acquirer
ING and CaixaBank
Target
Cetelem
ING and CaixaBank are competing in the final stage of the sale process for Cetelem. BNP Paribas is aiming to secure 1 billion euros from the financial services unit, although it has received lower offers.
✦ Meridian Analysis
The process to divest Cetelem, BNPParibas’ Spanish consumer‑credit arm, has moved into its final bidding stage. After an initial outreach that failed to produce a deal with CaixaBank, the French bank opened the sale to a broader set of suitors and retained Goldman Sachs as adviser. ING and CaixaBank have emerged as the two remaining contenders and are now completing financial due‑diligence ahead of submitting their final offers to BNPParibas in mid‑December, with a winner expected before Christmas. BNPParibas, meanwhile, is looking to exit a loss‑making retail unit and to raise at least €1 bn.
What remains undisclosed are the exact bid amounts, the implied valuation multiples and the financing structure each bidder would employ. Observers will also watch for the composition of any bridge financing, the potential involvement of other lenders, and the timeline for antitrust clearance and shareholder approval, all of which will shape the final shape of the deal.
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