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Private equity snaps up Santander’s €250bn funds supermarket

European wealth funds network, up for sale since November, fetches €1.8 billion

Private equity snaps up Santander’s €250bn funds supermarket

Allfunds, the European funds supermarket co-founded and owned by Spain's Banco Santander and Italy's Intesa Sanpaolo, has been sold to private equity group Hellman & Friedman and the Singaporean sovereign wealth fund for €1.8 billion.

The banks said they were planning to sell the unit in November, and FN reported in January that private equity firms were in pole position for the deal. Estimates for its value had ranged from €1.5 billion to €2 billion.

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