Akin Advises Intrum in €1 Billion Asset Sale to Cerberus
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(London and New York) – Akin advised Intrum AB, one of Europe’s largest non-performing loan servicers, in its agreement to sell a material portion of its investment portfolio to affiliates of Cerberus Capital Management L.P. for more than €1 billion.
This transaction involves over 10,000 portfolios in 13 jurisdictions across Europe with a nominal value of €33 billion, as of September 30, 2023. As part of the transaction, Intrum will retain a 35% ownership stake in the purchasing entity owning these assets and has entered into a minimum of 5-year exclusive agreement to retain the servicing of the full portfolio.
Akin assisted Intrum on all aspects of this transaction, including the asset sales, pre-sale reorganization, pan-European servicing arrangements, financing, joint venture matters, tax structuring, regulatory advice and overall transaction management.
Learn more about the transaction here.
The cross-practice Akin team advising Intrum was led by special situations practice co-head Ranesh Ramanathan and corporate partner David Sewell and included:
Corporate
Counsels Dougall Meston, Christopher Beardmore, George Burt and Akito Watkin, and associate Callum James
Special Situations
Partners Sam Brodie and Amy Kennedy, counsel Rebecca Davies and associate Tim Kennedy
Tax
Partner Serena Lee and counsel Mohammed Natha
Regulatory
Partner Jasper Helder and associate James Matson
Litigation & Technology
Senior counsel Jenny Arlington
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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