Santander Holdings USA (SHUSA) has unveiled plans to acquire the remaining stake in its US-based consumer unit.

SHUSA submitted a non-binding proposal to acquire all outstanding shares of common stock of Santander Consumer USA Holdings (SC) that are not currently owned by it for $39 per share. The proposal represents a 7.4% premium to 30 June’s closing price of $36.32.

Subsequently, SC formed an independent special committee to assess the proposal.

According to a Reuters report, the deal will value around $2.4bn.

Headquartered in Dallas, Santander Consumer USA Holdings operates as a full-service consumer finance company. It primarily focuses on vehicle finance and third-party servicing.

Currently, SHUSA owns around 80% of SC’s outstanding shares of common stock. If the deal completes, SC will become a wholly-owned subsidiary of SHUSA.

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A wholly-owned subsidiary of Spain’s Banco Santander, SHUSA is the parent organisation of five financial companies. These include Santander Bank, SC, Banco Santander International of Miami, Santander Securities of Boston, Santander Investment Securities of New York.

SHUSA has appointed JP Morgan Securities for financial advisory services on the deal. Wachtell, Lipton, Rosen & Katz will be working as the company’s legal counsel.

In April, Santander announced its first quarter results reporting record earnings in the US. The company’s Q1 2021 attributable profit was €1.61bn, compared to €331m recorded in the year ago quarter.