Overview
- Sabadell, which closed the deal on Friday, received £2.863 billion in cash from Santander for TSB.
- The bank expects about €300 million in gains and plans a €0.50 per share special dividend on May 29.
- The price included £2.650 billion for the purchase plus £213 million for value generated to closing, implying roughly 1.5 times TSB’s book value.
- Santander is folding TSB into Santander UK and expects at least £400 million in yearly cost savings alongside £520 million in restructuring charges in 2026–27.
- The sale follows Sabadell’s 2015 purchase of TSB for £1.7 billion and also strengthened its defense against BBVA’s 2025 takeover attempt.