Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 673

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 673
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 the last day prior to the announcement of SHUSA’s initial offer to acquire the remaining outstanding shares of SC’s common stock. On 31 January 2022, after completion of the customary closing conditions, the Transaction was performed and SHUSA increased its share up to the 100% of SC's common stock. The transaction meant a disbursement of USD 2,510million (around EUR 2,239million) for the Group, with a decrease of reserves of EUR 487million and a decrease of EUR 1,752million of minority interests. vi. Acquisition of Amherst Pierpont Securities LLC, a US fixed-income broker dealer On 15 July 2021, Santander Holdings USA, Inc. (SHUSA), reached an agreement to acquire Amherst Pierpont Securities LLC, a market-leading independent fixed-income and structured products broker dealer, through the acquisition of its parent holding company, Pierpont Capital Holdings LLC, for a total consideration of approximately USD 450million (around EUR 405million). The operation was closed on 11 April 2022 once the pertinent regulatory approvals have been obtained. Immediately after the acquisition, SHUSA lent financing to the company for an amount of USD 163million (approximately EUR 147million), which the company used to cancel debt with third parties. Amherst Pierpont Securities LLC (now Santander Capital Holdings LLC, see note 17) is part of Santander Corporate & Investment Banking, Global business line. The business combination meant the recognition of a goodwill of EUR 158million and EUR 24million of intangible assets (mainly relationships with customers) identified in the purchase price allocation, without other relevant value adjustments to net assets of the business.

Annual report 2024 622

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

c) Offshore entities Spanish regulation According to current Spanish regulation (Law 11/2021, of 9 July, Royal Decree 1080/1991, of 5 July and Order HFP/115/2023, of 9 February), Grupo Santander has threebranches in the non-cooperative jurisdictions of Jersey, the Isle of Man and the Cayman Islands (offshore entities). Santander also has twoother subsidiaries incorporated in non-cooperative jurisdictions that are tax resident in the UK and subject to British tax law. i. Offshore subsidiaries A subsidiary resident in Jersey was liquidated