Linklaters advises Cerberus on the acquisition and financing of SEK 11.5bn asset sale by Intrum

Linklaters has advised Cerberus on the acquisition and financing of a SEK 11.5bn portfolio of loans acquired from Intrum. The transaction involves over 10,000 portfolios with a nominal value of SEK 382bn (€33bn) and a book value of SEK 11.5bn (€1.0bn) as of 30 September 2023 across 13 European jurisdictions.

The transaction is structured as a joint venture partnership, in which Cerberus will hold a 65% ownership stake and Intrum will hold a 35% ownership stake. The joint venture partnership has also entered into an agreement with Goldman Sachs to provide financing for the transaction.

Tracey Lochhead and Tom Quoroll commented:

“It is a pleasure to have advised our long-standing client Cerberus on this transformational deal. It really showcases one of the key strengths of our firm – our ability to bring together the best corporate and finance expertise across the globe to deliver joined up advice. Some of the most interesting receivable sale transactions from 2024 are going to move beyond asset disposals towards M&A and we are very well placed to help clients with the unique challenges and opportunities which arise.”

The Linklaters cross-practice and multi-jurisdictional team was led by the London corporate and finance teams consisting of partners Tracey Lochhead and Tom Quoroll, managing associates Gigi Hock, Jeppa Persson, associates Dan Hilbert, Rohan Bhatia, Daniel Leroni, Eoin Quinsey, and Mackenzie Hewett.

Linklaters teams in Poland, Germany, France, Spain, Portugal, Sweden and The Netherlands provided key advice and assistance on the transaction.

Linklaters also worked with firms in Ireland, Finland, Greece, Austria and Switzerland to deliver the transaction for Cerberus.