Overview

• Investors at an August 6 extraordinary meeting backed the £2.65 bn cash deal with 99.6% support for the sale to Santander
• Sabadell will distribute a €0.50 per-share special dividend, totalling €2.5 bn, using the proceeds from the transaction
• Santander intends to fold TSB into its UK operations, endangering the 200-year-old TSB name on the high street
• The sale price represents 1.5 times TSB’s book value, a notable premium over Sabadell’s 2015 acquisition at book value
• Once integrated, the combined group will be the UK’s third-largest by personal current accounts and will close at least 12 overlapping branches by early 2026