Popular Announces Agreement to Acquire Wells Fargo’s Auto Finance Business in Puerto Rico

February 14, 2018

S&C represents Popular, Inc., in connection with its subsidiary Banco Popular de Puerto Rico's agreement to acquire and assume from Reliable Financial Services, Inc. and Reliable Finance Holding Company, subsidiaries of Wells Fargo & Company, certain assets and liabilities related to Wells Fargo's auto finance business in Puerto Rico, for an expected purchase price of approximately $1.7 billion. The S&C transaction team was led by Donald Toumey, along with Eric Diamond and Kristin Rulison. Rodgin Cohen advised on certain regulatory matters; Robert Downes advised on certain SEC reporting matters; and Rebecca Coccaro and Joshua Green advised on executive compensation and benefits matters.