According to the official announcement, the acquisition of TSB will be executed entirely in cash, resulting in the consolidated bank serving nearly 28 million customers across the United Kingdom.
The agreement will expand Santander’s existing UK branch network by 218 locations, increasing the total from 349 to 567 branches, and will add £35 billion in customer deposits, bringing the total deposits to £183 billion.
In a separate statement, Sabadell indicated that the final consideration is expected to amount to £2.9 billion, reflecting adjustments to the net asset carrying value upon completion of the transaction. The acquisition remains subject to approval by regulatory authorities and Sabadell’s shareholders and is anticipated to be finalized in the first quarter of 2026. Upon completion, Sabadell intends to distribute a special dividend of approximately €2.6 billion.
