Grupo Financiero Galicia S.A. (BASE:GGAL) has entered into a binding agreement to acquire HSBC Argentina?s business from HSBC Latin America B.V. for $550 million on April 9, 2024. HSBC expects to receive the purchase consideration in a combination of cash, loan notes and Galicia?s American Depositary Receipts (ADRs), with ADRs accounting for around half of the consideration received and representing less than a 10% economic interest in Galicia. In 2023, HSBC Argentina generated $774 million revenues and at 29 February 2024, it had total assets of $4.7 billion and equity of $1.4 billion.

The transaction is subject to conditions, including regulatory approvals, and is expected to be completed within the next 12 months. Roberto Crouzel, María Shakespear, and María Benson, Luciana Denegri, Santiago Montezanti, Daniel Seoane, Federico Sosa, Agustín Waisman Gustavo Papeschi, María Eduarda Noceti, Florencia Rosati, and Daniel Levi; Eugenia Radaelli from Estudio Beccar Varela, Beatrice Lo and Neil Campbell, Aoife McCabe and Fiona Maclean, James Leslie from Latham & Watkins (London) LLP and Antonio del Pino from Latham & Watkins LLP acted as legal advisors to Grupo Financiero Galicia S.A. (BASE:GGAL). Tomer Pinkusiewicz and Marie Kwon from Gibson, Dunn & Crutcher LLP acted as legal advisors to Grupo Financiero Galicia S.A. (BASE:GGAL).

Nicolás Dulce, Estanislao Olmos and Hugo Bruzone from Bruchou Fernandez Madero & Lombardi and Derek Tong from Linklaters LLP acted as legal advisors to HSBC Latin America B.V.