Fried Frank acted as counsel to Goldman Sachs as financial advisor to First BanCorp. in its acquisition of Banco Santander Puerto Rico (BSPR) for a total consideration of approximately US$1.1 billion, representing a US$63 million premium to BSPR's core tangible common equity. First BanCorp. is the parent corporation of FirstBank Puerto Rico—a state-chartered commercial bank with operations in Puerto Rico, the US, and the British Virgin Islands—and of FirstBank Insurance Agency, LLC. BSPR is a subsidiary of Santander Bank. The transaction has been unanimously approved by First BanCorp.'s and FirstBank Puerto Rico's Board of Directors and is expected to close in the middle of 2020.
The Fried Frank deal team was led by corporate partner Philip Richter and included corporate associate Roy Tannenbaum.