CaixaBank SA said it has agreed to sell a 29% stake it holds through a unit in Comercia Global Payments to Global Payments Inc. for €493 million.
In total, the Spanish bank holds a 49% stake in the company through its subsidiary CaixaBank Payments & Consumer E.F.C. E.P. S.A.U. Comercia Global Payments is a joint venture between CaixaBank Payments & Consumer and Global Payments.
The deal values the joint venture at €1.70 billion.
The sale is expected to generate a post-tax capital gain of €410 million, equivalent to 19 basis points of common equity Tier 1 ratio capital.
CaixaBank said its commercial agreement with Comercia Global Payments will be extended to 2040.
The stake sale is expected to be completed in the second half.