The shareholders of Lloyds Banking Group PLC (LSE:LLOY) authorized a share repurchase program at its Annual General Meeting on May 16, 2013. Under the program, the company will repurchase up to 7,048,571,486 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share shall be 10p. The maximum price, exclusive of expenses, which may be paid for each ordinary share shall be an amount equal to the higher of either, 105% ... of the average of the closing price of the company’s ordinary shares as derived from the London Stock Exchange Daily Official List for 5 London business days immediately preceding the day on which such share is contracted to be purchased, or the higher of the price of the last independent trade and the highest current bid as stipulated by Article 5(1) of Commission Regulation (EC) December, 22 2003 implementing the Market Abuse Directive as regards exemptions for buy-back programs and stabilization of financial instruments (No 2273/2003). Any shares purchased in this way may be cancelled or held in treasury for eventual sale for cash, transfer in connection with an employees’ share plan or cancellation. The plan shall expire at the conclusion of the next Annual General Meeting or on June 30, 2014, whichever is the earlier, unless such authority is renewed before then. As of March 11, 2013, the company had 70,404,793,826 shares in issue.
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J. Sainsbury plc (LSE:SBRY) agreed to acquire the remaining 50% stake in Sainsbury's Bank Plc from Lloyds Banking Group plc for approximately £250 million LSE:LLOY) on May 7, 2013. As a part of the consideration, J. Sainsbury plc will pay £193 million in cash for the shares of Sainsbury's Bank and purchase £55 million of loan stock at par value. The actual value of cash consideration will be dependant on the book value of the assets on the date of completion. In addition, ... J. Sainsbury plc will make a capital injection of £100 million over three years in order to maintain appropriate capital ratios, which would be offset by a £60 million repayment of dated loan stock. The transaction will be funded from internal resources of J. Sainsbury plc. For the year 2012-2013, Sainsbury's Bank Plc reported profit before tax of £59 million and gross assets of £5 billion. Pursuant to the transaction, a separate Board will be established for Sainsbury's Bank Plc including an independent Non-Executive Chairman and four independent Non-Executive Directors and three Non-Executive Directors appointed by Sainsbury's. In addition, Roger Davis will be appointed as the new independent Non-Executive Chairman of Sainsbury's Bank. The transaction is subject to approval from Prudential Regulation Authority and is expected to complete by January 31, 2014. The acquisition is expected to be accretive to underlying earnings per share and highly cash generative in later years of J. Sainsbury plc. Hew Glyn Davies and Tim Pratelli of UBS and Paul Baker and Ben Grindley of Morgan Stanley acted as the financial advisors to Sainsbury plc. Mark Stamp, Tim Fallowfield and Nick Grant of Milbank and Richard Cumbley and Michael Honan of Linklaters acted as legal advisors to J. Sainsbury. Jonathan Chertkow and Maegen Morrison of Hogan Lovells acted as legal advisors to Lloyds.
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Cerberus Capital Management, L.P. was selected as the preffered bidder for Project Thames UK commercial property loan portfolio from Lloyds Banking Group plc (LSE:LLOY) for approximately £330 million on May 8, 2013. On May 10, 2013, Cerberus Capital Management, L.P. agreed to acquire Project Thames UK commercial property loan portfolio from Lloyds Banking Group plc. The deal will be financed by Nomura. The structure of financing will be arranged by Nomura's asset backed ... securities trading desk. The sale proceeds will be used for general corporate purposes and the transaction is not expected to have a material impact on Lloyds due to significant impairment provisions held against the portfolio. The transaction is expected to complete in the final quarter of 2013. Deloitte & Touche Corporate Finance UK Limited acted as the financial advisor to Lloyds Banking Group. Hatfield Phillips and BNP Paribas Real Estate acted as property advisor to Cerberus.
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Banco de Sabadell, S.A. (CATS:SAB) signed a cooperation agreement to acquire Lloyds Bank International, S.A.U and Lloyds Investment España SGIIC S.A.U. from Lloyds Banking Group plc (LSE:LLOY) for approximately €100 million on April 29, 2013. The sale comprises Lloyds's retail and private banking business and the local investment management business in Spain. Lloyds Banking Group plc’s Spanish corporate banking operations and serving business clients are not included ... in this transaction and will continue to operate as usual. Under the sale agreement, Lloyd Group will receive shares equivalent to 1.8% of the total issued share capital of Banco Sabadell as part of the consideration for the sale. An additional consideration of up to €20 million may be payable in cash within the next five years dependent on mortgage book margins. As of March 31, 2013, the total assets of Lloyds Bank International and Lloyds Investment España were £1.5 billion (€1.8 billion). The current senior management employed by Lloyds Bank International S.A.U and all of the staff of the Spanish retail operations will move across with the subsidiaries. The sale is subject to regulatory approval and is expected to complete in 2013. The cash proceeds, if any, will be used for general corporate purposes. The conversions were made through www.onada.com. Antonio Villalón, Juan Gich and Jacobo Gómez of Rothschild Gestión Agencia De Valores, S.A. acted as fairness opinion provider and Roca Junyent acted as legal advisor for Banco de Sabadell. Matthew Bland, James Thompson, Sebastián Albella, Victor Manchado, Paloma Fierro, avier Garcia-Pita, Alejandro Meca, Carmen Burgos, Jaime Zurita, Jesus Alfaro, Naiara Rodriguez Escudero, Beatriz Pavon, Laura Vázquez and Fredrik Lowhagen of Linklaters acted as legal advisors for Lloyds Banking Group.
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Voyage Healthcare Group Ltd. acquired ILG Limited from Hermes Private Equity, Lloyds Banking Group plc and others on March 11, 2013. The transaction has been funded with existing cash and a further injection of equity from HgCapital and SL Capital Partners. Paul Dolman and Chris Flavin from Travers Smith acted as legal advisors to Voyage Healthcare Group. Hogan Lovells acted as legal advisor to the shareholders of ILG. David Main of Hazlewoods, Corporate Finance acted ... as financial advisor to Voyage Healthcare Group Ltd. KPMG Corporate Finance LLP acted as financial advisor and Richard Ufland, Philip Corser, Will Moir, Stephen Foster, Zoe Aarons, Jamie Hyams, Elizabeth Slattery and Vanessa Hogan of Hogan Lovells acted as legal advisors to ILG Holdings. KPMG acted as financial advisor for Lloyds Banking Group.
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Sun Kona Properties LLC acquired 52 lots from The Club at Hokulia from Lloyds Banking Group plc (LSE:LLOY) on March 5, 2013.

Canyon Capital Advisors, LLC acquired Moran Hotel Group loans from Lloyds Banking Group plc (LSE:LLOY) for €42 million on January 5, 2013. Brunswick Group LLP acted as public relations advisor to Canyon Capital.

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