The Bank of Tokyo-Mitsubishi UFJ (BTMU) and RBS have reached definitive agreement and signed an SPA (Sale and Purchase Agreement) in connection with the acquisition of a portfolio of project finance assets from RBS, the key terms of which were agreed on 15 November 2010.
BTMU, a subsidiary of Mitsubishi UFJ Financial Group, said that the portfolio to be acquired comprises loans and related assets of approximately £3.3bn and principally consists of natural resources, power and other infrastructure assets in EMEA (Europe, Middle-East and Africa).
In connection with this acquisition, MUFG, primarily through its subsidiary, Mitsubishi UFJ Securities International (London), will acquire associated derivatives.
The transfer of assets is subject to third party consents and is expected to complete in substance by mid 2011.
BTMU said it will continue to talk with RBS about the potential purchase of other project finance assets in the future.