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Banco Santander backs Cleon Capital with financing for the acquisitions of Lexer and Zelsior

October 2025

Client(s) Banco Santander, S.A.

Jones Day acted legal counsel to Banco Santander, S.A. in connection with the acquisition financing that enabled Cleon Capital to buy Lexer, a leading technology-enabled provider of legal and debt recovery services (formerly owned by Silver Lake), and Zelsior, a nationwide legaltech platform specializing in procedural services and credit management support.

Banco Santander provided financing for both acquisitions, backing Cleon Capital’s buy-and-build strategy and aligning with Banco Santander’s focus on mid-market opportunities in Spain’s evolving ALSP and legaltech markets.

Jones Day advised Banco Santander on all legal aspects of the financing.

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