Private equity firm Altor has agreed to sell Swedish investment bank and asset manager Carnegie to Norway’s largest bank, DNB, for approximately SEK12bn ($1.14bn), with the deal expected to close in the first half of next year, according to a report by Reuters.
In a statement DNB said that the acquisition, which is subject to regulatory approval, aligns with a “shared vision to create a leading player in the Nordic region across various sectors, including investment banking, securities brokerage, corporate banking, private banking, and asset management.”
Shares of DNB rose 0.5% following the announcement.
Carnegie, with a workforce of around 850, managed assets worth SEK436bn as of 30 September.
DNB expects the acquisition to generate a return on invested capital of over 15% and achieve efficiency gains across both institutions. The bank highlighted that the primary value of the deal lies in the growth opportunities created by the stronger combined Nordic platform and improved client services.
Financial advisors for DNB in this deal are DNB Markets and Morgan Stanley, while Carnegie is being advised by Carnegie Investment Bank, Goldman Sachs, and Lenner & Partners.
In connection with the Carnegie acquisition, DNB will rename its DNB Markets division to DNB Carnegie.
