Fulfillment of the conditions for DNB Bank ASA's acquisition of Carnegie
DNB Bank ASA ("DNB") refers to the stock exchange notice published 21 October 2024, where it was announced that DNB has entered into an agreement to purchase all the shares in Carnegie Holding AB - the parent company in the Carnegie Group ("Carnegie") - from the private equity fund Altor and other shareholders.
Completion of the transaction requires approvals from authorities in several jurisdictions. It has now been clarified that the transaction will be completed, since all the necessary approvals have been obtained. Completion is expected to occur 6 March 2025.
DNB shall pay a total consideration of SEK 12 billion. In addition, the purchase price will be adjusted for Carnegie's capital surplus at the time of the transaction, calculated on the basis of Carnegie's normalized common equity tier 1 ratio at the time of the completion of the transaction. Furthermore, the shares of the minority shareholders in the subsidiaries of Carnegie Holding AB will be acquired as part of the transaction, for a total consideration of approximately SEK 300 million.
For the time being, DNB and Carnegie will continue to operate as is. Following completion of the acquisition, there will be a gradual legal and operational integration of the business, including the implementation of the new brand, DNB Carnegie.
For further information, please contact Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71 32 50.