Norway's largest bank, DNB Bank, has announced its acquisition of Swedish financial services group Carnegie Holding AB for approximately 12 billion Swedish kronor (equivalent to $1.1 billion) in cash. This strategic purchase involves acquiring all shares from Carnegie's major shareholder, Altor Equity Partners, led by Harald Mix, along with minority shareholders.
Carnegie Holding, the parent company of the Carnegie Group, combines a Nordic investment bank and asset management company, employing 850 people. Its revenue splits into 56% from investment services and 44% from wealth management.
Following the transaction, DNB's market division will be globally rebranded as DNB Carnegie. The acquisition is expected to be finalized in the first half of next year, pending regulatory approvals.
