Finland-based insurer Sampo plc has announced that the sale of its 19.83% stake to Saxo Bank in (its former asset management unit) Mandatum will be completed on 13 May 2024, now that all regulatory approvals have been received for the transaction.
The parties had previously agreed that Saxo Bank’s stake would be included in Mandatum when Mandatum was spun off from Sampo as an independent listed company late last year. However, the transfer of the Saxo stake could not be completed before the Mandatum spinoff took place, as regulatory approvals had not yet been received at that time.
The official purchase price for Saxo Bank’s stake in Sampo was €302m and was agreed by the parties prior to the Mandatum spinoff. Technically, this values the Copenhagen-based Saxo Bank Retail FX and CFDs broker at €1.52 billion (US$1.64 billion), although again this is based on a no-arms deal between the parties made in 2023.
Mandatum said the transaction is being financed by a 200 million euro bank loan and cash payment, instead of the 280 million euro vendor loan offered by Sampo as previously reported. The transaction will have no effect on Mandatum’s solvency position.
Saxo Bank has reportedly been courting investment banks recently to explore a sale of the company. Saxo Bank’s largest shareholder is the Chinese group Geely, with just under 50%.