Finnish bank Aktia has agreed to buy wealth management operations of Helsinki-headquartered financial services company Taaleri.
The deal will see Aktia acquiring Taaleri Wealth Management, Taaleri Fund Management, Taaleri Tax Services and Evervest from Taaleri for €120m on a cash and debt free basis.
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Under the agreement, about €10m of the deal price can be paid with Aktia shares.
The companies, following the deal, have agreed to initiate co-operation in terms of development, distribution, sales, and marketing of new alternative investment products.
As part of this, Aktia will become the distributor of Taaleri’s alternative investment products in Finland.
Concurrently, Aktia Fund Management Company and Aktia will divest the business operations for the portfolio management of special investment fund (non-UCITS) Aktia Commercial Properties as well as the fund Aktia Infra I KY to Taaleri.
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By GlobalDataThe transaction is subject to approval by Finnish Competition and Consumer Authority and the Financial Supervisory Authority (FIN-FSA). It is expected to close in May this year.
Deal rationale and comments:
The deal will enable Aktia to strengthen its asset management business in Finland. Additionally, it will bring the company’s current AUM of €10.4bn to €14.8bn.
Aktia CEO Mikko Ayub said: “Combining Aktia and Taaleri’s wealth management business operations and the compatibility of the functions create value in several ways both for Aktia’s shareholders and customers as well as employees.
“Aktia’s asset management product offering will be expanded considerably, and we will have even better capabilities of serving our customers. The customers moving from Taaleri to Aktia will receive even more comprehensive services, including a wide range of banking services.”
Taaleri CEO Robin Lindahl added: “Going forward, Taaleri is investing in renewable energy and other private equity funds that concentrate on alternative investments. We are already one of the leading Nordic actors that concentrate on private equity funds for renewable energy.
“With the help of the capital from the transaction and the persons transferring to Taaleri we can strengthen and extend our business operations even quicker. The co-operation with Aktia also opens a significant domestic distribution channel for us. The specialisation that the transaction enables will benefit customers, employees and owners.”
