For a total sum of about SEK12bn ($1.140bn), DNB Bank has agreed to buy all of Carnegie Holding’s shares from Altor and the minority shareholders.
The deal is subject to clearance by authorities in the relevant jurisdictions and will likely close in the first half of 2025.
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With 850 workers, Carnegie Group is a notable Nordic investment bank and asset manager. Its parent firm, Carnegie Holding, generates 44% of its revenue from wealth administration and 56% from investment services.
To highlight the purchase significance, DNB Markets will be called DNB Carnegie internationally, with both companies’ solid standing and cultures carried over to the combined brand.
Kjerstin Braathen, CEO of DNB stated: ‘‘Through the acquisition of Carnegie, our goal is to provide even better solutions to our clients. We and Carnegie are realising our joint ambition to build a leading player across the Nordic region in investment banking, securities brokerage and research, corporate banking, private banking, and asset management. Carnegie is a perfect fit, in-line with our strategy, and the Transaction marks a step change in increasing the share of fee related income for DNB as a whole.’’
Tony Elofsson, CEO of Carnegie added: “DNB is a perfect partner for us to continue the legacy of Carnegie as part of a larger financial services group. By merging Carnegie and DNB Markets into DNB Carnegie we significantly enhance our ability to serve our clients across the Nordics, expanding the product offering while retaining our entrepreneurial spirit and client-centric focus.”
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By GlobalDataDNB Carnegies’s investment services and private banking operations in Sweden, Denmark and Finland will primarily be managed from Carnegie Investment Bank AB, which will be renamed DNB Carnegie Investment Banking AB and continue under Elofsson’s leadership.
He continued: “The Carnegie team is highly committed in continuing our successful journey across the Nordics together with our new colleagues from DNB Markets. Through the extensive preparations leading to the Transaction, and previous joint transactions, we have learnt that the cultural fit is strong, and our complementarities will be of great benefit to our clients and employees.’’
DNB Carnegie intends to increase its presence in investment banking, securities brokerage, and research across all products and important sectors in the Nordic region, broadening its offers to clients in the Nordics and globally.
Additionally, DNB Wealth Management has a large operation in Norway in asset management, private banking, pensions, and savings. Carnegie’s brand and lengthy track record in this category, particularly in Sweden and other Nordic markets, and will provide additional prospects for the merged business throughout the Nordic region.
Carnegie, with SEK436bn in private banking and asset management assets, reported a net income of SEK535m for the nine months ending 30 September 2024. The company is expected to benefit from continued recovery, consolidation of wealth management acquisitions, and efficiency gains from platform investments and restructuring measures. Carnegie’s net income contribution to DNB before synergies is expected to be over SEK1bn from 2025.
DNB Markets and Morgan Stanley & Co acted as financial advisers, while Mannheimer Swartling served as legal counsel.
