FIH Partners advised Nykredit on the acquisition of 75% of the shares in Sparinvest Holdings SE, the Danish asset management company. The transaction is conditional on the outcome of an on-going due diligence process and approval by relevant authorities. Nykredit will pay DKK 2,245m for the 75% stake and the existing shareholders will maintain a 25% stake.
Sparinvest was established in 1968 and is currently owned by 49 banks and 7 Danish insurance and pension companies. Since then, Sparinvest has developed into an international asset manager with an investment product portfolio addressing both private and institutional investors. As of end 2018, Sparinvest has Assets under Management of DKK ~83bn and offers investment products in 14 European countries with 4 offices across Europe.
Combined, Nykredit Asset Management and Sparinvest will have DKK ~300bn in Assets under Management. The acquisition of a majority stake in Sparinvest enables Nykredit to offer Sparinvest’s products to its customers. Furthermore, the banks and insurance and pension companies currently distributing Sparinvest products and maintaining ownership in Sparinvest will be able to offer Nykredit’s products to its customers.
The majority investment is an expansion and further strengthening of the partnership that Nytkredit and several of the selling shareholders have through Totalkredit. Today, the banks co-operate in offering the best possible mortgage loans to Danish real estate owners and will with the new asset management partnership be able to offer the best investment products to the many real estate owners that have savings separately to their homes.
The acquisition is subject to confirmatory due diligence and approval with relevant authorities.
FIH Partners acted as exclusive financial advisor to Nykredit.