Sampo has successfully completed the sale of its stake in Saxo Bank to Mandatum as part of a partial demerger that will be implemented in 2023.
According to information published on the Sampo website, the 19.8% stake has been sold at a price of €302 million, which is the price stipulated in the demerger agreement, taking into account the dividends received. It is important to note that Mandatum chose to pay for the transaction in cash, rejecting the €280 million vendor loan offered by Sampo.
The transaction is expected to close on May 13, 2024. The agreement received regulatory approval on May 3, 2024. This step represents an important milestone for both companies and underlines their strategic focus on further developing and strengthening their market positions.
As a reminder, Saxo Bank is approximately 50% owned by China's Geely Group, approximately 28% owned by CEO Kim Fournais through his holding company Fournais, and approximately 20% owned by Finnish insurance group Sampo.
At the same time, Saxo Bank has recently been considering an outright sale of the company or the sale of a minority stake, followed by the possibility of providing liquidity to existing shareholders. According to preliminary estimates, the sale of Saxo Bank could be worth around 1.5 to 2 billion euros.
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