Danish broker Saxo Bank announced that it has closed the deal for the sale of Saxo Geely Tech Holding A/S (Saxo Fintech) to Geely Financials Denmark.
"All relevant agreements have been duly signed, which officially confirms the completion of this transaction," Saxo Bank said in a statement.
Under the terms of the transaction, Saxo Bank will receive its own shares, representing 2% of the broker's outstanding shares.
Upon completion of the deal, Saxo Bank's ownership structure will be as follows:
- Geely Financials Denmark: 49.88%.
- Fournais Holding: 28.09%.
- Sampo/Mandatum: 19.83%.
- Minority shareholders: 2.20%.
The decision to terminate the Saxo-Geely joint venture was officially announced by the parties in June and was based on the operational separation of Geely and Saxo Bank. China's Geely is looking to divest its entire position in Saxo Bank after the broker failed to go public through the SPAC merger, which would have given Geely the opportunity to monetize part of its position in the company.
The sale of Saxo's shares to Geely Tech Holding will allow the brokerage to optimize its business operations and focus on its core markets and clients.
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