Nordea announced on Monday that it will divest 20.7 percent of its stake in Nets Holding A/S to a consortium of funds advised by Advent International, Bain Capital and ATP.
The divestment will provide Nets with a strong, experienced owner and a clear strategic vision that Nordea said will potentially be necessary as the payments industry becomes more international and grows in complexity.
The total proceeds of Nordea's divestment will be approximately $650 million. This will lead to a tax-free capital gain of approximately $497 million to be recognized at the closing of the transaction.
Nordea's core tier 1 ratio is expected to be complemented by the transaction. The company will also receive the dividend for 2013 totaling approximately $20 million.
The transaction is expected to close in the second quarter of 2014. It is subject to customary regulatory approval.
Nordea is a financial services group headquartered in Stockholm. It has more than 1,400 branches.
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