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.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar