Nordic Capital and Sampo paid $250M for acquiring Norwegian Bank.
Norwegian Bank, an Oslo, Norway-based internet bank, announced that it entered into an agreement for getting new shareholders in the company.
The deal was made by the private equity firm Nordic Capital and Finnish insurer Sampo, which acquired a 17.5% stake in Norwegian Finans Holding (NOFI) for 2.2bn Norwegian kroner ($250M). The transaction was made with the current owner of Bank Norwegian, specifically the low-cost airline Norwegian Air Shuttle.
Completion of the acquisition will occur in two tranches, 9.97% with expected settlement on or around August 26, 2019, and the remaining 7.50%, which is subject to approval by the Norwegian Financial Supervisory Authority, will be acquired once regulatory approval has been obtained. Nordic Capital and Sampo expect to hold around 64% and 36%, respectively, of the joint shareholding.
Norwegian Finans Holding, established in 2007 and operating from a centralised platform in Oslo, is a fully digital bank that provides simple and competitive products to the retail customer market with a strong offering in personal loans, credit cards and savings.
NOFI has more than 1.6 million customers and 84 employees based in Norway.
NOFI was listed on Oslo Børs in 2016 and currently has a market capitalisation of approximately NOK 11 bn (based on the last price paid for the NOFI share on August 16, 2019).