HELSINKI, FINLAND: Sampo Group has announced a sale of a maximum of 162 million Nordea Bank shares to institutional investors.
The sale represents at most 4.0 per cent of the outstanding shares in Nordea and would reduce Sampo’s ownership in Nordea to 11.9 per cent.
The planned disposal represents a further step in Sampo Group’s stated strategy of focusing on P&C insurance operations.
The average acquisition price of Nordea is EUR 6.46 per share. The book value in the Group’s consolidated balance sheet was EUR 7.68 per share on 31 March 2021.
BofA Securities Europe SA, Citigroup Global Markets Europe and Barclays Bank Ireland PLC are acting as Joint Bookrunners of the transaction. The result of the transaction will be announced on 26 May 2021 at the latest. In connection with the offering, Sampo has entered into a lock-up undertaking, under which it has, subject to certain exceptions, agreed not to sell any Nordea shares for a period ending at 23 August 2021.
Sampo Group is a Finnish financial group made up of the parent company Sampo plc, If P&C Insurance Holding Ltd, Mandatum Life Insurance Company Ltd, Danish insurer Topdanmark and British P&C insurer Hastings, all of which are its subsidiaries. The parent company in Helsinki administers the subsidiaries.
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26 May, 11:16 am GMT+3 · Disclaimer