HELSINKI, FINLAND: Sampo has announced the launch of an accelerated bookbuild offering of a maximum of 73 million Nordea shares to institutional investors.
The offering implies a potential reduction in Sampo’s stake in Nordea of up to 1.8 percentage points to 10.1 per cent of all outstanding shares.
The planned disposal represents a further step toward Sampo’s aim to materially reduce its ownership in Nordea by end of August 2022 in order to focus its strategy and capital allocation toward P&C insurance.
The result of the transaction will be announced on 10 September 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 8 November 2021.
The book value of the Nordea holding in Sampo Group’s consolidated balance sheet was EUR 7.93 per share on 30 June 2021. BofA Securities Europe SA is acting as Bookrunner of the transaction.
Sampo has been reducing its shareholding in the Nordea Bank. In May 2021, group had announced a sale of a maximum of 162 million Nordea Bank shares to institutional investors.
Nordea is the largest financial services group in the Nordic region and one of the biggest banks in Europe.
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.www.sampo.com