NN Group has reached an agreement with Goldman Sachs on the sale of NN Investment Partners for 1.7 billion euros. This was announced by the insurance group on Thursday.
Of the acquisition sum, 1.515 billion euros is the basic price and the rest is paid in the form of a dividend payment before completion of the transaction.
NN and Goldman have also established a ten-year strategic partnership. The US investment bank will continue to provide NN with asset management services.
The sale is expected to have a positive impact on NN’s Solvency II ratio of around 17 percentage points. The sale also allows NN to better reward the shareholder if the sale proceeds are not used for”value-creating opportunities”. NN will clarify this in the second half of 2021 figures.
The transaction between NN and Goldman is expected to be completed in the first quarter of 2022.
