DNB, the largest bank in Norway, will acquire Sweden-based Carnegie Holding from private equity firm Altor for 12 billion Swedish kronor ($1.2 billion), according to a news release.
Carnegie Holding is the parent company of Carnegie Group, an investment bank based in the Nordic region that focuses on alternatives and active management.
DNB Markets, the investment arm of the Norwegian bank, will be renamed DNB Carnegie.
“For us, DNB is a perfect partner for taking Carnegie forward as part of a larger financial group," said Tony Elofsson, CEO of Carnegie, in the news release. "The merger of Carnegie and DNB Markets to form DNB Carnegie will put us in a significantly better position to serve our Nordic customers with an expanded product offering, while maintaining our entrepreneurial spirit and customer-centric approach.”
DNB Carnegie's operations within investment services and private banking in Denmark, Finland and Sweden will mainly be run through Carnegie Investment Bank, which will be renamed DNB Carnegie Investment Banking and will continue to be led by Elofsson.
The transaction requires approval from the authorities in several jurisdictions and is expected to be completed during the first half of 2025.
As of Sept. 30, Carnegie had 436 billion Swedish kronor in assets under management. As of Dec. 31, DNB Bank had 3.4 trillion Norwegian kroner ($311 billion) in AUM across all areas of the group.
Carnegie ranked as the 295th largest asset manager in the world in 2023, according to the P&I/Thinking Ahead Institute World 500, with DNB ranked 256th.
Morgan Stanley & Co. International was financial adviser and Mannheimer Swartling was legal adviser for DNB.
