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Aktia Bank to acquire remaining 24% stake in Aktia Asset Management

Aktia Pankki Oyj is set to purchase the remaining 24% stake of Aktia Asset Management Oy AB from Evergreen Holding.

The bank will issue roughly 651,000 new Aktia Bank shares as consideration for the transaction to Evergreen shareholders, who are employees of Aktia Asset Management. The right to consideration has a precondition that the employees continue working for the asset managers until 2023.

Based on the bank's Dec. 23 closing price of €9.30, the newly issued shares would be valued at approximately €6.1 million. The deal is expected to be completed by the end of the first quarter of 2020.

The acquisition is expected to have a positive annual impact of more than €1 million on Aktia Bank's results as of 2021.