Nordea Bank Abp and DNB ASA completed the sale of 60% of Luminor Group AB to a consortium led by private equity funds managed by Blackstone Group Inc. after receiving all customary regulatory approvals.
Nordea and DNB agreed to sell the stake for a cash consideration of €1 billion.
The deal was announced in September 2018 and secured regulatory approval from the European Commission in January. However, the deal was pending approval from the European Central Bank and local regulators.
Nordea had said it was selling an approximately 36% shareholding in Luminor for €600 million, valuing the latter at about €1.7 billion. In addition, Nordea said it entered into a forward sale agreement with Blackstone to sell its remaining 20% stake over the near to medium term. DNB had said that this deal trims its shareholding in Luminor down to 20% from 43.5%.
The positive impact on Nordea's common equity Tier 1 ratio is expected to be about 40 basis points, pro forma for the complete sale of Nordea's ownership in Luminor under the forward sale agreement and after Luminor has returned its funding to Nordea.
