Danica Pension, a unit of Danske Bank, has agreed to divest its Swedish pensions unit Danica Pension Sweden to an investor consortium in a deal worth around SEK2.6bn ($287m).
The Swedish pension unit has 150,000 personal customers and 15,000 business customers. It employs 60 staff.
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The consortium involved in the deal is led by private equity funds Polaris and Acathia and also includes institutional investors Sampension and Unigestion.
Of the deal consideration, SEK2.35bn will be paid in cash. The rest will be in the form of a debt instrument.
Danske Bank executive board member Jacob Aarup-Andersen said: “In addition to an attractive sales price, we have ensured that the strong cooperation on pension customers between Danske Bank and Danica Pension Sweden will continue, to the benefit of our customers in Sweden.
“We will continue to focus on further developing the best pension solutions in Denmark and Norway, where our business models are more aligned and there are synergies across the markets. The sale does not affect Danske Bank’s growth strategy in the Nordic markets, neither generally nor in the Wealth Management area, where we see good growth.”
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By GlobalDataThe deal is expected to be wrapped up in the first half of next year, subject to regulatory nod.
Danske Bank said that the transaction will not affect its net profit for this year.
Post deal completion, Danske Bank will retain its business partnership with Danica Pension Sweden for the distribution of pension products in the country.
