NORWAY / SWEDEN - Institutional investment has made up the bulk of a deal between Norwegian financial firm Storebrand in its acquisition of SPP, a Swedish life insurance and pensions provider, creating a "Nordic platform" for pensions.
It came after Storebrand entered into an agreement with Handelsbanken, for the purchase of SPP, the subsidiary of Handelsbanken, for a total cash consideration of SEK 18bn (€1.9bn).
The key entities included in the transaction are SPP Livfrskring with subsidiaries as Handelsbanken Life & Pensions and SPP Fonder.
Commenting on the deal, Nils Hodnesdal, head of investor relations at Storebrand, said it was hoped the deal would be finalised in December subject to regulatory and shareholder approval.
Explaining that around 95% of the deal involved occupational pension schemes, and expected to see further cross-border transactions in terms of pensions operations.
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