Stockholm, 21 October 2024 – Altor Fund III (“Altor”)and the minority shareholders of Carnegie Holding AB (“Carnegie”) are pleased to announce that they have entered into an agreement to sell Carnegie to DNB Bank ASA (“DNB”) (the “Transaction”). This Transaction will see Carnegie, a leading investment bank and asset manager in the Nordics, become part of the DNB family, where DNB’s existing Markets operations will be rebranded DNB Carnegie following closing of the transaction. The Transaction is expected to close in the first half of 2025, pending regulatory approvals in applicable jurisdictions.
Technically, it is an acquisition, but we view this as an operational merger under a joint brand, DNB Carnegie, with the ambition to become the Nordic leader in Investment Banking and Asset Management.
Strategic Partnership
Tony Elofsson, CEO Carnegie: “Throughout this process, Altor has been highly attentive to finding an owner that would best support Carnegie in this next phase. I am happy to say that we have found the perfect partner in DNB. We complement each other in geography and products. By combining our strengths, we will significantly enhance our ability to serve clients across the Nordics, offering a broader range of products while maintaining our entrepreneurial spirit and client-centric focus”.
“Carnegie has found an ideal partner in DNB, promising significant benefits for our clients, employees, and business,” says Harald Mix, partner at Altor and board member at Carnegie. “Over the past 15 years, we have witnessed Carnegie’s remarkable transformation into a true Nordic leader in financial advisory and asset management, consistently ranking number one in everything they do. It is with great pride that I reflect on our partnership, it has been a joy to be part of this journey”, Mix continues.
The transaction will be renamed Carnegie Holding AB to DNB Carnegie Holding AB. This new entity will oversee DNB Carnegie’s combined investment banking, securities, research, and wealth management operations in Sweden, Denmark, and Finland, under the leadership of Tony Elofsson as CEO. In Norway, the US, and the UK, these operations will be integrated into DNB’s legal structure and will operate under the DNB Carnegie brand. For clients and employees, it will be business as usual, but better.
“We have worked closely with DNB through the extensive preparations leading to the Transaction, and previous joint transactions. We have found a strong cultural fit and complementary strengths that will greatly benefit our clients and employees,” Elofsson added.
DNB Carnegie has the ambition to be the Nordic leader in investment banking and securities brokerage, leveraging DNB’s extensive resources and global network. The combined presence in Norway, Sweden, Finland, and Denmark, along with offices in London, New York, and Singapore, will better connect Nordic and international markets creating a Nordic player with the capacity of a global bank.
Alexander Opstad, Head of DNB Markets, stated: ” DNB and Carnegie complement each other in all dimensions, geographically, in products and sector coverage and expertise, and our global network and offering will enable us to achieve successful outcomes for our clients. I look forward to welcoming Carnegie’s employees”.
Strengthening Wealth Management
Carnegie Private Banking, which will be rebranded as DNB Carnegie Private Banking, will continue its operations under the DNB Carnegie Investment Bank umbrella in both Sweden and Denmark.
Carnegie’s strong brand and extensive track record in Sweden and other Nordic markets will enhance DNB’s wealth management offerings. Håkon Hansen, Head of DNB Wealth Management, remarked: “Carnegie Private Banking is the leading wealth manager in Sweden, and we are now uniting two strong national players creating an even stronger Nordic player with international impact. Together our combined efforts will meet and exceed the expectations of our new and existing clients.”
Fredrik Leetmaa, Head of Private Banking at Carnegie, stated: “This transaction represents a perfect fit for us and will benefit our clients in profoundly positive ways. By joining forces with DNB, we will be able to enhance our product offerings and better serve the diverse needs of our customers and attract new clients with a broader product range whilst retaining our culture and client focus.
Independent Asset Management Companies
Following the transaction, Carnegies subsidiary Carnegie Fonder AB (“Carnegie Fonder”) will operate as an independent fund company under DNB Carnegie Holding AB with Andreas Uller as CEO, while retaining its current name and brand.
“Carnegie Fonder will continue as before, operating as an independent company. Carnegie Fonder’s strength lies in its corporate culture, which is built on integrity, independence, and a long-term perspective. It is this culture that has made Carnegie Fonder one of the Nordic region’s most successful and respected asset managers,” says Håkon Hansen
Andreas Uller, CEO of Carnegie Fonder, commented: “We view this transaction very positively and are pleased that Carnegie Fonder will continue to operate independently. This will enable us to continue focusing on our core strengths and delivering high-quality solutions to our clients. We look forward to exploring potential collaborations with DNB that can elevate our respective businesses as we move forward.”
Additionally, the digital savings platform Montrose by Carnegie will continue to operate independently under DNB Carnegie Holding AB. The company will persist in its journey to build a cutting-edge digital investment platform, with Alexander Boman serving as CEO, ensuring innovative solutions and exceptional service for its clients.
About the Transaction
The purchase price is expected to be approximately SEK 12 billion, payable as cash consideration, subject to certain adjustments and assuming a normalized CET1 level in Carnegie at closing. Any excess capital will be normalized or adjusted for in the final purchase price.
The Transaction is expected to close in the first half of 2025, and closing conditions include regulatory approvals from authorities in applicable jurisdictions. Until regulatory approvals are obtained and closing of the Transaction occurs, the businesses will continue to operate independently.
Carnegie is excited about the opportunities that this partnership with DNB will bring. Together, we will continue to deliver high-quality investment and wealth management services, expanding our reach and capabilities across the Nordics and beyond.