NN Group completes sale of NN Investment Partners to Goldman Sachs
NN Group announced the completion of the sale of its asset manager NN Investment Partners (NN IP) to Goldman Sachs Group, Inc. The completion of the transaction follows the fulfilment of the customary closing conditions, including receipt of all necessary regulatory approvals. The agreement on the sale of NN IP and the ten-year strategic partnership with Goldman Sachs Asset Management were announced on 19 August 2021.
David Knibbe, CEO NN Group: ‘Today marks a significant moment in the history of our company, as the long-standing collaboration with NN IP enters a new phase. Our asset manager, a leader in responsible investing, contributed to where we are as a company today by delivering investment excellence and expertise to customers. NN IP is joining forces with another international asset manager, giving it the broader platform necessary to continue its growth. For NN Group, this transaction gives us greater flexibility to enhance our investment propositions for customers. On behalf of the NN Group Management Board, I would like to thank our NN IP colleagues for their dedication, passion and commitment and we are looking forward to continuing our successful relationship in a different form.’
The sale of NN IP has generated total cash proceeds of around EUR 1.7 billion and is expected to have a positive impact on the NN Group Solvency II ratio of approximately 16%-points. Given its robust balance sheet and capital position, NN Group announced on 17 February 2022 a total share buyback of EUR 1.0 billion, of which the EUR 250 million programme commenced on 1 March 2022. The remaining share buyback programme of EUR 750 million will start on 13 April 2022 and is expected to be completed before 1 March 2023.
Η Goldman Sachs εξαγοράζει την NN Investment Partners
Η Goldman Sachs συμφώνησε να εξαγοράσει την NN Investment Partners, τον επενδυτικό βραχίονα της ολλανδικής ασφαλιστικής, NN Group, έναντι τιμήματος 1,87 δισ. δολαρίων (1,6 δισ. ευρώ).
Η συμφωνία αναμένεται να κλείσει έως τα τέλη του α΄ τριμήνου του 2022, καθώς υπόκειται σε ρυθμιστικές και άλλες εγκρίσεις.
Επιπλέον, οι δύο εταιρείες θα εισέλθουν σε 10ετή στρατηγική συνεργασία με βάση την οποία η Goldman θα παράσχει στην ολλανδική εταιρεία επενδυτικές συμβουλές, όπως αναφέρει η NN σε ανακοίνωσή της.
Πρόκειται για τη μεγαλύτερη εξαγορά στην οποία προχωρεί η αμερικανική εταιρεία, από το 2018 που ο David Solomon έγινε διευθύνων σύμβουλος.
Η NN τόνισε πως η πώληση θα βελτιώσει τον δείκτη φερεγγυότητάς της κατά 17 ποσοστιαίες μονάδες.
Με έδρα τη Χάγη της Ολλανδίας η NN Investment Partners έχει το 75% των τοποθετήσεών της σε ομόλογα. Τα υπόλοιπα μοιράζονται σε μετοχές και χαρτοφυλάκια πολλαπλών επενδύσεων, που περιλαμβάνουν μεταξύ άλλων και εμπορεύματα. Εποπτεύει assets αξίας περίπου 355 δισ. δολαρίων και συμβουλεύει για assets αξίας περίπου 70 δισ. δολαρίων
Η GSAM από την πλευρά της επιβλέπει στοιχεία ενεργητικού αξίας 2,3 τρισ. δολαρίων παγκοσμίως, έχοντας τοποθετήσεις σε μετοχές, ομόλογα, private equity και εμπορεύματα. Η εξαγορά θα προσθέσει στο σύνολο περί τα 350 δισ. δολάρια. Θα διπλασιάσει μάλιστα το υπό διαχείριση ενεργητικό της στην Ευρώπη σε πάνω από 600 δισ. δολάρια.
NN Group and Goldman Sachs reach agreement on the sale of NN IP
NN Group announces that it has reached an agreement to sell its asset manager NN Investment Partners (NN IP) to Goldman Sachs Group, Inc. for total cash proceeds of EUR 1.7 billion, consisting of a base purchase price of EUR 1,515 million, a ticking fee and excess capital to be distributed in the form of a dividend before completion. As part of the agreement, NN Group and Goldman Sachs Asset Management will enter into a ten-year strategic partnership under which the combined company will continue to provide asset management services to NN Group.
David Knibbe, CEO of NN Group: ‘NN Group and NN IP have a long-standing and successful shared history. We value this strong and constructive relationship that we have and we look forward to further building on it in a new form. This transaction brings together two international asset managers, each with many decades of investment experience. We have found a strong and professional partner in Goldman Sachs, providing an environment in which our NN IP colleagues can continue to thrive, while the combined investment expertise and scale will enhance the service offering to NN IP’s clients, including NN Group. This transaction will also give NN Group greater optionality to develop a broader range of asset management propositions for our customers. Our approach and ambitions around ESG will remain unchanged and Goldman Sachs shares our commitment to responsible investing. On behalf of the Management Board of NN Group, I would like to thank our colleagues at NN IP for their drive, commitment and continuing focus on clients.’
David Solomon, Chairman and CEO of Goldman Sachs: ‘This acquisition allows us to accelerate our growth strategy and broaden our asset management platform. NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management. Across NN Investment Partners’ offerings they have been successful in integrating sustainability which mirrors our own level of ambition to put responsible investing and stewardship at the heart of our business. We look forward to partnering with the team at NN Investment Partners as we focus on delivering long-term value to our clients and our shareholders.’
As of today, Satish Bapat will step down from his role as a member of the Management Board of NN Group. Satish will continue to lead NN IP in his role as CEO.
At closing, the transaction is expected to have a positive impact on the NN Group Solvency II ratio of approximately 17%-points. Following the closing of this transaction, NN Group expects to have excess capital which will be available for additional returns to shareholders over time unless used for value-creating opportunities, in accordance with NN Group’s capital framework. We expect to make announcements on the additional returns to shareholders at the publication of the second half-year 2021 results. Considering this transaction, the acquisitions announced earlier this year, as well as the strong financial and commercial performance across the business units, NN Group’s operating capital generation (OCG) target remains unchanged at EUR 1.5 billion in 2023.
Closing of the transaction is subject to customary conditions, including obtaining the necessary regulatory and competition clearances and consultation of the NN IP works council in the Netherlands, and is expected to take place by the first quarter of 2022.