The Board of Directors of Spar Nord and the Board of Directors of Nykredit have today entered into an agreement pursuant to which Nykredit will make a recommended voluntary cash offer to the shareholders of Spar Nord to acquire all of the outstanding shares in Spar Nord (the “Offer”).
Under the terms of the Offer, Spar Nord shareholders will receive DKK 210 for each share held in Spar Nord. The Offer values the entire share capital of Spar Nord at approximately DKK 24.7 billion, representing a premium of c. 49% to the closing share price of Spar Nord on 9 December 2024 of DKK 140.6.
The Offer is subject to a number of conditions, including that Nykredit will hold at least 67% of the share capital following a transaction and, that all necessary public authority approvals are obtained.
The strategic rationale behind the Offer is to merge Spar Nord and Nykredit Bank, a wholly-owned subsidiary of Nykredit. The merger will create the third-largest bank in Denmark, Denmark’s largest branch network and solid market positions in the private and corporate areas.
Spar Nord’s board of directors supports the Offer and intends to unanimously recommend shareholders in Spar Nord to accept the Offer when made.
Members of Spar Nord’s board of directors and executive board have given irrevocable undertakings to accept the Offer and sell all their shares to Nykredit. Spar Nords largest shareholder, The Spar Nord Foundation also supports the Offer and has given an irrevocable undertaking to accept the Offer, subject to certain customary conditions.
Nykredit expects the Offer to be completed in the first half of 2025, subject to all conditions for completion being fulfilled.
This transaction marks the 7th transaction within the last 12 years with Carnegie as exclusive financial adviser to Spar Nord.
About Spar Nord
Spar Nord was founded in 1824 and today operates nationwide with 58 local banks (branches). Spar Nord offers all types of financial services, advice, and products, with a focus on private customers as well as primarily small and medium-sized enterprises in the local areas where the bank is represented.
About Nykredit
Nykredit is the largest mortgage lender in Denmark. In addition, Nykredit owns Nykredit Bank which is Denmarks fourth largest bank. Nykredit has been a major shareholder in Spar Nord since 2003 and currently holds 19.6% of the share capital and voting rights.