Goldman Sachs to buy NN group's NNIP for $1.98 bn
The deal is part of Solomon's strategy of making the bank's revenue stream less reliant on earnings from global markets and advising on deals
- Aug 19, 2021,
- Updated Aug 19, 2021 3:00 PM IST
NN Group said on Thursday Goldman Sachs will buy NNIP, the Dutch insurer's investment arm, for 1.7 billion euros ($1.98 billion) in the biggest acquisition by the American firm since David Solomon became chief executive in 2018.
The deal is part of Solomon's strategy of making the bank's revenue stream less reliant on earnings from global markets and advising on deals.
Additionally, the companies said they will enter a 10-year strategic partnership under which Goldman will provide the Dutch firm asset management services, the companies said in separate statements.
NN said the sale will improve its Solvency II ratio by 17 percentage points.
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NN Group said on Thursday Goldman Sachs will buy NNIP, the Dutch insurer's investment arm, for 1.7 billion euros ($1.98 billion) in the biggest acquisition by the American firm since David Solomon became chief executive in 2018.
The deal is part of Solomon's strategy of making the bank's revenue stream less reliant on earnings from global markets and advising on deals.
Additionally, the companies said they will enter a 10-year strategic partnership under which Goldman will provide the Dutch firm asset management services, the companies said in separate statements.
NN said the sale will improve its Solvency II ratio by 17 percentage points.
Also Read: Fortis Healthcare share hits all-time high after Goldman Sachs retains buy call
Also Read: Brokerages see up to 53% upside in Bandhan Bank share despite weak Q1 earnings, here's why