ABG Sundal Collier acted as financial advisor to Nordax, Nordic Capital and Sampo in connection with the NOK 19.6bn acquisition of Bank Norwegian

On 2 November 2021, Nordax Bank announced the settlement and completion of its acquisition of Bank Norwegian, with the offer price of NOK 105 per share valuing Bank Norwegian at NOK 19.6bn, making it one of the largest public-to-private acquisitions over the last 15 years in Norway. The acquisition follows Nordax’ initial intention to launch an offer that was published on 4 March 2021.
Bank Norwegian was founded in 2007 is a fully digital and flexible consumer bank offering easy-to[1]use and standardised instalment loans, and credit cards branded together with Norwegian Air Shuttle’s reward program. Following multiple years of strong growth in Norway, Bank Norwegian expanded into Sweden in 2013, and further into Denmark and Finland in 2015.
Nordax Bank AB (publ) is a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo since it was taken private in 2018, focused on consumer loans, mortgages and equity release products. The bank has presence in Sweden, Norway, Finland, Denmark and Germany, and has lending to the public of SEK 31.7bn as of Q3 2021. In 2019, Nordic Capital and Sampo acquired 17.5% of Bank Norwegian from Norwegian Air Shuttle, with Nordic Capital subsequently increasing its stake, to a combined holding of 22.7% in Bank Norwegian.
ABGSC acted as financial advisors to Nordax Bank, Nordic Capital and Sampo in the acquisition of Bank Norwegian.