ABG Sundal Collier acted as financial advisor to Storebrand ASA on its announced acquisition of SKAGEN AS

Deal announcement

Storebrand ASA announced on 25 October that it acquires SKAGEN and strengthens its position in a growing savings market. Storebrand is Norway’s largest private asset manager and leading supplier of occupational pensions. SKAGEN has a strong position in the Norwegian savings market, with a clear investment philosophy and a strong brand.
 
SKAGEN was established in 1993 in Stavanger, and has since then grown to a leading Scandinavian asset manager, with 17 equity and credit funds with total assets under management of NOK 80bn and more than 140,000 unit holders. The company has a diversified client base and international footprint, with 11 offices in 5 countries and a total of 130 employees. SKAGEN is an active investor with a value-based investment philosophy that has been applied consistently since start.
 
Storebrand has acquired 91% of the shares for a cash purchase price of NOK 1.6bn, in addition to an earnout based on financial performance over the coming years. The transaction is expected to close in Q4 2017.