Goldman Sachs to buy NN IP for €1.7bn

Written by Adam Cadle

19/08/2021

NN Group is to sell its asset manager NN Investment Partners (NN IP) to Goldman Sachs Group for total cash proceeds of €1.7bn.

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.

In a statement NN Group said: “The combination of the complementary investment capabilities of NN IP and Goldman Sachs will create a full suite of asset management products that can be offered to clients through the distribution networks of both parties. At the same time, NN IP’s leading position in responsible investing will strengthen Goldman Sachs Asset Management’s sustainable investment strategy, product offerings and client solutions. The Netherlands will become a significant continental European location for Goldman Sachs Asset Management. The combination with Goldman Sachs gives NN IP a broader platform to accelerate its growth and further improve the offering and service to its clients. It will also allow NN Group to continue its successful cooperation with NN IP and to benefit from the strengths and complementary product propositions of Goldman Sachs.”

David Solomon, chairman and CEO of Goldman Sachs, said: “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.”

At closing, the transaction is expected to have a positive impact on the NN Group Solvency II ratio of approximately 17pp.

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.

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