Sampo Raises $1.69 Billion with Sale of 162 Million Nordea Shares

By Dominic Chopping

Finnish financial Sampo Oyj confirmed Wednesday that it has further reduced its holding in Helsinki-based bank Nordea Abp after selling 162 million shares to institutional investors.

Sampo said in November it would sell down its stake in the bank as it seeks to focus on its insurance business, while freeing up cash to reduce leverage and strengthen its liquidity position to respond to future opportunities.

The company said Wednesday the sale brought in gross proceeds of 1.38 billion euros ($1.69 billion) after selling the shares at EUR8.50 each. The recorded gain on the sale was EUR93 million, it said.

After the deal, Sampo holds 480.9 million Nordea shares, representing 11.9% of all shares and voting rights in Nordea.

BofA Securities Europe SA, Citigroup Global Markets Europe and Barclays Bank Ireland PLC acted as joint bookrunners of the transaction.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

05-26-21 0210ET