SpareBank 1 SR-Bank ASA (OB:SRBNK) agreed to acquire SpareBank 1 Sørøst-Norge (OB:SOON) for NOK 14.2 billion on October 26, 2023. Under the terms, SpareBank 1 SR-Bank ASA will pay the consideration as NOK 4.33235 share and will issue total of 111,187,338 shares as consideration for the equity capital and ownerless capital in SpareBank 1 Sørøst-Norge. Following the transaction, SpareBank 1 Sørøst-Norge and SpareBank 1 SR-Bank will merge to form the biggest savings bank in Norway. The new entity, named Sparebank 1 Sør-Norge, will be based in Stavanger, with Benedicte Schilbred Fasmer and Per Halvorsen to serve as CEO and Deputy CEO, respectively. SpareBank 1 SR-Bank and SpareBank 1 Sørøst-Norge board approved the deal. As on December 5, 2023, SpareBank 1 SR-Bank ASA shareholders and supervisory board of SpareBank 1 Sørøst-Norge approved the deal. As on April 17, 2024, The Norwegian Competition Authority has cleared the transaction and merger is still conditional upon that the Financial Supervisory Authority of Norway and the Ministry of Finance grant the required permissions for completion without imposing conditions that significantly alter the assumptions that the banks have made under the merger plan. The merger is contemplated to be finalised October 1, 2024.

SpareBank 1 Markets AS has been engaged as the joint financial advisor of the banks in connection with the merger, while Advokatfirmaet Selmer AS has been engaged as joint legal advisor. In addition, SpareBank 1 SR-Bank has engaged Arctic Securities AS as financial advisor and Advokatfirmaet Thommessen AS as legal advisor.