Nordea, together with DNB, has entered into an agreement to jointly sell 60 per cent. of the Baltic bank Luminor to a consortium led by private equity funds managed by Blackstone. As a result of the transaction, each of Nordea and DNB will hold approximately 20 per cent. of Luminor and maintain ongoing representation on Luminor’s board of directors. Nordea and Blackstone have additionally entered into a forward sale agreement for the sale of Nordea’s remaining 20 per cent. stake. The transaction is, inter alia, subject to customary regulatory approvals. In addition to the upfront sale and forward sale Nordea will continue to provide funding to Luminor over the medium term, together with transitional services under a transitional period.

Gernandt & Danielsson has advised Nordea, in the transaction with a team consisting of Partners Mats Hugoson (M&A and transitional services), Björn Svensson (financing) och Nils Unckel (regulatory), Senior Associates Sofie Viktorsson (financing) and Mikael Bolling (financing) as well as Associates Fredrik Haräng (M&A and transitional services), Johan Malmsten (financing) and Simon Wetterholm (financing).