Saxo Bank, a leading Danish trading platform, has garnered significant attention from major investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group, according to a report from Yahoo Finance. The investors have reportedly submitted non-binding offers, signaling the possibility of a major transaction in the near future.
Multiple Investors Eyeing Saxo Bank
Altor and Centerbridge are among the firms that have expressed interest, submitting preliminary bids for Saxo Bank. Interactive Brokers Group is also reported to be evaluating the firm for a potential acquisition. However, no deal has been finalized, and Saxo Bank has not yet committed to any particular offer, leaving room for further developments.
The interest comes after Saxo Bank began exploring new ownership options in July, appointing Goldman Sachs as its advisor to guide the process. The decision to explore a sale followed a strategic review by Saxo Bank’s current shareholders, which include Zhejiang Geely Holding Group, Finnish financial services provider Mandatum, and Saxo Bank’s founder, Kim Fournais.
Ownership Transition in Progress
Zhejiang Geely Holding Group, which owns nearly 50% of Saxo Bank, acquired its stake in 2017, purchasing shares from co-founder Lars Seier Christensen in a deal that valued the company at approximately €1.325 billion ($1.4 billion). While a direct sale is the preferred outcome, no final decision has been made yet. Geely has refrained from commenting on the ongoing talks until any agreements are finalized.
Potential for Restructuring with Altor and Centerbridge
Altor, a private equity firm with a strong presence in Northern Europe’s financial sector, is particularly well-positioned in this potential deal, given its existing investment in Mandatum, one of Saxo Bank’s key shareholders. This involvement could potentially lead to further restructuring within the firm if Altor succeeds in acquiring Saxo Bank.
Centerbridge, which has built a notable track record in financial services deals across Europe, is another serious contender. The firm has been involved in high-profile investments, including Aareal Bank, further highlighting its interest in expanding within the financial services industry.
Saxo Bank’s Strong Performance in the UK
Amid these acquisition talks, Saxo Bank’s UK branch reported solid financial results for 2023. The firm increased its assets under management to £2 billion and saw its profit rise to £11.2 million, despite facing challenges such as geopolitical volatility and difficulties in the UK equity markets.
As acquisition discussions continue, Saxo Bank’s next steps remain a point of speculation, with various investors vying for a stake in the firm’s future.
