STOCKHOLM (Reuters) -Norway’s largest financial institution DNB stated on Monday it had agreed to purchase Swedish funding financial institution and asset supervisor Carnegie from personal fairness agency Altor and minority house owners for round 12 billion Swedish crowns ($1.14 billion).

DNB stated in an announcement it expects to finalise the all-cash deal, which is topic to authority approvals, within the first half of 2025.

“We and Carnegie are realising our joint ambition to construct a number one participant throughout the Nordic area in funding banking, securities brokerage and analysis, company banking, personal banking and asset administration,” it stated.

Carnegie, which employs round 850 individuals, had 436 billion Swedish crowns in belongings underneath administration as of Sept. 30.

DNB stated it expects the deal to generate a return on invested capital above 15%, and result in some effectivity positive factors throughout the mixed operations.

“The first worth driver of the transaction is the expansion alternatives unlocked by a stronger mixed Nordic platform and enhanced consumer providing that are anticipated to generate nearly all of transaction advantages,” it stated.

DNB stated DNB Markets and Morgan Stanley acted as its monetary advisors whereas Carnegie Funding Financial institution, Goldman Sachs and Lenner & Companions acted as monetary advisors to Carnegie.

($1 = 10.5308 Swedish crowns)