Aktia Bank Plc
Stock Exchange Release
30 April 2021 at 5.25 p.m.
Aktia and Taaleri have closed the transaction regarding the wealth management operations of Taaleri and Aktia has directed a share issue to Taaleri
Aktia Bank Plc (“Aktia”) and Taaleri Plc (“Taaleri”) have today on 30 April 2021 decided to complete the transaction in accordance with the sale and purchase agreement signed on 10 March 2021. In the transaction, Aktia agreed to purchase the wealth management operations of Taaleri. The purchase price is EUR 120 million (on a cash and debt free basis), of which EUR 10 million is paid with new Aktia shares. As a part of the transaction, the parties have agreed on initiating co-operation that supports the strategy of both parties, through which Aktia will be the distributor of Taaleri’s alternative investment products in Finland. In addition, Aktia Fund Management Company Ltd and Aktia sell the business operations for the portfolio management of Non-UCITS Fund Aktia Commercial Properties (AIF) as well as the Aktia Infra I KY fund to Taaleri.
All the conditions for closing the transaction have been fulfilled.
Based on the authorisation by the general meeting held on 13 April 2021, Aktia pays EUR 10 million of the purchase price of EUR 120 million (on a cash and debt free basis) by directing 974,563 new Aktia shares to Taaleri. Taaleri will subscribe for the new shares against contribution in kind. The subscription price per share for the new shares is EUR 10.261 and was determined in accordance with the sale and purchase agreement based on the trade volume weighted average quotation of the share during an observation period of twenty business days before the closing. The total number of Aktia’s shares will be 70,648,736 shares after the registration of the new shares that will be issued in the directed issue. The subscription price will be credited into Aktia’s invested unrestricted equity reserve. The number of shares subscribed for in the share issue and, thus, Taaleri’s shareholding in Aktia will be approximately 1.4% of Aktia’s shares after the registration of the new shares. The shares owned by Taaleri are subject to a three-year lock-up period.
The new shares will be entered into the Trade Register on or about 6 May 2021. Aktia will apply for the listing of the new shares so that trading with the new shares together with Aktia’s current shares would commence on or about 7 May 2021 on the official list maintained by Nasdaq Helsinki Ltd.
“Combining Aktia and Taaleri’s wealth management business operations and the compatibility of the functions create value in several ways both for Aktia’s customers and employees. The transaction that has now been completed is an important step towards our clear target of being the best asset manager in Finland”, says Aktia’s CEO, Mikko Ayub.
Aktia Bank Plc
Board of Directors
Mikko Ayub, CEO
tel. +358 10 247 5121
Lotta Borgström, Director, Investor Relations and Communications
tel. +358 10 247 6838, lotta.borgstrom (at) aktia.fi
Nasdaq Helsinki Ltd
Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next already for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 900 people around Finland. Aktia's assets under management (AuM) 31 December 2020 amounted to EUR 10.4 billion and the balance sheet total was EUR 10.6 billion. Aktia's shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.