Goldman Sachs acquires Dutch company NN Investment Partners for 1.7 billion euros

The US bank Goldman Sachs has acquired the manager of the Dutch firm NN Group, NN Investment Partners, for 1.7 billion euros. The operation, which contributes to expanding the entity's activities outside the US, includes 1,515 million for the purchase, a closing commission and an excess of capital that will be distributed in the form of a dividend before the end of the transaction. Both entities will establish as part of the agreement a ten-year strategic partnership whereby the resulting company will continue to provide asset management services to NN Group and expect the transaction, still subject to regulatory approvals, to close in the first quarter of 2022 .

NN Investment Partners, which has about 900 employees and almost 300,000 million euros under management - which will allow Goldman Sachs to double the amount it currently manages in Europe - has explained in a statement that its union with Goldman Sachs gives it a further platform expand to accelerate its growth and improve the offering and services to its clients, while continuing to collaborate with the NN Group and benefit from new product offerings from Goldman Sachs.

The CEO of NN IP, Satish Bapat, will remain in his position, but will no longer be a member of the NN Group Board of Directors. The operation is expected to have a positive impact on the manager's solvency ratio of 17% and an excess of capital that "will be available for additional returns to shareholders" and which they plan to publish with the results of the second half of the year.

The organic capital generation (OCG) target, meanwhile, remains unchanged at € 1.5 billion in 2023. “This acquisition allows us to accelerate our growth strategy and expand our management platform for assets. NN Investment Partners offers a leading client franchise in Europe and an extension of our strength in insurance asset management ”, highlighted the president and CEO of Goldman Sachs, David Solomon, who thus undertakes its largest operation since assuming the position in 2018.