NN NN Group NV

   By Adria Calatayud 
 

Goldman Sachs Group Inc. said Thursday that it has agreed to buy European asset manager NN Investment Partners from NN Group NV for around 1.6 billion euros ($1.87 billion).

The U.S. banking giant said NN Investment Partners is highly complementary to Goldman Sachs Asset Management's existing European footprint and will strengthen its fund management and distribution platform. Based in The Hague, Netherlands, NN Investment Partners has around $355 billion in assets under supervision and approximately $70 billion in assets under advice, Goldman Sachs said.

NN Group said the deal is worth EUR1.7 billion in cash, consisting of a base purchase price of EUR1.52 billion and a ticking fee and excess capital to be distributed as a dividend ahead of condition.

NN Group said it Goldman Sachs Asset Management will enter into a ten-year strategic partnership under which the combined entity will provide asset management services to NN Group as part of the deal.

Goldman Sachs said the deal is expected to close by the end of the first quarter of 2022, but remains subject to regulatory and other approvals and conditions.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

August 19, 2021 01:37 ET (05:37 GMT)

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