Nordax Bank’s NOK 19.6 Billion Acquisition of Bank Norwegian

Wiersholm and Cederquist assisted Nordax Bank in the transaction.

Nordax Bank, a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo, has completed its acquisition of Bank Norwegian. The NOK 19.6bn deal is one of the largest public-to-private acquisitions ever in Norway.

Bank Norwegian was founded in 2007 is a fully digital and flexible consumer bank offering easy-to use and standardised instalment loans, and credit cards branded together with Norwegian Air Shuttle’s reward program. Following multiple years of strong growth in Norway, Bank Norwegian expanded into Sweden in 2013, and further into Denmark and Finland in 2015.

Nordax Bank AB (publ) is a leading specialist bank in Northern Europe owned by Nordic Capital Fund VIII and Sampo since it was taken private in 2018, focused on consumer loans, mortgages and equity release products. The bank has presence in Sweden, Norway, Finland, Denmark and Germany, and has lending to the public of SEK 31.7bn as of Q3 2021. In 2019, Nordic Capital and Sampo acquired 17.5% of Bank Norwegian from Norwegian Air Shuttle, with Nordic Capital subsequently increasing its stake, to a combined holding of 22.7% in Bank Norwegian.

ABGSC acted as financial advisors to Nordax Bank, Nordic Capital and Sampo in the acquisition of Bank Norwegian.

The Wiersholm’s team was led by Gunhild Dugstad (Picture), Simen Mejlænder and Sverre Sandvik, and consisted of, among others, Jens Frydenlund Finanger, Trond Bjerkan, Lars Buan, Knut Engh Andenæs, Hanne Caroline Nilsen, Alexander Hanssen, Petter Thomren Moltu, Rebecca Molyneux and Anne-Marit Wang Sandvik.

Cederquist’s team consisted primarily of Martin Ulfson, Pontus Röckert, Isabel Cantos, Artemis Rahimian and Andreas Nilsson (M&A and Structuring), Fredrik Lundén and Anna Green Jensen (Equity Capital Markets), Tobias Johansson, Sebastian Bertheau and Sara Lilienberg (Financial Regulatory), as well as Per Henriksson, Marcus Hjorth, Sofia Hedberg and Filip Gyulai (Banking and Finance).

Involved fees earner: Sebastian Bertheau – Cederquist KB; Isabel Cantos – Cederquist KB; Filip Gyulai – Cederquist KB; Sofia Hedberg – Cederquist KB; Per Henriksson – Cederquist KB; Marcus Hjorth – Cederquist KB; Anna Green Jensen – Cederquist KB; Tobias Johansson – Cederquist KB; Sara Lilienberg – Cederquist KB; Fredrik Lundén – Cederquist KB; Andreas Nilsson – Cederquist KB; Artemis Rahimian – Cederquist KB; Pontus Röckert – Cederquist KB; Martin Ulfson – Cederquist KB; Trond Bjerkan – Wiersholm; Lars Buan – Wiersholm; Gunhild Dugstad – Wiersholm; Knut Engh Andenæs – Wiersholm; Alexander Hanssen – Wiersholm; Simen Mejlænder – Wiersholm; Hanne Caroline Nilsen – Wiersholm; Sverre Sandvik – Wiersholm; Petter Thomren Moltu – Wiersholm; Anne-Marit Wang Sandvik – Wiersholm;

Law Firms: Cederquist KB; Wiersholm;

Clients: Nordax Bank;

Federica Tiefenthaler

Author: Federica Tiefenthaler