Saxo Bank, the Danish trading platform, is now the center of potential acquisition talks. The acquisition has attracted interest from major investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group, Yahoo Finance reported.
These firms have reportedly submitted preliminary bids, causing speculation of a significant transaction in the near future. According to sources familiar with the matter, Altor and Centerbridge have submitted a non-binding offer for Saxo Bank.
A Multi-Bidder Interest
Interactive Brokers Group is reportedly among those evaluating the Danish firm for a possible acquisition . Despite the growing interest, Saxo Bank has not yet committed to any deal, leaving room for further developments.
In July, the trading platform started searching for new ownership by appointing Goldman Sachs as its advisor. The decision to explore a sale followed a review by its current shareholders: Zhejiang Geely Holding Group, Finnish financial services provider Mandatum, and founder Kim Fournais.
The goal of this process is a direct sale, though no final decision has been made. Geely, which holds a nearly 50% stake in Saxo Bank, acquired its position in 2017 after purchasing shares from co-founder Lars Seier Christensen in a deal valuing the company at €1.325 billion ($1.4 billion).
Founder Kim Fournais has continued to serve as the CEO, leading the company through this potential transition. However, representatives from the involved parties, including Geely, have reportedly not commented on the progress of the talks, with Geely stating that they will not comment until the conclusion of any negotiations.
Altor and Centerbridge
Altor, a private equity firm, has emerged as a significant player in the financial services industry, particularly in Northern Europe. It already has a substantial stake in Mandatum, Saxo Bank’s Finnish shareholder. Altor’s growing interest in Saxo is evident from its investments and partnerships, and its involvement could lead to a broader restructuring of the firm.
On the other hand, Centerbridge, which has a strong track record in the financial services sector, particularly in Europe, has posted high-profile deals like investment in Aareal Bank.
Meanwhile, Saxo Bank's UK branch posted a strong performance in 2023, expanding its assets under management to £2 billion and increasing profit to £11.2 million compared to the previous year. The firm identified some of the challenges in its performance, including geopolitical volatility and continued challenges in the UK equity markets.
