Transaction: Divestments
Date: Pending
Deal value: EUR 1.56 billion
Process: Private process
Industry: Financial services and real estate

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FIH Partners advises in the sale of shares in Nykredit A/S to Danish pension consortium

FIH Partners advised Forenet Kredit, the association and majority shareholder of Nykredit A/S, in the sale of shares to a consortium headed by PFA and with PensionDanmark, PKA, AP Pension and MP Pension as co-investors.

The total sale from Forenet Kredit, Industriens Fond and Østifterne f.m.b.a of 16.9% of the shares in Nykredit A/S equals a total investment of DKK 11.6bn from the consortium, corresponding to a total valuation of Nykredit A/S of DKK 68.8bn. Forenet Kredit will sell shares worth of DKK 7.5bn and retain an ownership stake of 78.9%, thus continue as the majority shareholder in Nykredit A/S.

Additionally, the consortium will give a non-binding undertaking to contribute another DKK 7.5bn of new equity if necessary for regulatory or similar reasons.

The transaction constitutes the largest unlisted equity investment by institutional investors in Denmark.

Nykredit is the largest mortgage lender in Denmark with a total balance sheet of approximately DKK 1.4tn.

FIH Partners acted as exclusive advisor to Forenet Kredit.