Aktia Bank’s €120 Million Acquisition of Wealth Management Operations of Taaleri

Castrén & Snellman assisted Aktia Bank Plc, while Krogerus advised Taaleri Plc on the sale of its wealth management business conducted by Taaleri Varainhoito.

Aktia Bank Plc has signed a contract with Taaleri Plc, with which Aktia has agreed to acquire the wealth management operations of Taaleri, including 100% of the following companies: Taaleri Wealth Management Ltd, Taaleri Fund Management Ltd, Taaleri Tax Services Ltd and Evervest Ltd. The purchase price is EUR 120 million (on a cash and debt free basis), of which up to EUR 10 million can be paid with Aktia shares.

Aktia directs its share issue to be subscribed by Taaleri in conjunction with the completion of the transaction. The rest of the payment will be delivered in cash. As a result of the transaction, Aktia will strengthen its own funds so that Aktia’s capital adequacy is solid also going forward.

In the transaction, assets under management (AuM) amounting to EUR 4.4 billion will be transferred to Aktia according to Aktia’s reporting practice. Aktia’s assets under management will, thus, increase from EUR 10.4 billion to EUR 14.8 billion.

As part of the transaction, the parties have agreed on initiating co-operation that supports the strategy of both parties, through which Aktia will be the distributor of Taaleri’s alternative investment products in Finland. The deal supports Aktia’s objective to be the best asset manager in Finland. Together, Aktia and the operations that are being transferred from Taaleri will form one of the leading asset management organisations in Finland.

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. Aktia serves their customers in digital channels everywhere and face-to-face in their offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Their award-winning asset management business sells investment funds internationally. Aktia employs approximately 750 people around Finland. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA).

Taaleri is a Finnish financial services company, whose parent company, Taaleri Plc, is listed on Nasdaq Helsinki main market. The Taaleri Group comprises three business areas: Wealth Management, Insurance, and Energy. In addition, the Group makes investments from its own balance sheet. At the end of 2020, Taaleri had assets under management totalling EUR 7.6 billion and over 6,000 wealth management customers. Taaleri Plc has some 6,000 shareholders. Taaleri’s operations are supervised by the Finnish Financial Supervisory Authority.

The Castrén & Snellman team consisted of Jarno Tanhuanpää (Picture), Hannu Huotilainen, Karlo Siirala, Aleksanteri Tuomainen, Kiti Karvinen, Julian Lagus, Sampsa Purojärvi, Jussi Nieminen, Mikko Alakare, Tomi Kemppainen, Noora Rissanen and Pia Ek.

The Krogerus team was led by Mika Ståhlberg and he was mainly assisted by Jasmin Wardi, Taru Kovanen, Hanna Tolonen, Leena Lindberg, Tuulia Tanskanen, Pyry Somervuori and Joonas Parkkinen.

Involved fees earner: Mikko Alakare – Castrén & Snellman; Pia Ek – Castrén & Snellman; Hannu Huotilainen – Castrén & Snellman; Kiti Karvinen – Castrén & Snellman; Tomi Kemppainen – Castrén & Snellman; Julian Lagus – Castrén & Snellman; Jussi Nieminen – Castrén & Snellman; Sampsa Purojärvi – Castrén & Snellman; Noora Rissanen – Castrén & Snellman; Karlo Siirala – Castrén & Snellman; Jarno Tanhuanpää – Castrén & Snellman; Aleksanteri Tuomainen – Castrén & Snellman; Taru Kovanen – Krogerus Attorneys Ltd; Leena Lindberg – Krogerus Attorneys Ltd; Joonas Parkkinen – Krogerus Attorneys Ltd; Pyry Somervuori – Krogerus Attorneys Ltd; Mika Ståhlberg – Krogerus Attorneys Ltd; Tuulia Tanskanen – Krogerus Attorneys Ltd; Hanna Tolonen – Krogerus Attorneys Ltd; Jasmin Wardi – Krogerus Attorneys Ltd;

Law Firms: Castrén & Snellman; Krogerus Attorneys Ltd;

Clients: Aktia Bank; Taaleri Oyj;

Author: Federica Tiefenthaler