Sampo continues its financial investments by acquiring a share of Norwegian Finans Holding

Sampo

Nordic Capital and Sampo have agreed to acquire in total 17.47 per cent of Norwegian Finans Holding, which is the parent company of Bank Norwegian. The transaction price is NOK 68 per share, in total NOK 2,218 million.

Completion of the acquisition will occur in two tranches, whereby the first (9.97%) will be acquired with expected settlement on August 26, 2019. The second tranche (7.50%), which is subject to approval by the Norwegian Financial Supervisory Authority, will be acquired once regulatory approval has been obtained.

Following completion of the whole transaction, Sampo will hold approximately 6,3 per cent of the company. The size of Sampo's investment will be EUR 80 million.

Bank Norwegian offers, among other products, consumer credit and deposit accounts via its digital platform and has over 1.6 million clients in Norway, Sweden, Finland and Denmark. In 2018, Bank Norwegian’s total income was NOK 4.7 billion or approximately EUR 465 million. Norwegian Finans Holding is listed on the Oslo Stock Exchange.

This is the sixth financial investment made by the parent company Sampo plc in the Nordic fintech and financial sector where we see buy & build opportunities characteristic to Sampo’s investment style. Previously we have invested in Asiakastieto, Nets, Saxo Bank, Nordax and Intrum. In total, Sampo has invested over one billion euros in these companies.

Nordic Capital, one of the leading private equity investors in the Nordics, is a familiar investor partner to Sampo since we made a joint bid offer for Nordax in Spring 2018. Nordic Capital is also the largest shareholder in Intrum.

Nordic Capital’s press release regarding the transaction: https://www.nordiccapital.com/news/nordic-capital-and-sampo-become-the-l...

Mirko Hurmerinta, IR and Communications Specialist, Sampo plc

Why invest in Sampo? IR Blog provides information about Sampo as an investment case and the Group's businesses and markets. www.sampo.com/irblog

Sampo is a Nordic property and casualty insurer operating also in the UK and in the Baltics. In the Nordics, Sampo provides insurance services across all countries, customer segments and products. In the UK, the company offers motor and home insurance for private individuals. The Group is made up of If P&C, Topdanmark, Hastings, and the parent company Sampo plc. Sampo was founded in 1909 and it is headquartered in Helsinki, Finland.

Key Estimate Figures2019-08-07

	2018	19e	20e
Revenue	7,908.0	8,285.7	8,367.6
growth-%	36.0 %	4.8 %	1.0 %
EBIT (adj.)	1,898.0	1,826.0	1,963.0
EBIT-% (adj.)	24.0 %	22.0 %	23.5 %
EPS (adj.)	0.48	0.46	0.50
Dividend	0.51	0.53	0.54
Dividend %	7.0 %	5.3 %	5.4 %
P/E (adj.)	15.1	21.4	19.8
EV/EBITDA	11.8	18.2	17.0