Aktia Bank – Acquisition of Wealth Management Operations of Taaleri

We assisted Aktia Bank Plc in its acquisition of the wealth management operations of Taaleri Plc. The deal includes 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).

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.

The completion of the transaction is subject to approvals by the Finnish Competition and Consumer Authority and the Financial Supervisory Authority. It is estimated that the transaction will be completed in May 2021.

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.