BREAKING NEWS

Saxo Bank to buy Dutch BinckBank for $480 million

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COPENHAGEN (Reuters) – Denmark’s Saxo Bank has agreed to buy all shares in Dutch online bank BinckBank <BINCK.AS> for around $480 million (382 million pounds) in an all-cash public offer.

Saxo Bank will pay 6.35 euros (5.71 pounds) per share, representing a premium of 35 percent to BinckBank’s closing price on Friday, valuing the deal at 424 million euros, the two firms said in a joint statement on Monday.

“As the investment and trading industry matures and faces new regulation as well as rising expectations for digital client experience, scale, technology and multi-asset capabilities become increasingly key to long-term success,” Saxo CEO Kim Fournais said in the statement.

The transaction, which was unanimously recommended by BinckBank’s board, will be funded via a combination of equity injections by Saxo Bank’s shareholders and cash, it said.

Saxo Bank, which develops and operates online trading platforms, is majority-owned by Chinese carmaker Zhejiang Geely Holding Group [GEELY.UL].

The two firms announced late on Friday they were in advanced discussions regarding a potential combination of the businesses.

(Reporting by Stine Jacobsen; editing by Jason Neely)

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