Saxo, the trading platform with about US$120 billion ($157.61 billion) of client assets, said in July that it had hired Goldman Sachs Group to help it identify new owners.
Saxo’s shareholders — Zhejiang Geely Holding Group, Finnish Mandatum Oyj and founder Kim Fournais — will initiate a review of strategic opportunities with a direct sale being the primary aim.
Representatives for Altor, Centerbridge, Mandatum and Saxo Bank declined to comment. A representative from Geely said the company doesn’t comment on ongoing discussions until after the conclusion of a deal. Interactive Brokers didn’t respond to requests for comment.
Saxo Bank was set up in 1992 and until 2017 run by co-founders Fournais and Lars Seier Christensen, who turned it into one of Europe’s largest trading platforms. In 2017 Seier Christensen left the bank and sold his 25.71% stake to Geely in a deal that valued Saxo at EUR1.325 billion ($1.89 billion). Geely now owns almost 50% of the company.
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Fournais has since stayed on as chief executive officer, locally known as the outspoken face of Saxo Bank and famous for buying a small Danish island to set up his private luxury resort and yacht facilities. He’s also known for flying his own plane to client meetings.
Mandatum in May acquired a 19.8% stake from Nordic Insurance Group Sampo Oyj for EUR302 million. Altor is the largest shareholder of Mandatum after increasing its stake to about 17% earlier this year. DNB Bank on Monday said it will buy out rival Swedish firm Carnegie Holding AB and Altor, Carnegie’s main owner, has agreed to sell its stake.
Centerbridge, a private equity firm that specialises in financial services, has made some of the most high-profile deals in that space in Europe, including Aareal Bank.
