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Goldman Sachs Acquires NN Investment Partners in €1.6 Billion Deal
In a significant move, Goldman Sachs has announced the acquisition of NN Investment Partners from insurer Nationale-Nederlanden. The deal, valued at around €1.6 billion, marks the largest acquisition under the leadership of David Solomon at Goldman Sachs.
NN Investment Partners is the asset management arm of Nationale-Nederlanden, and a significant portion of its assets originate from the insurance sales of the same. The acquisition is expected to close in the first quarter of 2022.
David Solomon, CEO of Goldman Sachs, stated that the acquisition will accelerate their growth strategy and expand their asset management platform. He also highlighted that NN Investment Partners has successfully integrated sustainability into its offerings, aligning with Goldman Sachs' efforts to make responsible investing a core part of their business.
David Knibbe, CEO of NN, commented on the transaction, saying, "This brings together two international asset managers with decades of investment experience." The previous CEO of NN Investment Partners, Edo Velthuis, led the firm until the takeover was finalized.
The acquisition will provide NN Group with more opportunities to develop a broader range of asset management offerings for its clients. Goldman Sachs will now manage 355 billion euros in assets previously under NN Investment Partners.
NN plans to use the fresh capital from the sale for its own investments and to increase dividends to shareholders. This move is expected to strengthen NN Group's financial position and enhance its ability to create value for shareholders.
The acquisition is a strategic move for Goldman Sachs, aiming to solidify its position in the asset management industry and cater to the growing demand for sustainable investment solutions. With this acquisition, Goldman Sachs continues to demonstrate its commitment to innovation and growth in the financial sector.
