Altor Fund III has agreed to sell Carnegie Holding AB to DNB Bank ASA, with plans to integrate operations under the DNB Carnegie brand, aiming to become a leading player in Nordic investment banking and asset management.

Information on the Target

Carnegie Holding AB, a prominent investment bank and asset manager in the Nordic region, has entered into a transaction with DNB Bank ASA for its acquisition. DNB plans to rebrand Carnegie’s existing Markets operations to DNB Carnegie upon completion of the transaction, which is slated for the first half of 2025 contingent upon regulatory approvals. This acquisition, while technically an acquisition, is envisioned as an operational merger under the unified brand DNB Carnegie, targeting leadership in investment banking and asset management across the Nordics.

With a strong history of success, Carnegie has transformed over the past 15 years into a leading firm in financial advisory and asset management. The company is recognized for its remarkable client-centric approach and dedication to providing top-tier service. Under the new structure, Carnegie’s operations will continue to thrive, maintaining its entrepreneurial spirit while expanding its offerings through collaboration with DNB.

Industry Overview in the Target’s Specific Country

The Nordic investment banking sector has demonstrated robust growth, driven by increasing demand for financial advisory services and asset management solutions. Sweden, in particular, stands out as a key player in this market, characterized by a rising number