The Goldman Sachs Group, Inc. has announced that it has entered into an agreement to acquire NN Investment Partners from NN Group N.V. for approximately €1.6 billion1. The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory and other approvals and conditions.
NN Investment Partners employs more than 900 professionals in 15 countries and combines the use of data and technology with fundamental analysis in its investment processes.
A statement made by the company said, “NN Investment Partners’ employees will join Goldman Sachs Asset Management following the closing of the transaction, with the Netherlands becoming a significant location in our European business. We believe that NN Investment Partners’ expertise will strengthen our fund management and distribution platform across retail and institutional channels in Europe and support us in delivering long-term value to clients.”
It added, “NN Investment Partners is highly complementary to Goldman Sachs Asset Management’s existing European footprint and will add new capabilities and accelerate growth in products such as European equity and investment grade credit, sustainable and impact equity, and green bonds.”
David Knibbe, Chief Executive Officer of NN Group, said, “NN Group and NN Investment Partners have a longstanding and successful shared history. We value this strong and constructive relationship that we have and we look forward to further building on it in a new form. This transaction brings together two international asset managers, each with many decades of investment experience. We have found a strong and professional partner in Goldman Sachs, providing an environment in which our NN Investment Partners colleagues can continue to thrive, while the combined investment expertise and scale will enhance the service offering to NN Investment Partners’ clients, including NN Group. This transaction will also give NN Group greater optionality to develop a broader range of asset management propositions for our customers. Our approach and ambitions around ESG will remain unchanged and Goldman Sachs shares our commitment to responsible investing. On behalf of the Management Board of NN Group, I would like to thank our colleagues at NN Investment Partners for their drive, commitment and continuing focus on clients.”
Goldman Sachs & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsels to Goldman Sachs. J.P. Morgan Securities LLC is serving as financial advisor and De Brauw Blackstone Westbroek N.V. is serving as legal counsel to NN Group.
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