Finance
Denmark’s Nykredit to Buy Spar Nord Bank for $3.5 Billion
- The merger will create third-largest bank in Denmark
- Deal activity is picking up among Nordic financial companies
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Denmark’s largest mortgage lender Nykredit Realkredit A/S agreed to buy competitor Spar Nord Bank A/S in the latest consolidation move in the Nordic financial industry.
The deal values Spar Nord at about 24.7 billion kroner ($3.5 billion) based on a cash purchase price of 210 kroner a share and is recommended by its board, according to statements by the two banks on Tuesday.