J. Safra Sarasin to Buy Majority of Saxo in €1 Billion Deal
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Swiss wealth manager Bank J. Safra Sarasin agreed to buy 70% of Denmark’s Saxo Bank A/S, in one of the biggest private banking deals in recent years.
Safra said the acquisition values online brokerage firm Saxo at €1.6 billion ($1.7 billion), implying a purchase price of around €1.1 billion. That would make it the Swiss firm’s second-largest deal ever. The announcement confirms a Bloomberg News report last month that J. Safra Sarasin was holding talks with Saxo Bank.