Solidium, a Finnish state-owned investment company, said that it has divested a stake of around 2% in Nordic insurance group Sampo to raise an amount of nearly €498 million.

In this connection, Solidium had sold 11 million A-shares in the Finnish insurance company through an accelerated book built offering to Finnish and global institutional investors.

Solidium said that it will utilize the proceeds from the equity offering primarily towards a capital repayment to the Finnish government as well as for general corporate purposes.

After the close of the equity offering, Solidium’s ownership interest in Sampo will be around 33 million A-shares. The company’s stake in the Nordic insurance group will come down from 8% to 6%.

Solidium said that it will not sell any additional shares of Sampo for a period of 90 days after the equity offering, subject to certain customary exceptions such as waiver by Morgan Stanley & Co. International, which is the lead manager and sole bookrunner for the equity offering.

  Finland, Insurance industry news, Morgan Stanley, Sampo, Solidium