Solidium sells 2% stake in Nordic insurance group Sampo for €498m

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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.

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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.

Solidium sells 2% stake in Nordic insurance group Sampo for €498m

Solidium sells 2% stake in Nordic insurance group Sampo for €498m. Logo courtesy of Sampo plc.

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%.

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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.

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