Today NN Group announces the completion of the sale of its asset manager NN Investment Partners (NN IP) to Goldman Sachs Group, Inc. The completion of the transaction follows the fulfilment of the customary closing conditions, including receipt of all necessary regulatory approvals. The agreement on the sale of NN IP and the ten-year strategic partnership with Goldman Sachs Asset Management were announced on 19 August 2021.
David Knibbe, CEO NN Group: ‘Today marks a significant moment in the history of our company, as the long-standing collaboration with NN IP enters a new phase. Our asset manager, a leader in responsible investing, contributed to where we are as a company today by delivering investment excellence and expertise to customers. NN IP is joining forces with another international asset manager, giving it the broader platform necessary to continue its growth. For NN Group, this transaction gives us greater flexibility to enhance our investment propositions for customers. On behalf of the NN Group Management Board, I would like to thank our NN IP colleagues for their dedication, passion and commitment and we are looking forward to continuing our successful relationship in a different form.’The sale of NN IP has generated total cash proceeds of around EUR 1.7 billion and is expected to have a positive impact on the NN Group Solvency II ratio of approximately 16%-points. Given its robust balance sheet and capital position, NN Group announced on 17 February 2022 a total share buyback of EUR 1.0 billion, of which the EUR 250 million programme commenced on 1 March 2022. The remaining share buyback programme of EUR 750 million will start on 13 April 2022 and is expected to be completed before 1 March 2023.
For further information on NN Group, please visit www.nn-group.com.