Lars Seier Christensen, Co-Founder and former Co-CEO of Saxo Bank
Saxo Bank has just announced that one of the company’s founders, Lars Seier Christiansen sold off his stake in the Danish multi-asset brokerage to a Chinese investor. Chinese billionaire Li Shufu is the Chairman and major shareholder of the Hong Kong based subsidiary of none other but private company Zhejiang Geely Holding Group Co.
Zhejiang Geely Holding Group Co made rounds worldwide after acquiring Volvo Cars in 2010 and the London Taxi Company. Saxo Bank’s new investor is a 30 year old Fortune 500 company, with revenues for 2016 totaling over $26 billion, while the firm’s total assets were just over $24 billion.
No financial details on the transaction have been provided by the companies involved. According to estimates made by Finance Magnates, the deal is estimated to be worth between $350 and $400 million.
The transactions that is pending regulatory approval will be executed via the Hong Kong-based subsidiary of the Chinese company, Geely International Hong Kong.
Lars Seier Christensen received an offer from the Chinese company and agreed to sell his stake of 25.71 per cent. Certain minority shareholders of Saxo Bank are expected to exercise tag-along rights and sell their shares to bring up the total Saxo Bank stake of the of the Chinese company to 30 per cent.
Commenting on the deal, the Co-founder and Chief Executive Officer of Saxo Bank, Kim Fournais, said: “Geely Group has shown an impressive ability to foster sharp and solid profitable growth in their portfolio companies, and it has a deep understanding of Scandinavian business values and culture.”
“Geely is well known for its strong power of execution, compliance awareness and entrepreneurial spirit. I look forward to taking Saxo Bank to new highs together with our shareholders and employees. I am confident that partnering with Geely creates an even stronger foundation to capitalise on the many global opportunities and not least in the growing Chinese and Asian markets,” the CEO of the Danish multi-asset brokerage elaborated.
The Chief Financial Officer and Executive Vice President of Geely Group, Daniel Donghui Li, added: “We look forward to partnering with Saxo Bank through this transaction to expand Geely Group’s activities in the financial services sector.”
We expect to deliver group synergies from the development of financial services both within Geely Group and the wider Chinese market,” he explained.
Source: Finance Magnates