"The transaction means that Carnegie will become part of the DNB group and that DNB's existing Markets business will change its name to DNB Carnegie", writes Carnegie in a separate press release.
The sellers are the private equity firm Altor, with financier Harald Mix, and a number of minority shareholders.
The deal must be approved by competition authorities to be completed, which is expected to take place during the first half of 2025, according to the two companies.
The ambition is to become the leading player in the Nordic region within financial advisory services and asset management.
"We have found the perfect partner in DNB. We complement each other both geographically and in terms of products. By combining our strengths, we will significantly improve our offering while maintaining our customer focus and entrepreneurial spirit", says Tony Elofsson, CEO of Carnegie in a comment.
Elofsson will remain and in his new role lead the work with investment banking, analysis, stock brokerage, and wealth and asset management in Sweden, Denmark, and Finland in the subsidiary DNB Carnegie Holding AB.
In Norway, the USA, and the UK, Carnegie's operations will be integrated into DNB's operations under the brand DNB Carnegie.
