DNB Bank to Buy Sbanken After Tribunal Overturns Regulator's Decision

By Dominic Chopping

DNB Bank ASA said late Wednesday that it will complete the acquisition of Norwegian digital bank Sbanken ASA after a tribunal overturned the competition regulator's decision to block the deal.

DNB said last April that it had agreed to buy Sbanken for 11.1 billion Norwegian kroner ($1.25 billion) and the deal was approved by the Norwegian Ministry of Finance after a recommendation from the Financial Supervisory Authority.

However, Norwegian competition authorities blocked the deal after rejecting proposed resolutions to concerns around competition in the fund-distribution market.

DNB appealed to the Norwegian Competition Tribunal, who have now overturned the decision.

"The Norwegian Competition Tribunal has concluded that there was no basis to reject the contemplated acquisition and has consequently repealed the Norwegian Competition Authority's decision," DNB said.

"The Norwegian Competition Tribunal's decision is final and may not be challenged further by the Norwegian Competition Authority," it added.

Settlement of the offer is expected to take place no later than 30 March, with DNB paying NOK104.45 a share. The agreed offer price of NOK108.85 was previously reduced to adjust for a dividend paid by Sbanken.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

03-17-22 0446ET