Saxo Bank considers Euronext Amsterdam listing

Rick Steves

In the event Saxo Bank goes forward with the listing, there will be no primary issue of shares by Saxo Bank.

Saxo Bank has confirmed its intention to explore a listing of Saxo Bank on Euronext Amsterdam in connection with a business combination with Disruptive Capital Acquisition Company Limited (DCAC).

Being already well capitalized, Saxo Bank is mulling the potential listing in order to diversify its shareholder base, raise its profile and further accelerate its growth strategy.

Deal would value Saxo’s outstanding shares at more than €2 billion

The official statement said the proposed business combination with DCAC would comprise a secondary sale of existing Saxo Bank shares to DCAC for distribution to DCAC’s shareholders; and the subsequent delisting and liquidation of DCAC, with Saxo being the ongoing Euronext listed entity. DCAC is soliciting interest from its existing shareholders and other investors in the secondary offer.

Geely Financials Denmark A/S and Sampo Plc intend to sell a limited proportion of their stakes in Saxo Bank and Saxo board members and senior management team, including founder and CEO Kim Fournais, would acquire additional shares alongside DCAC.

According to the plan, the potential transaction values the outstanding shares of Saxo Bank at a pro forma aggregate amount of at least € 2 billion. Since there is no binding agreement at the moment, this only amounts to a projection as no listing or transaction are to go through at this point in time.

In the event Saxo Bank goes forward with the listing, there will be no primary issue of shares by Saxo Bank.

“I am proud to invite new shareholders into Saxo”

Kim Fournais, CEO & Founder, Saxo Bank, comments: “We have a strong ownership, which we hope to strengthen and diversify even further, with full confidence that Saxo Bank is heading in the right strategic direction. We are building a prudent financial institution that is part of the solutions needed in the future – and we remain committed to delivering on our ambitious growth strategy. With this, I am proud to invite new shareholders into Saxo and the exciting growth journey ahead of us.”

DCAC co-founder, Edi Truell, comments: “We are thrilled to have identified Saxo Bank as a high quality financial services combination for DCAC shareholders. We look forward to bringing our shareholders aboard on Saxo’s exciting journey, which we believe should provide a very attractive investment”

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