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HomeBusinessGoldman Sachs to buy NNIP from NN for 1.7 billion euros By...

Goldman Sachs to buy NNIP from NN for 1.7 billion euros By Reuters

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© Reuters. The Goldman Sachs headquarters is seen in the Manhattan borough of New York, U.S., January 13, 2021. REUTERS/Shannon Stapleton

AMSTERDAM (Reuters) – NN (NASDAQ:) Group said on Thursday Goldman Sachs (NYSE:) will buy NNIP, the Dutch insurer’s investment arm, for 1.7 billion euros ($1.98 billion) in the biggest acquisition by the American firm since David Solomon became chief executive in 2018.

The deal is part of Solomon’s strategy of making the bank’s revenue stream less reliant on earnings from global markets and advising on deals.

Additionally, the companies said they will enter a 10-year strategic partnership under which Goldman will provide the Dutch firm asset management services, the companies said in separate statements.

NN said the sale will improve its Solvency II ratio by 17 percentage points.

($1 = 0.8565 euros)

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