Goldman Sachs to buy NN group's investment arm for $1.98 billion

NN Group said Goldman Sachs will buy NNIP, the Dutch insurer's investment arm, for $1.98 bn in the biggest acquisition by the American firm since David Solomon became chief executive in 2018

AMSTERDAM (Reuters) - NN Group said on Thursday Goldman Sachs 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)

 

(Reporting by Toby Sterling; Editing by Ana Nicolaci da Costa)