Home Global Goldman Sachs Acquires NN Investment Partners for ~EUR1.6 Billion

Goldman Sachs Acquires NN Investment Partners for ~EUR1.6 Billion

Goldman Sachs Acquires NN Investment Partners for ~EUR1.6 Billion

Goldman Sachs Group reached an agreement to acquire NN Investment Partners from NN Group N.V. for approximately EUR1.6 billion, the New York-based investment bank said in a statement.

The deal, subject to regulatory approvals and conditions, is expected to close by the end of the first quarter of 2022, the bank said.

NN Investment Partners is a leading European asset manager based in The Hague, Netherlands, with approximately $355 billion in assets under supervision and approximately $70 billion in assets under advice, according to the statement. Goldman Sachs has $2.3 trillion in assets under supervision globally, and this transaction will bring assets under supervision in Europe to over $600 billion, aligning with the firm’s strategic objectives to scale its European business and extend its global reach.

“This acquisition allows us to accelerate our growth strategy and broaden our asset management platform,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management,” he added.

NN Investment Partners is a top-ranked ESG manager in Europe and 75% of its assets under supervision are ESG integrated, the statement said. The company offers a broad range of equity and fixed income products, with Environmental, Social and Governance (ESG) integration across its business.

As part of the agreement, Goldman Sachs Asset Management “will enter into a long-term strategic partnership agreement with NN Group to manage an approximately $190 billion portfolio of assets, reflecting the strength of the business’ global insurance asset management capabilities and alternatives franchise”, the statement said.

The partnership will establish the firm as the largest non-affiliated insurance asset manager globally, with over $550 billion in assets under supervision, and the acquisition will provide a foundation for further growth in the firm’s European fiduciary management business, building on the success of its platform in the United States and United Kingdom.

For the transaction, Goldman Sachs & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsels to Goldman Sachs, the statement said. J.P. Morgan Securities LLC is serving as financial advisor and De Brauw Blackstone Westbroek N.V. is serving as legal counsel to NN Group. 


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