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    Home»Deals & Transactions»UBS, DWS line up final bids for NN’s $1.9 billion asset manager
    Deals & Transactions

    UBS, DWS line up final bids for NN’s $1.9 billion asset manager

    June 11, 20211 Min Read
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    Employees pass between offices as UBS Group AG logo sits on a walkway at the UBS headquarters in Zurich, Switzerland, on Monday, Jan. 22, 2018. A UBS loan backed by shares of Steinhoff International Holdings NV was to blame for the majority of the Swiss bank’s 79 million francs ($82 million) in credit losses in the fourth quarter, a person with knowledge of the matter said. Photographer: Stefan Wermuth/Bloomberg
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    UBS and German asset manager DWS are pressing ahead with final bids for the asset management arm of NN Group after Europe’s biggest insurers pulled out of the auction, three sources familiar with the deal told Reuters.

    Prudential Financial Inc and U.S. asset manager Nuveen are also interested in bidding for the unit – known as NN Investment Partners – and are carrying out due diligence ahead of a binding bid deadline of early July, two of the sources said, speaking on condition of anonymity.

    The sale comes after NN Group announced in April a strategic review of the business, which manages about 300 billion euros, citing a broad range of options including a merger deal.

    Amsterdam-listed NN is looking to raise between 1.4 and 1.6 billion euros ($1.9 billion) from the deal, which would boost its ability to expand overseas after missing out on a deal to buy Aviva’s insurance business in Poland in March.

    Read more/Source: Reuters

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