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.
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