In 2018, DNB Bank ASA (DNB) and Nordea Bank Abp (Nordea) entered into an agreement to sell 60.1% of their shareholding in Luminor Holding to a consortium led by private equity funds managed by Blackstone. DNB and Nordea each retained a 19.95% equity stake and Blackstone agreed to purchase Nordea’s remaining stake over the following years.
In December 2021, Blackstone acquired 8.4% of Luminor Holding from Nordea. Today, Blackstone announced that it has purchased Nordea’s remaining 11.6% interest. As a result of this transaction, Blackstone now owns 80.05% of Luminor Holding, and DNB will continue to own the remaining 19.95%.
Nils Melngailis, Chair of the Supervisory Councils of Luminor Bank and Luminor Holding, said: "I am very delighted about the strong support from Blackstone as evidenced by the increase of their investment in Luminor and look forward to continuing our partnership with them. I would also like to thank Nordea for sponsoring the creation of Luminor and support thereafter."
Luminor is the third-largest provider of financial services in the Baltic states.