TPG Capital seals Saxo stake deal
Dubai, September 5, 2011
TPG Capital, a leading global investment firm, said its unit has signed a deal to acquire a 30 per cent stake in Saxo bank, a leading online trading and investment specialist.
As per the deal, the global buyout group of TPG, a leading private investment firm, will have the option to increase its stake to 40 per cent from existing investors, including General Atlantic, a global growth investor and Banco Espirito Santo, a leading Portuguese bank, amongst others.
The founders, Kim Fournais and Lars Seier Christensen will retain majority ownership and continue in their roles as CEOs, also in the event that TPG Capital exercises its option to acquire 40 per cent.
Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
General Atlantic had invested in Saxo in 2005 and later both Espirito Santo Financial Group and Banco Espirito Santo invested in Saxo Bank in 2008.
Banco Espirito Santo will continue to build the commercial cooperation that the bank has had with Saxo Bank since 2008, namely through Banco BEST that is owned by both entities.
Welcoming the new shareholders TPG, the Saxo founders Fournais and Christensen, said, 'This new phase in Saxo’s growth stems from the strong foundation built with the support from our selling shareholders, who have shared in our success to date.'
'We remain enthusiastic about Saxo Bank’s future and look forward to working with TPG Capital to capitalise on the many opportunities ahead,' the duo added.
Asiff Hirji, partner at TPG Capital said Saxo has achieved impressive growth and it looked forward to supporting the future diversification strategy.
'TPG Capital has a strong track record of investing in and growing financial services businesses, particularly those seeking further expansion in emerging markets, where we see tremendous opportunities for Saxo Bank. We look forward to working with its two founders and CEOs,' he added.
Bill Ford, CEO of General Atlantic and Ricardo Salgado, CEO of Banco Espirito in a joint statement said, “We have been pleased with our partnership with Saxo Bank over the last several years and consider this a very successful investment.”-TradeArabia News Service