We are advising Nykredit on the tender offer

Davis Polk is advising Nykredit Realkredit A/S as to U.S. and U.K. law in connection with a voluntary public cash tender offer that Nykredit intends to make in respect of all of the shares in Spar Nord Bank A/S, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion (equivalent to approximately $3.5 billion).

Nykredit and Spar Nord Bank were, respectively, Denmark’s fourth-largest and six-largest bank in terms of lending volume at the end of the third quarter of 2024. The purpose of the offer is to facilitate a combination of Nykredit Bank and Spar Nord Bank aimed at strengthening the banks’ joint position and business and customer base for both personal and business customers, and to exploit potential synergies.

The Davis Polk corporate team includes partner Reuven B. Young, counsel Mark Chalmers and associate Francesco Mancuso. All members of the Davis Polk team are based in the London office.

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