Goldman Sachs will acquire NNIP, the Dutch insurer’s investment arm, for $1.98 billion, NN Group said on Thursday.
This is the biggest acquisition by the American firm since David Solomon became chief executive in 2018.
The deal is part of Solomon’s strategy of making the bank’s revenue stream less reliant on earnings from global markets and advising on deals.
Additionally, the companies said they will enter a 10-year strategic partnership under which Goldman will provide the Dutch firm asset management services, the companies said in separate statements.
NN said the sale will improve its Solvency II ratio by 17 percentage points.