Ashurst is advising Nomura International, Morgan Stanley International and SEB Enskilda on their role in the Kingdom of Sweden’s sale of 255 million shares in Nordea Bank, the Nordic region’s largest lender. At SEK 74.5 per share, proceeds of 19 billion kronor (US$2.94 billion) were raised by way of an accelerated bookbuild directed at Swedish and international institutional investors.

Morgan Stanley and SEB Enskilda acted as joint bookrunners, along with Nomura International, who also acted as global coordinator on the sale. Danske Bank acted as co-lead manager. 

The sale represents approximately 34 per cent of the Kingdom of Sweden’s shareholding and reduces its stake in Nordea to 13.5 per cent from 19.8 per cent. 

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by associate Padmini Singla. Corporate partner Eric Stuart advised on US issues, assisted by senior associate Jeffrey Johnson of the New York office.  Managing partner of Stockholm Jon Ericson assisted by corporate senior associate Charles Andersson also advised. 

Mannheimer Swartling advised the Kingdom of Sweden (the seller) on Swedish law and Latham & Watkins advised the seller on US law.