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Freshfields represents The Goldman Sachs Group on its proposed acquisition of NN Investment Partners

Freshfields Bruckhaus Deringer (Freshfields) is representing The Goldman Sachs Group, Inc. on its proposed acquisition of NN Investment Partners from NN Group N.V. (“NN Group”) for approximately €1.6 billion[1]. The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory and other approvals and conditions.

NN Investment Partners is a leading European asset manager based in The Hague, Netherlands, with approximately $355 billion[2] in assets under supervision and approximately $70 billion in assets under advice. NN Investment Partners offers a broad range of equity and fixed income products, with a strong Environmental, Social and Governance (ESG) integration across its business. NN Investment Partners is a top-ranked ESG manager in Europe and 75% of its assets under supervision are ESG integrated. With a heritage dating back almost 175 years, NN Investment Partners employs more than 900 professionals in 15 countries and combines the use of data and technology with fundamental analysis in its investment processes.

As part of the agreement, Goldman Sachs Asset Management will enter into a long-term strategic partnership agreement with NN Group to manage an approximately $190 billion portfolio of assets, reflecting the strength of the business’ global insurance asset management capabilities and alternatives franchise. The partnership will establish the firm as the largest non-affiliated insurance asset manager globally, with over $550 billion in assets under supervision, and the acquisition will provide a foundation for further growth in the firm’s European fiduciary management business, building on the success of its platform in the United States and United Kingdom.

More information can be found here.

The Freshfields team is led by corporate M&A partners Alex Doorman, Sundeep Kapila and Ethan Klingsberg and associates Marius Weyers, Evelyn Bradley, Bas Kramer, Anne Zwolsman and Lasse de Vooght. Financial regulatory advice is provided by partner Emma Rachmaninov, counsel Igor Dovgaliouk and associate Sharon Sloof, with counsel David Jansen advising on asset management matters, partner Brechje Nollen and associate Julia van Heusden providing employment and pensions advice, partner Richard Lister and associates Rohan Jerath, Sinead O’Donnell and Shini Pattni advising on IP/technology/commercial contracts matters, partner Ben Morgan, counsel Aryeh Kaufman and associates Holly Williams and Patrick Devine advising on sanctions and compliance matters, associates Jan-Jaap Koningsveld and Auke Tadema advising on data privacy matters, partner Winfred Knibbeler and associate Felix Roscam Abbing advising on foreign direct investment matters and partner Eelco van der Stok and associate Daan van Schaik advising on tax matters.

[1] Reflects a €1.515 billion base purchase price plus a customary ticking fee.

[2] ~$355 billion assets under supervision includes a ~$35 billion portfolio of mortgage assets, which are out of scope for this transaction and will continue to be managed and serviced by NN Group.