STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Swedbank Franchise AB (STO:SWEDA) (OSE: SWED) (LSE:SWK) has today agreed with DNB Bank to unwind the acquisition by Swedbank Franchise of Svensk Fastighetsförmedling AB. Most of the franchisees in Svensk Fastighetsförmedling will at the same time acquire Svensk Fastighetsförmedling and sign a cooperation agreement with Swedbank AB.
In December 2013, Swedbank Franchise acquired all shares in Svensk Fastighetsförmedling from DNB Bank. The acquisition was prohibited by the Stockholm District Court on 17 December, 2014. Swedbank Franchise appealed to the Market Court which now, at the request of Swedbank Franchise and Svensk Fastighetsförmedling, has dismissed the case since the acquisition is unwound. Most of the franchisees in Svensk Fastighetsförmedling have through Mellersta Förmedlingsbolaget AB acquired all the shares in Svensk Fastighetsförmedling from DNB Bank. Swedbank Franchise has assumed all of DNB Bank’s rights and obligations under the sale and purchase agreement with Mellersta Förmedlingsbolaget AB. Swedbank and Svensk Fastighetsförmedling have signed a cooperation agreement. ”We are pleased with this solution which is good for real estate brokerage market and which also gives a positive result, albeit by a smaller amount. The franchisees of Svensk Fastighetsförmedling will now become a strong cooperation partner to us. This will further broaden our network of real estate brokers which will benefit our customers”, says Cecilia Hernqvist, Head of Group Communications at Swedbank.
“We have for some time wanted to repurchase Svensk Fastighetsförmedling and through this transaction, we have reached this goal. Through good cooperation with Swedbank, the entrepreneurship of the franchisees and the experience of the employees, being close to the customers, we will create the best for the sellers and buyers”, says Håkan Hellström, CEO of Mellersta Förmedlingsbolaget AB and Chair of Svensk Fastighetsförmedling Franchisetagareförening. Swedbank’s subsidiary, Fastighetsbyrån AB has purchased 9 per cent of the shares in Hemnet Sverige AB and will subsequently own 34 per cent of the shares in Hemnet. The Swedish Competition Authority has no objections to the acquisition of the Hemnet shares. In addition, Fastighetsbyrån has entered into an option agreement with the right to acquire further 8 per cent of the shares in Hemnet. A possible exercise of the option right will only be made for resale purposes.
Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to development “Beyond Financial Growth”. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 8 million retail customers and around 600 000 corporate customers and organisations with 314 branches in Sweden and 156 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 31 December 2014 the group had total assets of SEK 2 121 billion. Read more at www.swedbank.com
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