DNB Bank, one of the largest providers of corporate finance to Norway's seafood industry, has acquired Swedish bank Carnegie Group, itself a major source of financing and deal advisory to the seafood sector.

According to a release from DNB, the bank has agreed to acquire all the shares of Carnegie Holding -- the parent firm of Carnegie Group -- from its private equity owner Altor for SEK 12 billion ($1.1bn). The deal is expected to close in the first half of 2025.

Following the transaction, DNB Markets is to be renamed DNB Carnegie, the bank announced.

Carnegie's investment services and private banking operations in Sweden, Denmark and Finland will also be renamed DNB Carnegie Investment Banking and continue under the leadership of current CEO Tony Elofsson.

"Through the acquisition of Carnegie, our goal is to provide even better solutions to our clients. We and Carnegie are realizing our joint ambition to build a leading player across the Nordic region in investment banking, securities brokerage and research, corporate banking, private banking and asset management," said DNB CEO Kjerstin Braathen.

"Carnegie is a perfect fit, in line with our strategy, and the transaction marks a step change in increasing the share of fee-related income for DNB as a whole," Braathen added.

DNB added that the deal would give the bank a better foothold in other Nordic countries, adding that it will "enable us to better connect the Nordic and international markets."

As of Sept. 30, 2024, Carnegie had SEK 436bn ($38bn) in assets under management and is expected to contribute over SEK 1bn to DNB's net income from 2025 onwards.

DNB Markets and Morgan Stanley & Co acted as financial advisors to DNB on the deal, while Mannheimer Swartling acted as legal advisor.