Basel-based J. Safra Sarasin has agreed to acquire the remaining stake in online trading platform Saxo it does not own, held by the latter’s chairman Kim Fournais, resulting in full ownership.
J. Safra Sarasin has agreed to acquire a stake in Saxo held by its chairman of the board directors Kim Fournais, representing approximately 28.69%, according to a statement. The terms of the deal, subject to regulatory approval, were not disclosed.
Upon completion of the transaction, Safra will own 100% of Saxo, which will continue to operate as a separate entity. Fournais will remain as chairman of the Danish online trading platform.
“Kim Fournais has built an exceptional business, and his entrepreneurial spirit and relentless commitment have made Saxo a global leader in digital investing. This milestone reflects our long-term perspective, and we are committed to preserving Saxo’s unique strengths while supporting its next phase of sustainable growth,” commented J. Safra Sarasin chairman Jacob J. Safra.
In March, Safra closed a deal to acquire around 71% of Saxo by buying stakes from Geely Financials Denmark A/S, Mandatum Group, and other minority investors. Former CEO of Bank J. Safra Sarasin Daniel Belfer was named as Saxo’s new chief while Elie Sassoon was named as his successor at the Basel-headquartered private bank.
