Danish lender Saxo Bank is in advanced discussions to acquire Dutch online discount broker BinckBank for 425 million euros ($480.7 million).
Under the takeover offer, Saxo Bank will pay for BinckBank’s shares at a cash consideration of $7.18 per share, representing a 35 percent premium.
For the first half of 2018, Saxo Bank reported revenues of almost $85.9 million. In 2010, BinckBank booked as much as $203.6 million in revenue.
The acquisition will enhance Saxo Bank’s synergies while developing new products and innovate in the rapidly changing retail space and also expanding to the lucrative marketplace.