SEB Group’s wholly owned subsidiary SEB Kort Bank AB completed the acquisition of AirPlus International GmbH (AirPlus).
The acquisition, which was announced on 21 June 2023, was subject to customary regulatory approvals and closing conditions. Approvals and conditions have now been received and fulfilled, and AirPlus will be part of SEB Group as of 1 August 2024.
The agreed cash purchase price for AirPlus is approximately €450m. The transaction is expected to affect SEB’s CET1 ratio negatively by approximately 45-50 basis points, mainly through an increased risk exposure amount. The transaction is expected to enhance return on equity in the medium term for SEB Group. The transaction is expected to be EPS accretive in year 1 from closing, excluding implementation costs, and EPS accretive in year 2 from closing, including implementation costs.
SEB plans to provide additional information about the acquisition, including an updated cost target for SEB Group for 2024 that takes the Airplus-related running and implementation costs into account, at the latest in combination with the publication of the interim report for the third quarter of 2024 which is scheduled for 24 October 2024.
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