Nykredit has finalized its acquisition of Spar Nord, according to a stock exchange announcement released on Wednesday. The completion follows the recent approval from competition authorities, marking the end of the transaction process.

Spar Nord shareholders have received payment for their shares, effectively completing the takeover. Nykredit’s CEO, Michael Rasmussen, expressed his enthusiasm about welcoming Spar Nord’s customers and employees to the Nykredit Group.

While the acquisition is complete, Nykredit plans for a gradual integration, ensuring minimal disruption for customers and employees of Spar Nord. In the long term, Spar Nord is expected to be delisted from the stock exchange.

Nykredit’s initial takeover bid for Spar Nord, valuing the bank at DKK 24.7 billion, was announced in December. The Danish Financial Supervisory Authority approved the transaction in February, followed by the Danish Competition and Consumer Authority’s approval just over a week ago.

Authorities thoroughly examined the potential impact of the acquisition on competition within the banking and mortgage credit markets. The Danish Competition and Consumer Authority focused on the connection between these two markets, noting a commitment agreement with Nykredit from 2024 that reduced barriers to exiting the Totalkredit collaboration.

The agreement, made in September 2024, allows banks to switch mortgage providers without losing commission on existing Totalkredit loans. With the acquisition finalized, Nykredit and Spar Nord will become the third-largest bank in Denmark, trailing only Danske Bank and Nordea.