Saxo Bank, a Danish investment bank, has agreed to acquire Dutch online brokerage BinckBank in a deal valued at €425m.

As per the agreed terms of the merger, Saxo Bank will acquire BinckBank shares in cash at €6.35 a share.

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Saxo Bank will fund the deal using existing liquidity and €100m in equity infusions by its shareholders.

The transaction already secured the go-ahead from the BinckBank board and is now subject to regulatory approvals.

Saxo Bank CEO and founder Kim Fournais said: “Combining BinckBank with Saxo Bank is a true win-win for all parties. Clients will get better products, prices, platforms and services, employees will benefit from enhanced career opportunities and, importantly, we will gain the necessary scale to further step up investments in technology and in our people.”

The merger is said to complement the two companies’ geographic presence, product offerings, and client bases.

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In the event of termination of the offer due to a superior offer, BinckBank will have to forfeit a €4.3m termination fee to Saxo Bank.

However, if the merger is called off due to the absence of regulatory approvals, Saxo Bank will have to forfeit the same amount to BinckBank.

BinckBank executive board chairman Vincent Germyns: “Merging both companies will help realise important economies of scale. On a term of two to three years, this will of course have consequences for staff.

“As far as possible these consequences will be met through natural staff turnover. In case of redundancies, a good severance scheme will apply.”