Söderberg & Partners has agreed to acquire a 51% stake in Catella Bank Swedish wealth management operations in a deal worth around SEK36m ($3.9m).

The move follows a strategic review of the Swedish wealth business. According to Catella, Söderberg offers “optimal conditions” for its customers and staff.

At the same time, the companies embarked on a strategic partnership.

Catella Group Knut Pedersen CEO said: “With this transaction Catella takes another important step towards a more efficient capital-structure and less extensive regulatory framework.”

As part of the joint venture agreement, Catella will continue to offer alternative investment products for its clients.

Additionally, both the parties inked a call and put option agreement. This will enable Catella to dispose of further stakes in the joint venture or Söderberg to purchase more in the future.

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Upon deal completion in the first half of next year, Catella’s balance sheet is expected to reduce by nearly SEK1bn. The reduction is said to be due to the migration of assets and liabilities.

Catella also expects the transaction to offer positive cash flow.

Söderberg CEO Gustaf Rentzhog said: “The partnership with Catella, as the reputable company it is, will give us great ability to develop our offer further.

“I am sure that our combined competences will provide synergy and even greater benefits for Söderberg & Partners, Catella and our respective customers.”