FNG has learned that the acquisition of control of Copenhagen based Retail FX and CFDs broker Saxo Bank by the Safra Group announced earlier today was done based on a valuation of approximately €1.609 billion (or USD $1.74 billion) for the company.

The deal will see Safra Group unit J. Safra Sarasin Group buy Geely Group’s just-under-50% stake in Saxo Bank, alongside Mandatum’s 20% interest, giving Safra an approximate 70% controlling stake in the company.

While the parties did not report the financial terms of the transaction in their press release announcing the deal, regulatory filings made by Mandatum indicate that Mandatum will be receiving €319 million for its 19.83% interest. Some quick math reveals that the overall deal values Saxo Bank as noted at €1.609 billion, or USD $1.74 billion.

Geely Group will be receiving €802 million ($867 million) for its 49.88% stake in Saxo Bank. Geely Group bought its (originally 51%) stake in Saxo Bank in 2018 at a valuation for Saxo Bank in the €1.325 billion range, so it looks like it will book a small profit on the sale.

The filing also indicates that the parties expect the transaction to close before the end of 2025, after regulatory approvals are received from Switzerland’s FINMA and Dubai’s DFSA (which oversee J. Safra Sarasin Group), as well as the various country financial regulators who oversee Saxo’s various global units.