DNB Bank to acquire a 81% stake in Sbanken from Altor for $1.11bn.

DNB Bank, a Norwegian bank, offered to acquire a 81% stake in Sbanken, a Norwegian online bank headquartered in Bergen, from Altor, a private equity firm, for $1.11bn. The planned takeover still remains subject to regulatory approval. "The board of directors is of the opinion that the offer reflects the strong financial and strategic value of the Sbanken group and implies an attractive valuation for shareholders," Niklas Midby, Sbanken Chairman.